Vol. 3, Issue 10 (2016)
Pradhan Mantri Jan Dhan Yojana: A true financial inclusion scheme: An analysis
Author(s): Dr. Himanshu Rastogi
Abstract: India suffers from the problem of poverty and poor financial inclusiveness. As per Census, 2011 only 58.7 percentage of the households have access to banking services. It was in this background and to improve the benefits of government schemes and assure payment direct of the beneficiary bank account so as to improve his economic condition on 28 August, 2014 Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched which aimed to provide at least one bank account to each household across the country, with a target of covering 75 million households by 26 January 2015. It was a general opinion that opening a bank account is not a big achievement but converting these account into active accounts will indeed be a challenge and only time will tell to what extent the scheme has been successful in achieving the objective of promoting financial inclusion or will it be only be yet another scheme with huge promises but little success. The paper focuses on analyzing the progress made by PMJDY towards achieving 100 percent financial inclusion, and tries to find out bottlenecks in the proper implementation of the scheme and suggests remedial measures to promote the pace of financial inclusion and to convert it into true financial inclusion drive.