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How comprehensive is financial inclusion in India?

Author

Listed:
  • Hota, A. P.

Abstract

A massive and ambitious financial inclusion project has been launched by the Honourable Prime Minister of India under Prime Minister Jan Dhan Yojna (PMJDY), with a target of bringing 75 million unbanked households into the formal financial system within a target period of five months, with the idea that there should be a minimum of one bank account per household. Over 125 million accounts were opened during the period envisaged. There are very few parallels to such initiative in any part of the world, and early indications are that the project has been a success — not only for the size (opening of 100 million bank accounts in five months), but also for the comprehensiveness of the project.

Suggested Citation

  • Hota, A. P., 2015. "How comprehensive is financial inclusion in India?," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 9(2), pages 148-155, June.
    • Handle: RePEc:aza:jpss00:y:2015:v:9:i:2:p:148-155
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    More about this item

    Keywords

    financial inclusion; Aadhaar Card; PMJDY; business correspondents; eKYC;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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