Financial Inclusion and Inclusive Growth:With Special Reference to Pradhan Mantri Jan Dhan Yojana

One of the major initiatives by the NDA government, launch its first social welfare Scheme i.e. “Pradhan Mantri Jan Dhan Yojana (PMJDY)”. This scheme means for comprehensive financial inclusion for the peoples who are excluded from financial services or economically weaker section of the society. It has launched by the Prime Minister of India on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014.This scheme is based on “Sab ka sath sab ka vikas” i.e. inclusive growth for all and all for nation. The main objective of this scheme is to ensure universal access to banking facilities with at least one basic bank account for every household. It will help for promoting economic empowerment, financial inclusion and social support. This will promote participation, accountability from below to top level of governance. It may check the corruption due to direct transfer to concerned person.
This scheme is highly beneficial to the rural people especially economically weaker section of people through the process of financial inclusion and it can help eliminating poverty from rural region. This paper attempts to draw light on the importance of PMJDY in the process of financial inclusion. My study is based on secondary data related to banking activities and some basic theoretical as well as behavioral aspects related to financial inclusion and inclusive growth.