Role of Pradhan Mantri Jan Dhan Yojna and Banks in enhancing Sustainability in Rural India

Abstract

A study was conducted through an ICSSR major research project on assessment of benefits of PMJDY to rural people and impact on their lives. The study was conducted in 14 states of India having sample size of total 3000 individual. It was studied that how far financial inclusion policy for poor has helped and enhanced sustainability in rural India. It was also studied that what were the policy implications and role of banks on their livelihood? It was concluded that people were least aware of the policy and those who were aware couldn’t make use of various schemes due to being illiterate and non-cooperation or lengthy documentation procedures of banks. It was however recommended that organization of literacy programmes and proper guidance regarding such schemes should be the first most priority which banks should look upon. Holding up of awareness campaigning’s at various, panchayats, villages, districts can provide more information to people and a trust can be developed towards government schemes. PMJDY has contributed a lot to vulnerable and poor households in many forms by providing a medium of savings and investments.  Hence for achieving sustainability at rural areas its essential to develop a financial inclusive system so that economically and socially backward section of the country can also come in front. Study shows not a big impact but yes there is a change and its positively improving economic activities.