Pradhan mantri jan dhan yojna pmjdy a new direction for mainstreaming the financially excluded

International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 6, Issue 2, February (2015), pp. 31-42 © IAEME
31
PRADHAN MANTRI JAN DHAN YOJNA (PMJDY) – A
NEW DIRECTION FOR MAINSTREAMING THE
FINANCIALLY EXCLUDED
Dr.B.C.M. Patnaik
School of Management, KIIT University, Odisha, India
Dr. Ipsita Satpathy,D.Litt
School of Management, KIIT University, Odisha, India
Avinash Chandra Supkar
Research Scholar, KIIT University, Odisha, India
ABSTRACT
Most recently a national mission on financial inclusion called “PRADHAN MANTRI JAN -
DHAN YOJANA” was launched on the 28th
of August 2014. Under the direct supervision of the
Indian Prime Minister and the Department of Financial Services, Ministry of Finance, the objective
of this mission is to enroll over 70 million households and open their bank accounts along with
providing them as a first step a RuPay debit card with a Rs. 1,00,000/- accident cover. In the due
course of time the plan is to also cover these account holders with insurance and pension products.
About 60% of the population in India does not have access to a bank account. The urban population
of financially excluded category mainly comprises of low income groups like urban labourers, slum
dwellers of the cities and socially excluded communities. Poverty as a result of absence of income or
irregular income, low education, lack of financial education, and location of financial service
providers beyond close proximity make it difficult for the service providers to provide financial
services which in turn becomes a primary reasons of financial exclusion. It is also believed that
financial exclusion also leads to social inclusion. This study is focused in the eastern region of India
and particularly capital region of Odisha, India The sample population of 137 for this study
comprises of household servants, domestic helps, migrant & local construction laborers, rickshaw /
cart pullers, taxi drivers and other contractual low income staff at different private institutions.
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Volume 6, Issue 2, February (2015), pp. 31-42
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Keywords: Financial Inclusion, Financial exclusion, Financial Literacy, Poverty, Urban Poor,
Pradhanmantri Jan Dhan Yojna.
1. INTRODUCTION
India's development strategy, particularly since the reforms of the early nineties has identified
the existing positive correlation between economic growth, financial deepening and financial
inclusion. However, in recent years, an accelerated exercise has been done through targeted
mediations by the government and the Reserve Bank of India. The eleventh five year plan (2007-12)
has focused on inclusive growth and has further emphasized the initiatives of financial inclusion as
the underprivileged and the poor have enormous potential to contribute in achieving the objective of
faster and higher inclusive growth. Accessing of financial services by the poor and vulnerable groups
is a precondition for employment, poverty reduction, economic growth, and social cohesion.
Through access to financial services, the weaker groups of the society will get empowered by getting
the opportunity to have a bank account which will enable them to save and make investments thus
breaking their pattern of financial hardships resulting due to low and irregular earnings; to avail the
benefit of securing their families' future with insurance; to avail the facility of credit from formal
sources of finance and attaining freedom from unscrupulous money lenders. All the above mentioned
scenarios will in the long run enable them to break the shackles of poverty.
The banking sector in India has recognized the importance of inclusive growth and as a result
has endured a few essential changes over the period of the last twenty years. Banking reforms which
began in the early nineties has facilitated the entry of new private and foreign players in the sector
which has increased the competition benefiting the consumers and changing the operational mindset
of the banks, the new generation private sector banks have introduced a wide range of services and
delivery channels using technological breakthroughs. With the increase of use of technology the
traditional brick-and-mortar infrastructure like staffed branches have transformed into a system
offering services to their customers such as ATM, credit / debit cards, internet banking, online
money transfer, etc, thus impacting both the delivery channels and access to financial services.
Financial inclusion is the new model of economic growth which plays a major role in
eradicating poverty. the concept of financial inclusion is primary to the process and efforts for
achieving inclusive growth and sustainable development of the country. It is a policy of involving a
wider section of population deposit mobilization and credit intermediation. The financial stability
and development council under the ministry of finance, government of India is committed to provide
financial literacy and financial inclusion and it has directed all the financial entities in the country
including the financial sector regulators, reserve bank of India, commercial banks and other financial
service providers to stay focused on the same cause. Empirical evidence has proved that countries
which are having a large excluded population from the services of the formal financial institutions
show a hiver rate of inequality and poverty. Thus, we can say that banking sector is a key player in
achieving inclusive growth as well as financial inclusion.
However there are still many issues and challenges in the road to achieving 100% financial
inclusion. The first challenge is the coverage of the remote areas which are completely unbanked, to
some extent this has been taken care of by the Business Correspondent / Business Facilitator model
but it involves a higher cost of transaction for the banks as well as the consumer making it
commercially unviable. The second challenge is to develop a user friendly and simple model of
business and service delivery which will enable the customers to access financial services at their
vicinity, there is also a need to develop a strong grievance handling system to address any glitches
and issues. The third challenge is the opening of new branches in the unbanked areas with minimum
infrastructure. The fourth challenge is to develop new customised products according to the
requirements of the poor customers apart from the basic banking services. The fifth and the most

