Financial Inclusion through Pradhan Mantri Jan Dhan Yojana: A Study of Rural Punjab

Abstract

Pradhan Mantri Jan DhanYojana (PMJDY) is a national mission for financial inclusion. The present study was undertaken to examine the extent of financial inclusion through PMJDY. The study revealed that about 55.46 per cent of the respondents had bank account under PMJDY while about 44.54 per cent of them were financially excluded under the scheme in the study area. Most of the PMJDY account holders were male, labourer, illiterate and married. More than half of the PMJDY account holders’ bank accounts under the scheme were found dormant. Majority of the PMJDY account holders had bank account in the public sector banks and were in the other than their native village. All the account holders had saving bank account. Majority, (68.62 per cent) of the account holders opened their account for Direct Benefit Transfer (DBT) schemes purpose. None of the account holders received over draft facility of 5000 in Punjab. About 39.36 per cent account holders had RuPay Card, 8.51 per cent had life insurance and 10.11 per cent had accident insurance under the scheme