Vol. 10, Special Issue 7 (2021)

Author(s):
Divyanka Tiwari and Dr. Sangeeta Gupta

Abstract:
On August 15, 2014, the Honorable Prime Minister, announced the launching of the “Pradhan Mantri Jan Dhan Yojana” (PMJDY) as a brand new scheme for financial inclusion and launched this scheme on 28, August 2014. Pradhan Mantri Jan Dhan Yojana is a nationwide financial inclusion scheme that offers open access to an Indian citizen to various banking services. The present study, “A study of the economic impact of Pradhan Mantri Jan Dhan Yojana on rural and poor people” was performed in Kanpur Nagar District of Uttar Pradesh state. The present study was attempted to access the impact of annual income and occupation on the life of rural and poor people in utilizing the benefits of PMJDY. Thus, 25 respondents were selected from a bank of each of six villages of two blocks that constitutes a total of 150 respondents. The research study reveals 60.0% of families had an annual income between Rs. 50,000 and Rs. 75,000 and 26.7% of respondents engaged in agriculture as labor. So, 88.7% of respondents strongly agree that PMJDY gave a hassle-free means of linking savings to a bank, 85.3% of respondents strongly agree that the scheme helps improve the extent of financial literacy, and 84.0% of respondents strongly agree that the PMJDY encourages savings habits in poor people.