An Analysis of Pradhan Mantri Jan Dhan Yojana (Pmjdy): Financial Inclusion and its Impact on the Indian Economy

An Analysis of Pradhan Mantri Jan Dhan Yojana (Pmjdy): Financial Inclusion and its Impact on the Indian Economy

ALAN JOHN VINOD[1] LINCY ISAAC[2]

[1]Student, Department of Commerce, Bon Bosco college, Sulthan Bathery

[2] Assistant professor, Department of Commerce, Bon Bosco college, Sulthan Bathery

Email: alanjohnvinodammaikunnel@gmail.com

Abstract

Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, is a flagship initiative designed to promote financial inclusion by offering essential banking services to economically disadvantaged households. This study investigates the implementation of PMJDY, focusing on its impact on financial inclusion, socio-economic empowerment, and the challenges encountered by local communities. Through a combination of primary surveys and secondary data, analyzed using descriptive statistical methods, the study finds significant progress in financial inclusion, particularly among women and marginalized communities. However, it also identifies challenges such as low financial literacy and inadequate digital infrastructure. The study concludes with recommendations for improving PMJDY’s effectiveness, especially in urban-rural settings.

Keywords: Financial Inclusion, PMJDY, Socio-Economic Empowerment, Direct Benefit Transfers, Financial Literacy