Document Type : Research Article
Pradhan Mantri Jan-Dhan Yojana is one of the biggest social welfare schemes of NDA Government, launched by our Hon. Prime Minister, Shri Narendra Modi on 28th August, 2014 as a land mark initiative to ensure financial inclusion for the weaker section of the society for providing Banking Saving and Deposit Accounts, Remittance, Credit, Insurance, Pension in affordable manner. On 20th January, 2015, the scheme entered in to Guinness Book of world records. PMJDY is based on the motto- ‘sabka khata bhagya vidhata’. Universal access to banking facilities with at least one bank account for every household is the main objective of this scheme. This research article therefore, is an attempt to find out the role of PMJDY in financial inclusion and growth of India as well how effectively this scheme will be implemented in India. Liberalization policy accelerated economic growth in India since 1990. Income inequality has been a concern amid fast economic growth in India. Inclusiveness of growth is crucial for sustainability. Financial inclusion is associated with economic growth. This paper attempts to evaluate role of Pradhan Mantri Jan Dhan Yojana (PMJDY) for enhancing financial inclusion in India. Secondary data from website of PMJDY is used for the study. It is found that PMJDY has enhanced financial inclusion. The financial inclusion has been inclusive with the backward region of Central India getting maximum benefits under PMJDY. PMJDY has laid the foundation for inclusive growth. PMJDY can overcome regional economic imbalances in India and foster sustainable growth.