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Financial Inclusion has been buzzword of the policy makers and government
globally and is being perused deliberately world over. Financial inclusion is defined
as providing basic financial services to all sections of the society. It focused on all
strata of society including those who has been left out and have not been able to reap
the benefits of financial services in economic growth. Attempt have been made by
the policy makers and government to implement financial inclusion through
financial institutions to bring large sections of the rural population with the banking
system having realised that financial inclusion is the essence of sustainable
economic growth and development in a country. Through own countries economy
is growing at a one digit. Still the growth is not inclusive with the economic
condition of the people in rural area worsening further. Through there are few people
who are enjoying all kinds of services from saving to net banking, but still in our
country around 40% of people lack access to even basic financial services like
saving, credit cards and insurance policy
Introduction of financial inclusion came in to existence in India in year
2005 when its importance was under stood and measures were taken by means
relaxation given to banking sector to come with best strategies to involve people in
banking sectors by providing banking facilities at very low cost. Subsequently
"swabhiman" a financial inclusion plan was launched in year 2012 which was
focused on opening of "no frills " account however only 20 percent of the bank
account opened under this plan were found the to operational later moreover out of
target of nearly six lakh villages having more than 2000 population only 74000 were
covered.
Latest initiative by the government concerning financial inclusion is the scheme
announced by Prime Minister Pradhan mantri jan dhan yojana aimed at targeting
individual unbanked household in both urban and rural India. This scheme is based
on sab ka Saath sab ka Vikas, inclusive growth. Itihaas far reaching impact for that
social exclusion which is very much detrimental for the equitable growth of the
country. That is why there is an urgent need to implement effectively Pradhan mantri
jan-dhan yojana by virtue of financial inclusion as all other development activities
are hindered by this single disability this is an important step towards converting
Indian economy into cashless and digital economy.
Periya is a rural village situated in wayanad district major population of
periya village is engaged in agricultural activities. The major problem faced by
villager’s lack of infrastructure facilities like educational institutions and absence of
nationalised Bank.
Most people in periya village are unbanked and are illustrated about
government policies so the study about Pradhana mantri jan-dhan yojana in periya
village is relevant and it will help in the village and Bank authorities to realise the
requirement of banking facilities that is adequate in periya village.
Operational definition
Financial inclusion may be defined 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.
Methodology
The studies in the nature of descriptive research which makes utilise both
primary data and secondary data.
Source of data
The research will be conducted by using primary and secondary data.
Primary data
The primary data will be collected through structured questionnaire specially
designed for the study.
Secondary data
Secondary data collected from magazines,journals, reports, records and
websites.
Sampling design
Sampling technique
Stratified random sampling technique will be used as the sampling
technique for the study.
Sample size
In this survey 50 samples will be collected from periya village.
1. Sample size is the major limiting factor .so, an in-depth study was not possible.
2. Respondents are reluctant to reveal information.
3. The conclusion and inference are drawn on the basis of data received from the
interviews .therefore some of the replies of respondents may be biased.
Review of literature
5. Ayushi Raichoudhury
Education has been considered as an important tool for all sorts of issues. This paper
intends to study the relationship between educational level, PMJDY awareness and
financial inclusion in the district of Puri, Odisha. Data were collected with the help
of a survey technique from 348 respondents in both rural and urban areas of Puri
district. Multistage purposive sampling method was used. Descriptive statistics of
the data collected reveals that financial awareness/financial inclusion increases with
education level. It is seen that respondents with primary education and below
secondary education have more financial inclusion and PMJDY awareness due to
the reason that most of the respondents belong to that category. It is also evident that
households with graduation and above are also more likely to be financially aware
and financially included. However, to have a complete understanding
Financial inclusion is the buzzword for the Government of India for attempting
towards inclusive growth." Pradhan Mantri Jan-Dhan Yojana (PMJDY)" is the
national mission of Government of India for achieving the goal for financial
inclusion. This national project has a determined goal of ensuring all the households
in the country should have a bank account and access to all the financial services
provided by the banks. This is an empirical study that attempts to capture the
perception of customers on PMJDY towards operationalization of bank account. The
result obtained on multiple regression analysis from the various constructs on
operationalization of PMJDY account indicate that advertisement, economic
development are most important predictor of the dependent variable whereas bank
employee behaviour and customer satisfaction have less impact on the
operationalization of PMJDY account. The outcome of this research throws some
insight to understand the bank customer’s perception towards operationalization of
PMJDY account which will be supportive to management practitioners, bank
authorities and policy makers to design appropriate marketing strategies.
