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Publication: IIP Proceedings Year: 2022, Month: November Page No: 116-123, ISSN/ISBN: 978-93-95632-95-9, DOI/Link: https://www.rsquarel.org/assets/docupload/rsl2023A94A1152574C124.pdf
FINANCIAL INCLUSION: INITIATIVE OF THE GOVERNMENT
Area/Stream: Management, Authors: Roop Kamal Keywords: Financial Inclusion, Unbanked population, PMJDY, PMMY Book Name /series: Futuristic Trends in Management, Volume 2, Book 7, Part 1, Chapter 12Publication: IIP Proceedings Year: 2022, Month: November Page No: 116-123, ISSN/ISBN: 978-93-95632-95-9, DOI/Link: https://www.rsquarel.org/assets/docupload/rsl2023A94A1152574C124.pdf
Abstract:
Financial inclusion is the process of converting the unbanked population to the banked population. This can be done by providing the banking and all other financial facilities to the neglected people to whom the financial services are not provided. This paper is a study of initiatives taken by the Indian Government in financial inclusion. In this paper, two schemes i.e. Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Mudra Yojana are discussed. PMJDY was introduced in the year 2015 to provide the banking services to the unbanked population. Under this scheme, bank officials were instructed by the Prime Minister to open the accounts of neglected people so to remove the vicious circle of poverty in the rural, semi-urban and urban areas. PMMY was introduced on April 8th 2015 by government of India as an initiative to provide the loans to small entrepreneurs at reasonable rate of interest. The performance analysis of these two schemes reveled that there is an increasing trend in number of account holders under PMJDY over the years. And also the loans provided under PMMY are increasing over the last 5 years.
Cite this: Roop Kamal,"FINANCIAL INCLUSION: INITIATIVE OF THE GOVERNMENT", Futuristic Trends in Management, Volume 2, Book 7, Part 1, Chapter 12, November, 2022, 116-123, 978-93-95632-95-9, https://www.rsquarel.org/assets/docupload/rsl2023A94A1152574C124.pdf
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