Policy Induced Financial Inclusion: A Case of Pradhan Mantri Jan Dhan Yojana (PMJDY) In Uttar Pradesh

Abstract

This paper provides insights into the level of financial inclusion after implementation of PMJDY at the district and village level, in terms of level of utilisation of Basic Savings Bank Deposit account, use of RuPay debit cards and incidence of zero balance in Unnao district of Uttar Pradesh. It also describes the functioning of Financial Literacy Centres (FLCs) and issues/challenges faced in the process of implementation of the Scheme. Overall, it may be said that PMJDY has served the purpose of financial inclusion to a great extent as it has ensured opening of bank accounts of all the households in the study area. However, concerted efforts are needed to address the issues relating to Information and Communication Technology (ICT) in banks, Business Correspondents (BCs) and Financial Literacy Centers (FLCs) so that the tempo gained thus far is sustained and the goal of comprehensive financial inclusion is reached in near future.