11. SS Chowhan, JC Pande
It is indeed a matter of serious concern that despite tremendous growth of banking
sector in India—both horizontally and vertically, a large section of Indian population
continues to remain unbanked even after attaining 67 years of our Independence.
Though, in recent years the Indian Government and the Reserve Bank of India have
been pushing the concept of financial inclusion, but no palpable effect could be seen
in the plight of these financially vulnerable people.
1. Jain, G., & Jain, N. (2017). Impact of Pradhan Mantri Jan Dhan Yojana (PMJDY)
on Socio-Economic Status and Savings Pattern: A Review of Literature. Asian
Journal of Research in Social Sciences and Humanities, 7(6), 217-223.
2. Raval, H. R. (2015). Shaping New India through Financial Inclusion in form of
PMJDY. International Journal of Research in Humanities & Social Sciences, 3(5),
34-38.
3. Singhal, P. K. (2016). Awareness Level about PMJDY: A Study of Kurukshetra
District. IIMS Journal of Management Science, 7(1), 124-133.
4. Kumar, S. A. T. I. S. H., & Chauhan, S. A. C. H. I. N. (2015). Impact of
commercial deposit in banks with GDP in context with Pradhan Mantri Jan Dhan
Yojna. BVIMSR’s J Manage Res, 7(1), 53-59.
5. Senapati, P. S. (2018). A Study of Pradhan Mantri Jan Dhan Yojana (Pmjdy)
Scheme in Odisha and Challenges of Financial Inclusion. IMPACT: International
Journal of Research in Humanities, Arts and Literature (IMPACT: IJRHAL), 6(3).
6. Raichoudhury, A. IMPACT OF EDUCATION ON PMJDY AWARENESS AND
FINANCIAL INCLUSION: A STUDY OF PUR HILL DISTRICT.
7. Ravichandran, G., & Vanitha, S. Impact of Socio Economic Factors on Pradhan
Mantri Jan Dhan Yojana with Reference to Tiruchirappalli District.
CONSUMERISM AND INFORMATION TECHNOLOGY, 65.
8. Guleria, V. S. Y. ASSESSING INCLUSIVE GROWTH THROUGH
FINANCIAL INCLUSION MODEL OF PMJDY.
9. Saini, P. PradhanMantri JanDhan Yojna’so impact on socio-economic
environment.
10. Kumar, R. M., & Joseph, C. S. Customer Satisfaction in Operation of Pradhan
Mantri Jan Dhan Yojana (PMJDY) Account: An Empirical Evidence.
11. Chowhan, S. S., & Pande, J. C. (2014). Pradhan Mantri Jan Dhan Yojana: A
giant leap towards financial inclusion. International Journal of Research in
Management & Business Studies, 1(4), 19-22.
12. Unnamalai, S. W. (2015). Role of Indian bank‟ s in Financial Inclusion Policy
through Pradhan Mantri Jan Dhan Yojana (PMJDY). Sai Om Journal of Commerce
& Management, 2 (12).
13. Gupta, V. (2015). Pradhan Mantri Jan-Dhan Yojana: An Effort towards Financial
Inclusion. IUP Journal of Bank Management, 14(2), 49.
14. Kaur, H., & Singh, K. N. (2015). Pradhan Mantri Jan Dhan Yojana (PMJDY): a
leap towards financial inclusion in India. International Journal of Emerging
Research in Management &Technology, 4(1), 25-29
15. Kumar, S. A. T. I. S. H., & Chauhan, S. A. C. H. I. N. (2015). Impact of
commercial deposit in banks with GDP in context with Pradhan Mantri Jan Dhan
Yojna. BVIMSR’s J Manage Res, 7(1), 53-59.