Published Paper Details:

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a financial inclusion scheme launched by the Indian government in 2014 to provide universal access to basic banking services. Prior to PMJDY, only 58.70% of adults had bank accounts and financial exclusion was high in rural areas. The scheme aimed to give everyone access to a bank account, direct benefit transfers, credit, insurance and pensions. As of March 2023, 48.69 crore PMJDY accounts have been opened, with public sector banks accounting for 78% of accounts. This has led to increased financial inclusion, better delivery of government subsidies, access to credit for the rural population and a culture of savings and growth. PMJDY is one of the largest financial inclusion initiatives in the world. This research paper analyzes the performance and impact of PMJDY on financial inclusion over the years. Further efforts should focus on digital financial literacy and infrastructure development in remote regions. PMJDY has played a seminal role in advancing financial inclusion and last-mile delivery of banking services. However, there are still significant gaps in usage and active engagement of these accounts. Active usage, livelihood linkages and maintaining continuity of engagement remain work in progress requiring concerted long-term interventions from all stakeholders.