An Empirical analysis and Social security under Pradhan Mantri Jan Dhan Yojana (PMJDY)

Abstract

Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the Hon’ble Prime Minister of India on August 28, 2014. It is the national mission on financial inclusion and adopts an integrated approach to bring about comprehensive access to formal financial channels for all households in the country. The objective of PMJDY is to ensure access to various financial services, such as availability of basic savings bank account, access to need-based credit, remittance facility, insurance, and pension to the otherwise excluded sections, i.e., weaker sections and low-income groups. Financial inclusion or the provision of universal access to financial services viz. banking savings and deposit accounts, remittance, credit, insurance and pension in an affordable manner to the poor and needy sections of the population is the focus area of the Jan Dhan and Jan Suraksha schemes. This paper seeks to analyze the growth and the performance of Jan Dhan from inception. By analyzing enrollment trends, distribution patterns, deposits and claims, this paper tries to understand the full potential of these schemes in ensuring empowerment and security to this segment of the population.