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FINANCIAL INCLUSION: PROGRESS UNDER THE PMJDY

T. .M Jacob Memorial Government College, Manimalakunnu, Koothattukulam National Conference on Recent Macroeconomic Developments in India: Issues, Challenges and Remedies – 6-7, December-2017. FINANCIAL INCLUSION: PROGRESS UNDER THE PMJDY. Bittu Ann Chacko Assistant Professor

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FINANCIAL INCLUSION: PROGRESS UNDER THE PMJDY

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  1. T. .M Jacob Memorial Government College, Manimalakunnu, Koothattukulam National Conference on Recent Macroeconomic Developments in India: Issues, Challenges and Remedies – 6-7, December-2017 FINANCIAL INCLUSION: PROGRESS UNDER THE PMJDY Bittu Ann Chacko Assistant Professor Department of Economics St. Aloysius College, Edathua

  2. To include everyone into the formal financial system • Engine of Economic growth • PMJDY- August 2014

  3. Objectives • 1. Evaluation of the progress of F I under the PMJDY • 2. Analysis of the trends in Jan Dhan accounts after demonetization • Secondary data • Data from department of Financial Services, Ministry of Finance

  4. Progress • No of BSBD accounts till July 2014 = 26 crore • No. of accounts from Aug 2014- Nov 8 2017 = 31 crore • No. of beneficiaries highest in rural areas • Highest in UP and Lowest in Sikkim • Public sector banks took the lead • Average deposit balance- Rs. 2200

  5. Trends noticed: • Increase in the no. of beneficiaries in rural areas- 17% • In urban it is- 26 % • Overall increase- 20% • Increase in the amount of deposits- 49% • Highest increase- November 2016 • Deposit of all types of banks increased considerably • Allahabad Bank(120%), Union Bank of India(600%), Axis Bank Ltd(70%)

  6. What happened to JD accounts after demonetization? Abnormal surge Possibility of misuse of JD accounts Increase in deposits during Oct 2016- 10 billion November 2016- 290 billion Decrease in the number of zero balance accounts

  7. Conclusion • Financial inclusion is a key to reach the path of sustainable growth • Helps in the transformation of rural India • Ongoing processand huge project • Financial literacy • Financial responsibility • Proper check on the accounts and transactions • Collective effort of all stake holders

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