Assessing the Impact and Growth Drivers of PMJDY
A Study of Financial Inclusion in Madhya Pradesh and Rajasthan
Bibliographic Data
| ID | 13083026 |
|---|---|
| Authors | Sucharita Sen (0000-0001-7947-5209, Shyam Lal College, University of Delhi, New Delhi, India), Rabi Narayan Kar (University of Delhi, corresponding author), Kusha Tiwari (University of Delhi), Varun Bhandari (0000-0002-4248-1864, Department of Commerce, Shyam Lal College, University of Delhi, New Delhi, India), Amanpreet Kaur (0000-0003-2744-7331, Department of Commerce, Shyam Lal College, University of Delhi, New Delhi, India) |
| Year | 2025 |
| Publication date | 2025-06-14 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Millennial Asia (JOURNAL) |
| Journal identifiers | ISSN: 2321-7081 • E-ISSN: 0976-3996 |
| Publisher | SAGE Publishing (PUBLISHER • US) |
| DOI | 10.1177/09763996251346601 |
| OpenAlex | W4411298721 |
| Language | EN |
| References cited | 18 |
The Pradhan Mantri Jan Dhan Yojana (PMJDY) has played a pivotal role in expanding financial inclusion in India, particularly among economically disadvantaged groups. Since the inception of PMJDY, it has observed a steady rise in the number of accounts and deposits, highlighting its effectiveness in broadening access to formal banking services. This article aims to identify the key motivating factors driving the successful implementation of PMJDY and to assess whether these factors vary across diverse socio-economic groups in various districts of Madhya Pradesh and Rajasthan. The results confirm a significant positive relationship between time and account growth using a growth model, establishing time as a significant variable. Additionally, five key motivational factors—operational benefits, convenience, service reliability, financial empowerment and livelihood transformation—successfully drive PMJDY, with varying significance across socio-demographic groups. Notably, gender differences influence perceptions of operational benefits, while age affects views on financial empowerment. To maximize the impact of PMJDY, targeted financial literacy programmes and incentives are crucial to reduce high account dormancy and promote active usage. Simplifying the application processes for overdrafts and insurance could also lead to better inclusiveness. Targeting rural women specifically with tailored outreach programmes, in combination with support for female entrepreneurship and microfinance, would enhance financial inclusion and empower women financially
Business · Development economics · Economics · Financial inclusion · Financial services · Inclusion (mineral · Social science · Sociology · Microfinance and Financial Inclusion · Social and Economic Development in India · Urban and Rural Development Challenges · Finance
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| Highly cited | No |
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