ISSN : 2663-2187

Pradhan Mantri Jan-Dhan Yojana (PMJDY): Transforming Financial Inclusion In India

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Ajay Daimari, Prof. M.V. Alagawadi
» doi: 10.48047/AFJBS.6.Si3.2024.2164-2178

Abstract

The Government of India has come out with a flagship program called Pradhan Mantri Jan Dhan Yojana, launched on 28 August 2014, which is also known as the National Mission on Financial Inclusion or Inclusive Growth, to offer access to financial services. This research paper analyses the progress of “Pradhan Mantri Jan Dhan Yojana (PMJDY) in India" along with studying the current status of Pradhan Mantri Jan Dhan Yojana (PMJDY) in India. The study used “Annual Growth Rate (AGR) and Compound Annual Growth Rate (CAGR)” to assess the progress of PMJDY. The study reveals a CAGR of 14.37% in account opening, 32.62% in deposits, and 10.74% in issuing Rupay Debit Cards. The study reveals a growth in Jan Dhan accounts opened, with more than 50 crore accounts, which indicates a substantial reduction in the number of unbanked individuals in the country. Among the different categories of banks, the “Public Sector Bank” plays a significant role in opening accounts, deposit mobilization, and issuing RuPay Debit Cards under PMJDY.

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