A Study of PMJDY in Rising India:A Move for Financial Inclusion

The term ‘Financial Inclusion’ has been a very popular since the Prime Minister of India, Dr Narendra Modi, addressed the topic. He initiated a drive to enhance the savings of people living in rural areas and to increase economic growth. He made it mandatory for each and every resident to enroll themselves in this scheme As the banking services and facilities are meant for the general public, it is essential that everyone avails them, without any discrimination based on creed, caste, and income Financial inclusion is globally considered an indicator of the development and well-being of a country. Financial inclusion broadens the aid base of the monetary device by developing a way of life of financial savings among a huge segment of rural populace. It also plays a role in economic development. Further, by bringing low-income groups within the perimeter of the formal banking sector, financial inclusion protects their monetary wealth and other assets in exigent circumstances. Financial inclusion, additionally mitigates the exploitation of the vulnerable sections of society with the aid of the usurious money creditors via facilitating easy get entry to formal credit.