Abstract
Financial inclusion aims at delivering the financial services at an affordable cost to sections of disadvantaged and low-income segments of society. Financial inclusion is an innovative concept which promotes the banking habits among the financially excluded people and enables to reduce poverty and the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) by Government of India is in that direction. This scheme is not confined to opening of bank account but has other advantages blended with it such as Zero Balance bank account with RuPay debit card, Accidental Insurance cover of Rs 1 lakh, Life Insurance cover of Rs 30,000, etc. This paper is an attempt to identify the perception of the people of Thallarevu Mandal about the newly launched scheme Pradhan Mantri Jan Dhan Yojana.
Highlights
Even after 48 years of nationalisation of banks in 1969, a large section of the population and mostly the rural areas still remain unbanked
Government of India (2008) defines Financial inclusion as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost
Pradhan Mantri Jan Dhan Yojana (PMJDY) is useful in improving the standard of living PMJDY is useful in linking the savings to the banks PMJDY helps in solving the financial needs of the people PMJDY is useful in improving the economic & Social development of the country PMJDY is an effective policy measure to solve the problem of financial exclusion
Summary
Even after 48 years of nationalisation of banks in 1969, a large section of the population and mostly the rural areas still remain unbanked Due to this most of the poor and lower income groups are unable to access the financial products and services. The main objective of financial inclusion is to promote sustainable development, generate employment and alleviate poverty in rural areas by supplying various financial services to the financially excluded people. The countries where large portion of population is excluded from formal financial institutes have higher rate of poverty and income inequality. Linking the poor to service of formal financial institute help the poor to tackle poverty as well as it increases the rate of growth and development of the country. It helps the people to have affordable access to financial services It increases the GDP growth and circulation of currency. To attain financial literacy the government and financial regulatory bodies are encouraging the financial institutions
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