33
important challenge is to develop an ecosystem of collaboration between the regulators, financial
institutions, industry players, technology providers, NGOs, civil societies, state level and central
level agencies which can stimulate financial inclusion.
2. INCLUSIVE GROWTH THROUGH AN INCLUSIVE FINANCIAL SYSTEM
India has adopted inclusive growth as part of its economic planning. It was in fact the 11th
five year plan (2007-2012) which emphasizes on inclusive growth and enables the vulnerable groups
of the society to actively participate in the economic development of the country. This can be made
possible through successful implementation of financial inclusion which involves the delivery of
financial services at a sustainable cost to the vast segments of low income and disadvantaged groups.
The objective is to develop a model of an inclusive financial system which will support full
participation of the neglected and underdeveloped segments of the society in the financial system.
An inclusive financial system is one that gives equal weight to both the development
opportunities and the market potential for the poor by bringing them into the banking and financial
bracket which involves the following:-
Financially and socially sound institutions having the capabilities of setting standards, self-
regulations and performance monitoring systems governed under a sound and robust regulation
system.
Assuring the sustainability of the financial institutions in providing continuous access to poor
customers of the various financial services.
Availability of multiple financial service providers including private, public and non-profit
organizations in the sector making sustainable efforts to reduce the costs of the services.
A wide variety of financial services which enable the underprivileged customers to avail credit,
procure savings, receive and send remittances and other financial benefits which they are
eligible to receive form the government.
3. EXCLUSION OF THE URBAN POOR
The urban poor population of the country is estimated to be around 8 crore (one third of the
urban population is poor). Most of them work for the unorganized sector having limited sustainable
livelihood options. According to some estimates 40 % of the adult urban population does not have
access to a bank account thus alienating them from the basic financial services such as savings, credit
and remittances3. The first challenge for the urban financial inclusion is the identification of the
urban poor, followed by the challenge of identity proof particularly in the case of the migrant work
force. The main factors keeping the migrant work force and the remaining urban poor from the
bracket of accessing financial services includes, low income, irregular earnings, migrant nature of
the population, inadequacy to provide the required documentation, bigger family size combined with
a single earning member and financial illiteracy leading to poor money management skills4.
The issue of financial illiteracy result in the migrant worker’s lack of awareness about the
remittance facility offered by formal service providers as a result of which even those who do have
bank accounts are not able to utilize these services. Also, those who have money prefer to keep it at
home or participate in informal savings scheme like chit fund. Because of the ease and the speed of
the services informal sources of credit the urban poor prefer them over the formal sources and the
lender takes advantage of their situation and charges them with exorbitant rate of interest. The
migrant nature of their job also results in them in not having any dependable identities, references
and contacts as a result of which they are denied access to financial services form the banks. The

