Abstract
Abstract: The role of public sector banks (PSBs) in advancing the Pradhan Mantri Jan Dhan Yojana (PMJDY) is critical to achieving financial inclusion in India. PSBs play a pivotal role in ensuring the success of PMJDY by facilitating universal access to banking services, empowering individuals with financial knowledge, providing credit and insurance services, promoting digital financial transactions, and contributing to the overall economic development and well-being of marginalized populations. Their proactive involvement and strategic interventions are essential in building a more inclusive and resilient financial ecosystem in India. This paper examines the multifaceted contributions of PSBs towards PMJDY, including account opening initiatives, integration with Direct Benefit Transfer (DBT) schemes, financial literacy programs, promotion of microinsurance and credit facilities, encouragement of digital payments, and robust monitoring and reporting mechanisms
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