Indian Journal of Finance October
Open Access Open Access  Restricted Access Subscription or Fee Access
Total views : 10703

Pradhan Mantri Jan Dhan Yojana (PMJDY):A Step towards Eradicating Financial Untouchability


  • Research Scholar, School of Commerce and Management, Central University of Rajasthan, Ajmer - 305 817, Rajasthan, India
  • Research Scholar, University Business School, Panjab University, Chandigarh, India


Financial untouchability is a phenomenon that results from certain situations that prevents people to access formal financial systems. In the absence of a formal financial system, people are forced to go to local money lenders who charge exorbitant interest rates from poor people. Financial untouchability also creates the problem of social discrimination. The only solution to fight with the evil of financial untouchability is promotion of financial inclusion, which may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost. Financial inclusion can be achieved by ensuring access to financial services, affordability of services, and actual utilization of financial services. In order to promote financial inclusion, the Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched across the country. It is a mission mode project of the Government of India. The scheme aims to ensure universal access to banking facilities in each and every household of the country. The scheme has provision of opening a zero balance account with free debit card and inbuilt accidental insurance. It also includes program of financial literacy, access to credit, and insurance facility. The present study made an attempt to study the effectiveness of PMJDY by analyzing the effectiveness of the financial literacy program and awareness towards PMJDY. The study was carried out among workers in working in Central University of Rajasthan and villagers of Bandrasindri village in Ajmer district of Rajasthan. The primary data was gathered in the form of discussions held with respondents in 2015. The secondary data were collected from various published and non-published sources. The findings of study showed that still, there is a long path which needs to be covered to eradicate financial untouchability in a real sense from our country.


Financial Inclusion, Financial Untouchability, Pradhan Mantri Jan Dhan Yojans (PMJDY), Economic Development, Financial Economics, Development Planning and Policy

G21, O16, R51

Paper Submission Date: June 6, 2015 ; Paper sent back for Revision : December 6, 2015 ; Paper Acceptance Date : December 20 , 2015.

Full Text:

 |  (PDF views: 4)


  • Chavan, P. (2007). Access to bank credit: Implications for Dalit Rural Households. Economic and Political Weekly, 42(31), 3219-3224.
  • Chowhan, S. S., & Pande, J. C. (2014). Pradhan Mantri Jan Dhan Yojana: A giant leap towards financial inclusion. International Journal of Research in Management & Business Studies, 1(4), 19-22.
  • Dasgupta, R. (2009). Two approaches to financial inclusion. Economic and Political Weekly, 44(26/27), 41-44.
  • Deepa, V. (2014). Spreading financial literacy in rural India: An overview of HDFC Bank's Initiative in Kerala. European Journal of Applied Social Sciences Research, 1(2), 101-105.
  • Dev, S. M. (2006). Financial inclusion: Issues and challenges. Economic and Political Weekly, 41(41), 4310-4313.
  • Goel, J., & Goel, R. (2015). Pradhan Mantri Jan Dhan Yojana (PMJDY): An innovative scheme for financial inclusion in India. Research Journal of Social Science and Management, 4(9), 311-317.
  • Jerold, V. A. (2008). Financial inclusion and literacy in India - A critical study. Indian Journal of Finance, 2 (4), 25-33. doi:10.17010/ijf/2008/v2i4/71663
  • Kamath, R. (2007). Financial inclusion vis-à-vis social banking. Economic and Political Weekly, 42(15), 1334-1335.
  • Kaur, H., & Singh, K. N. (2015). Pradhan Mantri Jan Dhan Yojana (PMJDY): a leap towards financial inclusion in India. International Journal of Emerging Research in Management &Technology, 4 (1), 25-29.
  • Kumar, M., & Mishra, K. (2015). Dwindling levels of financial inclusion: An exploratory study in Lucknow, India. Journal of Business Management & Social Science Research, 4(1), 39-44.
  • Kuri, P. K., & Laha, A. (2011). Determinants of financial inclusion: A study of some selected Districts of West Bengal, India. Indian Journal of Finance, 5(8), 29-36. doi:10.17010/ijf/2011/v5i8/72491
  • Mahadeva, M. (2009). Understanding financial abandoning from a micro perspective: Policy responses to promote inclusion in India. Saving and Development, 33 (4), 405-30.
  • Mehar, L. (2014). Financial inclusion in India. Innovative Journal of Business and Management, 3(4), 42-46.
  • Rao, K. G. K. S. (2007). Financial inclusion: An introspection. Economic and Political Weekly, 42 (5), 355-360.
  • Shahid, A., & Singh, T. (2015). Pradhan Mantri Jan Dhan Yojana: A vehicle for financial inclusion. Indian Journal of Economic Development, 11 (2), 499-508.
  • Siddik, M. N. A., Sun, G., & Kabiraj, S. (2015). Financial inclusion and its determinants: A Study of Bangladesh. Indian Journal of Finance, 9 (6), 7-29. doi:10.17010//2015/v9i6/70988
  • Srivastava, S., & Malhotra, S. (2015). A sustainable development of the Indian economy with special reference to Jan Dhan Yojana and Pahal Scheme. Prabandhan: Indian Journal of Management, 8 (9), 24-34. DOI: 10.17010/pijom/2015/v8i9/77190
  • Verma, Y., & Priyanka. (2013). Financial inclusion in rural areas of District Hisar. CGC Management Review, 2 (2), 22-41.


  • There are currently no refbacks.