34
attitude and the mindset of the serviced providers also feature prominently in the factors resulting in
urban financial exclusion.
4. PRADHAN MANTRI JAN DHAN YOJNA (PMJDY)
The objective of "Pradhan Mantri Jan-Dhan Yojana (PMJDY)" is ensuring access to various
financial services like availability of basic savings bank account, access to need based credit,
remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low
income groups. PMJDY is a National Mission on Financial Inclusion encompassing an integrated
approach to bring about comprehensive financial inclusion of all the households in the country. The
plan envisages universal access to banking facilities with at least one basic bank account for every
household, a strong financial literacy drive, access to credit, insurance and pension facility. In
addition, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of
Rs.100000/-. The plan also envisages channeling all Government benefits (from Centre / State /
Local Body) to the bank accounts of the beneficiaries and pushing the Direct Benefits Transfer
(DBT) scheme of the Union Government. The technological issues like poor connectivity, on-line
transactions will be addressed. Mobile transactions through telecom operators and their established
centres as Cash Out Points are also planned to be used for Financial Inclusion under the Scheme.
Also an effort is being made to reach out to the youth of this country to participate in this Mission
Mode Programme.
The main objectives pillars of this scheme include:
To achieve universal access to banking facilities.
Providing basic bank accounts with overdraft facility and RuPay Debit card to all households.
A robust financial literacy programme.
Creation of a credit guarantee fund to cover the defaults on the overdraft accounts.
To provide micro- insurance to all willing and eligible persons.
To provide for a way to implement unorganized sector pension schemes.
Pradhan Mantri Jan Dhan Yojana (Accounts Opened As on 31.01.2015)
S.No
No Of Accounts
No Of RuPay
Debit Cards
Balance In
Accounts
No Of
Accounts
With Zero
Balance
(In Lacs)
(In Lacs) (In Lacs) (In Lacs)
Rural Urban Total
1 Public Sector Banks 533 451.47 984.48 912.32 817463 655.41
2 Regional Rural Banks 184.89 32.98 217.87 149.68 159948.1 159.35
3 Private Banks 32.26 20.12 52.38 45.93 72551.5 29.97
Total 750.15 504.57 1254.7 1107.93 1049963 844.73
Source: Information is based upon the data as submitted by different banks/SLBCs
6. OBJECTIVES OF THE STUDY
To examine the level of financial access to banking services of the urban unorganized
workforce and the reasons for not accessing banking services.
To examine the number of respondents availing credit from non-institutional sources and the
respective reasons and the awareness on the available banking products and services.

35
To examine the awareness on the “Pradhan Mantri Jan Dhan Yoyna” Scheme and the
satisfaction level with regards to the available banking services and initiatives for the
underprivileged and financial literacy program initiatives of the banks.
7. SCOPE OF THE STUDY
The study is limited to geographical area of capital region of Odisha, India
The scope includes household servants, domestic helps, migrant & local construction laborers,
rickshaw / cart pullers, taxi drivers and other contractual low income staff at different private
institutions.
8. REVIEW OF LITERATURE
In order to clearly understand the gravity of the topic of these research paper an extensive
review of various reports, white papers, dissertations and academic journals were reviewed. A few of
them have been listed below:
Patnaik BCM, Satpathy I & Supkar A (2014) - This study is an attempt to understand the
hopes and expectation of the customers of the Odisha Gramin Bank (OGB). The authors have taken
note of the reforms initiated by the Government of India but to what extent the aspirations of the
customers are being taken care is the present issue discussed in this paper. In this study the authors
have tried to include the views 281 respondents and have considered 12 hypotheses. Two hypotheses
were rejected by the respondents. The reasons seem to be the more and more nationalised banks’
presence in the rural area. The authors believe that if the intentions are good then the results will be
definitely a positive one.1
Kunthia R (2014) - The author in this research paper has attempted to study the recent
developments on Financial Inclusion in India with special reference to the recently launched
“Pradhan Mantri Jan-Dhan Yojna (PMJDY)”.The author has presented an analysis of its different
important areas, the roadblocks in the process and has suggested strategies to attain universal
coverage of the PMJDY for the underprivileged population and the large unbanked areas of the
country.2
Sumanthy M (2013) - By ignoring the underprivileged and the disadvantaged is never going
to develop India as a nation in a remarkable way. The banks have shown a growth in both volume
and complexity as well as improvements in financial viability, competitiveness and profitability, but
still they have not been able to bring a vast segment of the population, particularly the
underprivileged sections into the bracket of basic banking services. An all-out and serious effort is
required to be made to eradicate financial exclusion as it can lift the standard of living and provide
opportunities to the poor and disadvantaged. Aggressive policies need to be introduced with proper
regulatory framework and consumer education so that it does not lead to a situation of a financial
crisis.16
Bhuvaneshwari P & Pushpalatha P (2013) - The authors say that even after attainment of
independence India is yet to provide independence to its poor from debt and cunning money lenders.
The authors are of the view that the Indian banking system has to increase its focus on the problems
faced by rural India. The authors advocate the concept of social banking which primarily constitutes
financial services that result in human development; it is a system in which the rich subsidises the
provision of the financial services to the poor. Social banking exists in India in the form of co-
operative banks, regional rural banks but their success has been limited due to the combination of a
large population, the vast geographical spread of the country & unavailability of banking services.
They feel that social banking can be an instrument of financial inclusion in India.17

