Public Financial Services Schemes for the Financial Inclusion of People under the BJP led NDA Central Government in India

Abstract

The main objective of financial inclusion is to extend financial services to the large hitherto un-served population of India country to unlock its growth potential. The BJP led NDA central government under the Prime Ministership of Mr. Narendra Modi has initiated a large scheme of National Mission for Financial Inclusion (NMFI), namely, Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked household based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving un-served and under-served areas. A digital pipeline has been laid for the implementation of PMJDY through linking of Jan-Dhan account with mobile and Aadhaar [Jan Dhan-Aadhaar-Mobile (JAM)]. With a view to further deepening the financial inclusion interventions in the country, PMJDY has been extended beyond 14.8.2018 with the focus on opening of accounts shifting from “every household” to “every unbanked adult”. The moto of financial inclusion is from Jandhan to Jansuraksha. Apart from this, the Modi government had also initiated a very good number of other schemes under its public financial services for the purpose of financial inclusion of financially excluded people in India. The success of these schemes were tremendous.