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ABSTRACT
The purpose of this paper is to study all about PMJDY as a financial as well as social inclusion. According to the World Bank social inclusion is the process of improving the ability, opportunity and dignity of disadvantages people on the basis of their identity to take part in society. Experiences in India and abroad has shown that traditional banks have struggled to reach the poor with financial services. Recognizing this fact, many countries such as Brazil, Indonesia, Malaysia, Mexico etc. have allowed non-banks to offer payments, deposits and cash-in/cash-out services. Similarly, in India, enabling an inclusive competitive landscape should be a top priority. In India, about 42 percent of the population lacks access to a formal financial institution such as a bank and is not part of the country's banking system. This population depends on local money lenders for loans which are often given at exorbitant interest rates and unfair terms. This study is focused on the all about PMJDY and how financial inclusion works for socially excluded person. From the analysis we can say that, PMJDY is ray of hopes in achieving financial as well as social inclusion target. But more emphasis need to be given to the hilly areas and places which infrastructure and connectivity constrains so that people in those areas can also be benefitted financially as well as socially from this scheme and they would be able to achieve the target of inclusive growth.
Keywords: Financial inculsion, Social exclusion, Inclusive growth, PMJDY, Money lenders.
INTRODUCTION
Pradhan Mantri Jan Dhan Yojna was announced by Hon'ble Prime Minister, Sh. Narendra Modi on 15th August, 2014 which is a National Mission for Financial Inclusion. Before launching of this programme several plan for financial inclusion were run by government of India this programme it differs from the earlier financial inclusion plan (Swabhiman). Reserve Bank of India in the year 2006, with the objective of banking service to every household, implemented greater financial inclusion and increasing the outreach of the banking sector with the help of Non Government Organization, Self Help Group and Micro Finance Institution and other Civil Society Organizations as intermediaries in providing financial and banking services through use of "Business Facilitator and Business Correspondent Model" but it did not achieve...