36
Dangi N & Kumar P (2013) - An inclusive financial system helps in improving the standard
of living and financial condition of the poor and the disadvantaged population in a society. In this
research papers the authors have focused on the various initiatives and policy measures taken by the
Government of India and the Reserve Bank of India for implementing financial Inclusion, its current
status and future prospects. The authors conclude that despite various policy and technological
changes implemented in the road for achieving 100 % Financial Inclusion, a large section of the
population is still deprived from access to affordable and appropriate financial services. The focus
should be on creating financial literacy, conducting training and education programmes on Mobile
banking and e - banking. Moreover the banks should take financial inclusion as a business initiative
rather considering it as a social initiative.18
Sinha A (2013) - The author has commented on the occasion of the launch of the financial
inclusion programme of Cosmos bank that without overall financial inclusion , both financial
stability and inclusive growth cannot be reached. Banks need to look at financial inclusion as a
business model that can generate profits and not as an obligation which they need to fulfill. In order
to make financial inclusion as a successful business model, the banks have to focus on lowering the
costs of transactions by leveraging technology and offering more products of credit to the already
included population. The author finally concludes that the Urban Co-operative banks have the
potential to complete the objectives of financial inclusion.19
9. METHODOLOGY OF THE STUDY
For the purpose of this study we have shortlisted the city of Bhubaneswar which is the capital
city of the the state of Odisha. The sample size considered for this survey was 300 out of which 137
responses were received. The variables were finalized on the basis of a pilot study conducted on the
sample size of 30. The source of the data is primary and the data collection tool used is
questionnaire. The data analysis tool used is SPSS 17.0.
10. FINDINGS OF THE STUDY
The data indicates that both 19% of male and 7% female respondents are having access to
bank accounts. The total 13.87% of the respondents have access to bank accounts. The age group
distribution indicates that 86% of the respondents are not having access to bank accounts. The age
group of 30 to 40 has the highest 18.18% of access to bank accounts. The data reveals that the
respondents which belong to the income group of 1000 to 2000 per month do not have access to
bank accounts. 80% of the respondents which belong to the income group of > 4000 per month
indicate the highest access to bank account. Respondents having lower income have little or no
access to bank account.
Out of the total respondents, 97 % of the respondents having no education do not have access
to bank accounts. And, the respondents who are educated up to the intermediate level have access to
bank accounts. Higher the level of education the higher is the level of financial access. Out of the
number of respondents who do not have access to bank account, 48 respondents (81% males and
18% females) have said that they do not have enough savings to open a bank account, followed by
39 respondents (53% males and 46% females) have said that they do not have an idea to open a bank
account.
Out of the total respondents, 101 (63% males and 36% females) are borrowing from non-
institutional sources. The data indicates that 51 respondents (62% males and 37% females) are taking
credit from non- institutional sources because they can borrow relatively small sums from these
sources.30 respondents (56% males & 43% females) borrow from non- institutional sources because
it is locally available.

