Financial inclusion after Pradhan Mantri Jan Dhan Yojana

Abstract

The Government of India along with the Reserve Bank of India and National Bank for Agriculture and Rural Development has been initiating a number of concerted measures to enhance financial inclusion in India. These measures include Self Help Group-bank linkage program, use of business facilitators and correspondents, easing of ‘Know-your -customer’ norms, electronic benefit transfer, use of mobile technology, opening ‘no-frill accounts’ and emphasis on financial literacy. Other measures initiated by the Government to support financial inclusion include, opening customer service centers, credit counselling centers, Kisan Credit Card, National Pension Scheme - Lite, Mahatma Gandhi National Rural Employment Guarantee Scheme and Aadhaar scheme. The banking penetration, despite concerted efforts