A study on the effectiveness of Pradhan mantri Jan dhan yojana on the growth of economically weaker sections of the society
Punam Ahlawat, Jagbir Ahlawat
The Government initiated the National Mission for Financial Inclusion (NMFI), namely, Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbaked household, based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas. Financial Inclusion is an important priority of the Government. The objective of Financial Inclusion is to extend financial services to the large hitherto un-served population of the country to unlock its growth potential. The scheme has seen tremendous enthusiasm among customers from both rural and urban areas. The Jan Dhan Yojana aims at revolutionizing the way banking is done in the country and it aims to help the economically weaker sections of the society to become financially confident. Pradhan Mantri Jan Dhan Yojana was launched at a huge scale to bring under the purview of banking all citizens of the country; irrespective of their financial status or regional location. The scheme is a social policy aimed at providing banking facilities to even those who do not have the money to pay for the minimum account balance at the time of account opening. The scheme is run by the Ministry of Finance and holds the Guinness World Record for the highest number of accounts opened in a week anywhere in the world.
Punam Ahlawat, Jagbir Ahlawat. A study on the effectiveness of Pradhan mantri Jan dhan yojana on the growth of economically weaker sections of the society. International Journal of Humanities and Social Science Research, Volume 6, Issue 4, 2020, Pages 13-18