37
A total of 71 respondents (76% males & 24% females) are aware bout the ATM service, 38
respondents (68% males & 31% females) are aware about the mobile banking units and 38
respondents (89% males and 10% females) are aware about the zero balance accounts. Awareness of
services like E-banking, mobile banking & credit cards is very miniscule. We also find that 67%
male respondents and 79% female respondents perceive the financial education programme has a
neutral effect, 32%males and 21% females agree that the financial education awareness programmes
are helpful.
Amongst the male respondents 12% strongly agree, 53% agree and 35% are neutral to the
point that opening of zero balance accounts has increased the opening of bank account in their area.
Amongst the female respondents 50% remain neutral to the subject. Out of the total respondents who
do not have a bank account due to various reasons, an alarmingly large number are still not aware
about the Pradhan Matri Jan Dhan Yojna. Amongst males 78.94% and in females 95.08%
respondents are unaware of such a scheme and their benefits.
11. CONCLUSION
It can be observed from the analysis of the data that out of the sample size a very small
portion is having a bank account. Most of the respondents have indicated that they have very little
savings and they do not have an idea to open a bank account also. The banks have to take note of this
situation and try to create more awareness on zero balance account and if possible should launch a
campaign for opening bank accounts outside the banking premises so that maximum people get
benefited. Also there is a very high incidence of respondents depending on informal sources of credit
which needs to be addressed by the banks. Poor knowledge of the available banking services among
the respondents are also a concern area.
PMJDY is a major catalyst in achieving the goal of inclusive growth as the initial figures are
encouraging and as more and more people get in the ambit of formal institutions they will be in a
position to contribute more positively in the economic development of the country. When people
save money ultimately they make for themselves the availability of surplus which can be utilized by
the banks to channelize it to the needy sectors. Also by opening a bank account people can earn risk
free returns and can also enjoy the benefits of other linked financial services which they were not
able to access.
Annexure
1. Respondents having access to bank Account
Table 1: Gender distribution of access to Bank Account
Bank A/c
Total
No yes
Gender
Male
Count 57 14 71
% within Gender 80.28% 19.72% 100.00%
Female
Count 61 5 66
% within Gender 92.42% 7.58% 100.00%
Total
Count 118 19 137
% within Gender 86.13% 13.87% 100.00%
Source: Compiled from primary data

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Table 2: Age Group distribution of access to bank accounts
Bank A/c
Total
No yes
Age Group
(In Yrs)
20 to 30
Count 39 4 43
% within Age Group 90.70% 9.30% 100.00%
>30 to 40
Count 36 8 44
% within Age Group 81.82% 18.18% 100.00%
>40 to 50
Count 27 5 32
% within Age Group 84.38% 15.63% 100.00%
50 and Above
Count 16 2 18
% within Age Group 88.89% 11.11% 100.00%
Total
Count 118 19 137
% within Age Group 86.13% 13.87% 100.00%
Table 3: Income distribution of access to bank accounts
Bank A/c
Total
No yes
Income (in Rs.
Per month)
1000 to 2000
Count 76 0 76
% within Income 100.00% 0.00% 100.00%
>2000 to
3000
Count 33 3 36
% within Income 91.67% 8.33% 100.00%
>3000 to
4000
Count 6 4 10
% within Income 60.00% 40.00% 100.00%
>4000
Count 3 12 15
% within Income 20.00% 80.00% 100.00%
Total
Count 118 19 137
% within Income 86.13% 13.87% 100.00%
Table 4: Distribution of level of Education to access of Bank account
Bank A/c
Total
No yes
Education
Up to Primary
Count 21 7 28
% within Education 75.00% 25.00% 100.00%
Up to High school
Count 11 3 14
Up to Intermediate
Count 0 7 7
Uneducated
Count 86 2 88
Total
Count 118 19 137

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2. Reasons of respondents for not having bank account
Table 5: Reasons for not having a bank account
Gender
Total
Female Male
Reasons
No Idea to open A/c
Count 18 21 39
% within Gender 46.15% 53.85% 100.00%
Not Required
Count 3 13 16
% within Gender 18.75% 81.25% 100.00%
No Savings
Count 29 19 48
% within Gender 60.42% 39.58% 100.00%
Other Reasons
Count 11 4 15
% within Gender 73.33% 26.67% 100.00%
Total
Count 61 57 118
% within Gender 51.69% 48.31% 100.00%
3. Respondents taking credit from Non institutional sources and their reasons
Table 6: Reasons borrowing from Non institutional Sources
Gender
Total
Female Male
Reasons
Being able to borrow
relatively smaller sums
Count 19 32 51
% within Gender 37.25% 62.75% 100.00%
No security/Guarantee
asked
Count 4 11 15
% within Gender 26.67% 73.33% 100.00%
Locally Available
Count 13 17 30
% within Gender 43.33% 56.67% 100.00%
Repayment Flexibility
Count 1 4 5
% within Gender 20.00% 80.00% 100.00%
Total
Count 37 64 101
% within Gender 36.63% 63.37% 100.00%

