PMJDY Impact Assessment: Financial Inclusion in Indian Banks through Beneficiaries, Deposits, and Rupay Debit Cards (KEY IJP************130)

• Surendra Kumar Saha

Abstract

One of the largest social welfare programs of the NDA government is the Pradhan Mantri Jan-Dhan Yojana, which was introduced on August 28, 2014, by our Honourable Prime Minister, Shri Narendra Modi, as a historic step towards ensuring financial inclusion for the underprivileged by offering reasonably priced banking, savings and deposit accounts, remittances, credit, insurance, and pensions. This study analyzes the landscape of financial inclusion and banking services in India across various types of banks, including Public Sector Banks (PSBs), Regional Rural Banks (RRBs), and Major Private Banks (MPBs). The data encompasses the number of beneficiaries, deposits in accounts, and the issuance of Rupay debit cards. The findings reveal significant differences in beneficiary numbers and service penetration between ruralsemiurban and urban metro branches. Public Sector Banks dominate in terms of beneficiary outreach, while Private Banks exhibit strength in urban areas. Regional Rural Banks play a crucial role in rural financial inclusion. Insights from this analysis are valuable for policymakers, banking institutions, and researchers aiming to enhance financial access and inclusion across different bank categories in India.