Financial Inclusion in India and PMJDY: A Critical Review

• Autorzy: Bijoy K.

Identyfikatory

DOI

10.15439/2017KM32

• Konferencja: International Conference on Information Technology and Knowledge Management (1 ; 22-23.12.2017 ; New Delhi, India)
• Języki publikacji: EN

Abstrakty

EN

The recent developments in banking and insurance have transformed the financial system, however, it is restricted only to certain segments of the society, excluding others. i.e. ``financial exclusion''. People with low incomes, cannot access mainstream financial products such as bank accounts, credit, remittances and payment services, financial advisory services, insurance facilities, etc. This situation is detrimental for a nation's economy as micro savings are not properly channelized into the productive sectors of the economy. This study explores to find the current status of financial inclusion in India, analyze the government's effort through various policies like MGNREGA, DBT, PMJDY etc. The study is based on secondary information from the Governmental committees' reports and primary information from six states of India before the launch of PMJDY. The post PMJDY status is reviewed only through the secondary information published in Government reports. It is found that PMJDY has increased the number of Bank accounts through diluting KYC for marginalized and deprived citizens but transactions in the account is very limited. A good number of accounts are dormant in the want of sufficient income to be routed through that account or lack of savings to be deposited. It is recommended to policy makers to concentrate on the creation of job opportunities for all to have complete financial inclusion in India.

Słowa kluczowe

EN

financial inclusion; PMJDY; KYC; financial services; sufficient income; policy

PL

włączenie finansowe; PMJDY; KYC; usługi finansowe; dochód wystarczający; dochód; polityka

• Wydawca: Polskie Towarzystwo Informatyczne
• Czasopismo: Annals of Computer Science and Information Systems
• Rocznik: 2018
• Tom: Vol. 14
• Strony: 39--46
• Opis fizyczny: Bibliogr. 17 poz., wykr., tab.

Twórcy

autor

Bijoy K.

• Shaheed Sukhdev College of Business Studies – University of Delhi

Bibliografia

• 1. Arulmurugan P, Karthikeyan P, Devi N., (2013). Financial Inclusion in India: A Theoretical Assessment. Indian Journal of Applied Research. 3 (3).
• 2. Jeromi, P.D., (2007). Regulation of Informal Financial Institutions: A Study of Money Lenders in Kerala. Reserve Bank of India Occasional Papers. 28 (1)
• 3. Krishnakumar, R & Vijayakumar, L. (2013). The Effectiveness of the Financial Inclusion Products. IRACST – International Journal of Commerce, Business and Management (IJCBM), ISSN: 2319–2828 Vol. 2, No.6, December 2013, pp 457-466.
• 4. Kumar Kabir, Merchan Camilo (2013). What Role Startups Play In Financial Inclusion? Available at: http://www.cgap.org/blog/what-role-start-ups-financial-inclusion.
• 5. Kumar Pankaj, Golait Ramesh, (2009). Bank Penetration and SHG-Bank Linkage Programme: A Critique. Reserve Bank of India Occasional Papers. 29 (3), pp.1-15
• 6. Misra, Udit (2010). Financial Inclusion Models From Around The World. Available at: http://india.forbes.com/article/financial-inclusion/financial-inclusion-models-from-around-the-world/19292/1.
• 7. Malegam, Y. H.(2011), Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector.
• 8. Nachiket Mor (2014), Report of the Committee on Comprehensive Financial Services for Small Business and Low Income Households, Reserve Bank of India.
• 9. Porkodi S,Aravazhi D.,(2013). Role Of Microfinance & SHG in Financial Inclusion.International journal of marketing,financial services & management research,2(3).
• 10. Rangarajan,C.,Committee (2008), Report of the Committee on Financial Inclusion, Government of India.
• 11. Raghuram G. Rajan (2009), “A Hundred Small Steps - Report of the Committee on Financial Sector Reforms”.
• 12. Sarma Mandira, Pais Jesim, (2009). Financial Inclusion and Development: A Cross Country Analysis . ICRIER Working Paper.
• 13. Sengupta, Santanu (2009). Speeding Financial Inclusion Through BC-BF Model: Issues, Challenge & Oppurtunities.
• 14. Shah, Ajay.(2010), Report Of The Expert Committee On Harnessing The India Post Network For Financial Inclusion, Government of India.
• 15. Sharma Anupama, kukreja Sumita, (2013). An Analytical Study: Relevance of Financial Inclusion For Developing Nations. Research Inventy: International Journal Of Engineering And Science, pp.15-20.
• 16. Singh, Ravindra. & Nisha, (2014). Financial Inclusion and Economic Growth in India – A Theoretical Framework, International Research Journal of Management Sociology and Humanity (IRJMSH), Volume 5, Issue 5, online ISSN 2277-9809, pp 131-138.
• 17. Thapar, Ashima, (2013). A study On The Effectiveness of The Financial Inclusion Program in India. VSRD International Journal Of Business & Management. 3 (6), pp.211-216.

Uwagi

1. Preface

2. Technical Session: First International Conference on Information Technology and Knowledge Management