FINANCIAL INCLUSION THROUGH PRADHAN MANTRI JAN-DHAN YOJANA IN INDIA: A STUDY WITH REFERENCE TO TRIPURA

Abstract

The objectives of this study are to examine the relationship between the opening of bank accounts and the total amount of bank deposits under the scheme of PMJDY, to understand the relationship between the average deposit per account in India and the average deposit per account in Tripura; and to find the reasons of the success of the scheme in Tripura. The study is based on secondary as well as primary data. To find out the reasons for the success of the scheme in Tripura, the perception of the bank officials are taken into consideration through a set of questionnaire. The study shows that there is a highly positive correlation between the total number of accounts opened and the total amount of deposits under PMJDY in Tripura. It is also found that there is a negative correlation between average deposits per account in Tripura and average deposits per account in India under PMJDY. The study reveals that the PMJDY scheme is fully beneficial to people living in both urban and rural areas since it allows them to access government benefits directly. To promote saving habits, opening a Zero Balance bank account with a RuPay debit card, accidental insurance coverage and life insurance coverage, etc. are behind the success of the scheme in Tripura.