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4. Awareness on the available banking products and services
Table 7: Awareness on the available banking products and services
Gender
Total
Female Male
Awareness
SHG Bank Linkage
Programme
Count 11 9 20
% within Gender 55.00% 45.00% 100.00%
Zero Balance A/c
Count 4 34 38
% within Gender 10.53% 89.47% 100.00%
Mobile Banking Unit
Count 12 26 38
% within Gender 31.58% 68.42% 100.00%
Mobile Banking
Count 1 4 5
% within Gender 20.00% 80.00% 100.00%
ATM
Count 17 54 71
% within Gender 23.94% 76.06% 100.00%
E-Banking
Count 0 1 1
% within Gender 0.00% 100.00% 100.00%
General Credit Card
Count 0 3 3
% within Gender 0.00% 100.00% 100.00%
Total
Count 45 131 176
% within Gender 25.57% 74.43% 100.00%
5. Satisfaction with financial education and opening of zero balance accounts
Table 8: Agree that zero balance a/c has increased opening of bank a/cs in their area
Agree that zero balance a/c has increased opening of
bank a/cs in your area Total
Strongly Agree Agree Neutral
Gender
Female
Count 1 1 2 4
% within Gender 25.00% 25.00% 50.00% 100.00%
Male
Count 4 18 12 34
% within Gender 11.76% 52.94% 35.29% 100.00%
Total
Count 5 19 14 38
% within Gender 13.16% 50.00% 36.84% 100.00%
Table 9 :Perception on financial education/awareness being provided by different institutional sources
Perception on financial education/awareness being
provided by different institutional sources Total
Helpful Neutral
Gender
Male
Count 23 48 71
% within Gender 32.39% 67.61% 100.00%
Female
Count 14 52 66
% within Gender 21.21% 78.79% 100.00%
Total
Count 37 100 137
% within Gender 27.01% 72.99% 100.00%

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6. Awareness about the Pradhan Mantri Jan Dhan Yojna (PMJDY)
Table 10: Awareness on PMJDY
PMJDY
Total
No yes
Gender
Male
Count 45 12 57
% within Gender 78.94% 21.06% 100.00%
Female
Count 58 3 61
% within Gender 95.08% 4.92% 100.00%
Total
Count 103 15 118
% within Gender 87.28% 12.72% 100.00%
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Management Modalities In It Sector” International Journal of Management (IJM), Volume 5,
Issue 1, 2014, pp. 71 - 79, ISSN Print: 0976-6502, ISSN Online: 0976-6510.
24. Dr. Ipseeta Satpathy, Dr. B .Chandra Mohan Patnaik and Mr. P.K.Das, “Mainstreaming The
Marginalized Through Micro-Finance- A Literature Review” International Journal of
Management (IJM), Volume 5, Issue 2, 2014, pp. 10 - 15, ISSN Print: 0976-6502, ISSN
Online: 0976-6510.
25. Dr. B .Chandra Mohan Patnaik, Dr. Ipseeta Satpathy and Mr. Chandrabhanu Das, “Creative
Accounting @ Window Dressing: An Empirical Analysis” International Journal of
Online: 0976-6510.
26. B. Chandra Mohan Patnaik, Ipseeta Satpathy and Anirban Mandal, “Working and Living
Conditions of Labor in Jhuggi Jhopadi (SLUM)” International Journal of Management (IJM),
Volume 5, Issue 7, 2014, pp. 62 - 72, ISSN Print: 0976-6502, ISSN Online: 0976-6510.
27. Dr. Ipseetasatpathy, Dr. B.C.M.Patnaik and Ms. Mitu Agarwal, “An Introspection Into
Awareness of Maternity Benefit Act 1961 In Semi-Urban Area” International Journal of
Online: 0976-6510.

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