Financial inclusion mission-A sweet dream of Madhya Pradesh, make come true

Poverty is one of the major problems of India. Financial exclusion recognized as serious impediment in poverty eradication. Indian Government launched the SVS i.e. Total financial inclusion plan for entire population under the Pradhan Mantri Jan Dhan Yojana (PMJDY) on 28 August 2014. It brought a ray of hope for vulnerable and disadvantaged population of Madhya Pradesh (MP) for access of various financial products and services with financial literacy. In terms of financial inclusion, MP is still far behind in comparison of other states like Kerala, Tamil nadu and Goa etc. In MP in spite of various initiatives, 39% of borrowers are yet dependent on money lenders (Source: Tracker Survey, Bill & Melinda Gates Foundation, 2013–14). This paper tries critically outlines the issues which are impediment in quality of implementation and execution, of financial inclusion initiatives taken under PMJDY in MP. The analysis is conducted with the help of secondary data from different reports of State Level Bankers Committee, RBI, Nabard, International Agencies, Journals, Books, websites etc. This paper lays emphasis on sincere participation of all stake holders for total financial inclusion and to devise new strategy for arresting high rate of NPA, technological glitch and improving credit penetration.