Financial Inclusion and Pradhan Mantri Jan Dhan Yojana: An Empirical Study in Kangra, Himachal Pradesh

Abstract

Financial inclusion provides financial assistance and different services like transactions, payments, savings, credit, and insurance services to individuals and business houses in rural areas with improved range and wide availability on easy terms and conditions. The banks under the scheme of financial inclusion provide a wide variety of financial services to their customers (low-income, poor households, and business entities) forces. Despite these benefits, the activity of financial services in rural areas is still very weak. The major reason behind this cause is the lack of demand and lack of supply in rural areas. The present research tried to examine the perception and behaviour of respondents towards PMJDY in the Kangra district of Himachal Pradesh. For this purpose, data has been collected from 100 respondents. Only two blocks (Dharamshala and Nurpur) of Kangra District were selected as an area of research. The collected data has been analyzed using a t-test, ANOVA, and Chi-square test. The study concluded that respondents of both blocks are very well aware about the facilities provided by banks under the scheme. Respondents of Nurpur block are more aware as compared to Dharmshala block in terms of the overdraft facility provided in the scheme. The ANOVA results of the study show that the occupation of respondents has a significant relation with the awareness level of products and services offered under the scheme.

Keywords: Financial Inclusion, Financial Awareness, PMJDY, People Perceptions

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