How comprehensive is financial inclusion in India?

A. P. Hota

Journal of Payments Strategy & Systems, 2015, vol. 9, issue 2, 148-155

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.

Keywords: financial inclusion; Aadhaar Card; PMJDY; business correspondents; eKYC (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2015
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