A Study on Contribution of Pradhan Mantri Jan-Dhan Yojana for mobilization of savings and effective utilization of social sustainable livelihood - A Special Reference to Dimapur District in Nagaland

Abstract

Bringing every household within the grasp of banking system has been the key policy concern for the policy makers ever since the nationalization of banks in 1969.In order to ensure financial inclusion various initiatives were taken up by RBI like nationalization of banks, expansion of banks branch network, establishment & expansion of co-operative and RRBs, introduction of priority sector lending, lead Bank Scheme, formation of SHGs and state specific approach for government sponsored schemes to be evolved by SLBC (State Level Bankers Committee) etc. 100% financial inclusion is still a dream project. PMJDY launched on 28th August 2014 shows the nation hope of light. The prime objective of financial inclusion in developing countries like India is the access and availability of banking and payment services to the entire population at a reasonable cost and without any discrimination. The implication of financial inclusion is much needed when the exclusion mass is entrapped in the hydra headed cycles of poverty. This causes further social exclusion which is very much detrimental for the equitable growth of the country. That is why there is an urgent need to implement effectively PMJDY by virtue of financial inclusion as all other development activities are hindered by this single disability. This is an important step towards converting Indian economy into a cashless and digital economy. With the help of this study we will know to what extent PMJDY has contributed to the mobilization of savings for effective utilization and for social sustainable livelihood. More over the findings of the study will help the authorities concerned to evaluate the progress made by PMJDY.