A Comparative Study of Financial Inclusion Before and After PMJDY Implementation
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https://doi.org/10.67185/vimrj.v1i2.6##semicolon##
Financial Inclusion, PMJDY, Rural Banking, Digital Payments, Direct Benefit Transfer, India, Infrastructure, Creditसार
The launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) on August 28, 2014, marked a significant milestone in India’s efforts toward achieving financial inclusion. Prior to its implementation, access to formal banking services in India was limited, with only 35–44% of adults holding bank accounts. By 2025, this figure had risen to nearly 89%, indicating substantial progress.
This study examines the impact of PMJDY on financial inclusion by comparing pre- and post-implementation scenarios. It takes secondary data from Reserve Bank of India (RBI) reports, World Bank Global Findex surveys, and official government statistics up to 2026. The findings reveal that more than 57 crore bank accounts have been opened under the scheme, with a significant proportion belonging to women and individuals in rural and semi-urban areas. These accounts collectively hold deposits of approximately ₹3 lakh crore and have facilitated efficient Direct Benefit Transfers (DBT), reducing leakages and improving transparency.
Beyond quantitative results, PMJDY has significantly contributed to the socio-economic empowerment of marginalized groups by enhancing access to formal financial services, reducing reliance on informal credit sources, and promoting digital payment systems. However, challenges such as inactive accounts, regional disparities, and limited utilization of credit facilities persist.
The study concludes that while PMJDY has been instrumental in expanding financial access, greater emphasis must now be placed on encouraging active usage through financial literacy, improved infrastructure, and targeted policy interventions.
