Analysis of Jan Dhan Yojana-2014 with reference to financial inclusion

For an economy to reach its heights, needs to strengthen its financial system. Financial inclusion & financial literacy are the two important aspect of financial system which enables an economy to achieve inclusive growth. Financial inclusion is the delivery of financial services at the affordable cost to vast sections of vulnerable group i.e. disadvantaged & low income group. Financial inclusion plays a major role in driving away the poverty. The earliest effort at financial inclusion in India dates back to 1904. The term ‘financial inclusion’ was first mooted by K C Chakraborthy in 2005, from then on; the Government of India has launched various initiatives as a path to achieve ‘inclusive growth’. In 2015, GOI announced ‘Pradhan Manthri Jan Dhan Yojana’, a national financial inclusion plan, which has set a milestone in the inclusive growth of our nation. It is aimed at covering all households in the country with banking facilities & having a bank account for each house hold. The comprehensive & robust financial system of our economy has supported the economic progress in the last two decades. This paper is an attempt to describe the overview of financial inclusion, various financial inclusion initiatives & their contribution for the inclusive growth of our nation, the potent of Jan Dhan Yojana & its attributes.