Financial Inclusion in Rural communities in India: With special reference to PMJDY

Financial Inclusion in Rural communities in India: With special reference to PMJDY
Author(s):
Ruchi Kushwah, Dr.Simranjeet Kaur Sandhar, Dr.Maneesh Kant Arya
Keywords:
PMJDY, PMJJBY, Rural India, Financial Inclusion
Abstract
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a historical step towards making India more powerful financially. It is specially empowering economically weaker section of society that has been remained financially excluded for so long, “The Rural India”. The main reason of financial exclusion of rural sector was financial illiteracy, lack of knowledge & awareness, insufficient infrastructure & bank branches in rural areas, low income & improper documentation. By PMJDY, financial services through bank accounts were provided to nearly 15.86 Cr people in just one week. This study attempts to address the various government schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY) and RBI measures involved in the adoption of Financial Inclusion and to widen its coverage especially in rural India. This study also briefs about increase in beneficiaries of financial services since last 5 years in private sector, public sector & regional/rural sector banks with the help of various schemes run by government and RBI.
Article Details
Unique Paper ID: 153521 Publication Volume & Issue: Volume 8, Issue 7 Page(s): 385 - 391
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