Evaluating Financial Inclusion through PMJDY

The main aim is to make sure that common reach to bank services with at least one primary bank account per household. With the offering of zero-balance accounts, PMJDY made banking reach even the most backward sections of society: people living in village areas and having low incomes.

The scheme is significant in terms of bringing millions into the formal banking system, who were earlier financially excluded. Moreover, the PMJDY has facilitated the use of government subsidies and benefits that can be deposited directly into the accounts of intended beneficiaries, thus reducing leakages and ensuring that the intended recipients have availed the support entitled to them. The scheme also propagates a move toward digital payments with the end goal of making people financially literate enough to become more inclusive toward participating in the economy.