FINANCIAL INCLUSION IN INDIA WITH SPECIAL REFERENCE TO JAN DHAN YOJANA

Abstract

Financial inclusion is a priority of any government to achieve inclusive growth of the country for sustainable economic development. Financial inclusion is nothing but inclusion of financially excluded segment of the society into formal financial system of the economy. The efforts for financial inclusion is not new in India the RBI and GOI had taken many initiatives like Nationalization of banks, expansion of banks and its branches, establishment of cooperative banks regional rural bank etc. various initiatives were taken up. Despite various measures for financial inclusion poverty and exclusion continues to dominate Indian economy even after six decades of its independence. But the GOI and RBI has not given up its efforts towards complete financial inclusion. One of the important initiatives taken by Modi Government towards comprehensive financial inclusion is Pradhan mantri Jan Dhan Yojana (PMJDY). The scheme was launched with a target to provide universal access to banking facilities starting with basic banking account, with overdraft facility and Rupay debit card within built accident insurance. The study mainly concentrated towards global insights for financial inclusion, India’s present status of financial inclusion and PMJDY contribution towards reviving financial inclusion in India.