Financial Inclusion and Women Economic Empowerment: Role of Pradhan Mantri Mudra Yojana (PMMY) in Promoting Atmanirbhar Bharat in Rural Jharkhand

Formal transactions through bank branches are a component of institutional financial inclusion. One potential way to increase formal financial inclusion and optimize the reach of benefits like direct cash transfers is to provide banking services to the most remote regions of the nation. The rural populace is misinformed about banking rules and loan procedures due to ignorance and incomplete information, which encourages the use of informal sources and makes capital unavailable. The unavailability of capital limits the growth of the entrepreneurial setup in rural areas. The government is pursuing the national financial inclusion goals and Atmanirbhar Bharat (self-reliance) through various initiatives. The involvement of women is essential to achieving the goals of Atmanirbhar Bharat and full institutional financial inclusion. One significant indicator of societal growth is the status of women. Women make up about half of the population, and their empowerment is important for overall growth. The Hon. Prime Minister introduced the Pradhan Mantri Mudra Yojana (PMMY) on April 8, 2015, to lend up to 10 lakh rupees to small and microbusinesses that are neither farms nor corporations to end the capital funds crisis. Commercial banks, regional rural banks (RRBs), microfinance institutions (MFIS), small financing banks, non-banking financial firms (NBFCs), and other financial intermediaries distribute these loans. Improving people's quality of life and growing micro and small businesses are the primary objectives. The objective of the paper is to investigate the role of financial inclusion and women’s economic empowerment through Mudra yojana in promoting Atmanirbhar Bharat in rural Jharkhand.