PradhanMantri Jan DhanYojana: A Catalyst for Financial AccessPradhanMantri Jan DhanYojana: A Catalyst for Financial Access

The research aims at the progress of Pradhan Mantri Jandhan Yojana and the financial inclusion the PMJDY has made the world record of opening the highest number of bank accounts through any government scheme. The scheme enables the beneficiaries to open zero balance account along with a Rupay Debit card, overdraft facility and insurance facility that improves the financial inclusion in banking and insurance sectors of the economy. Reserve Bank of India have developed an index that have 3 parameters that are Access to financial services, quality of the services and usage of the financial services provided by the banks in different areas of the countries. Thus, the research aims at the studying the impact of Pradhan Mantri Jandhan Yojana and its impact on the Financial Inclusion Index i.e. FI-Index. For doing this the researcher has used the secondary data gathered from the RBI’s annual reports and some other reports indicating the from the official sites of the Ministry of Economic Affairs. For the research purpose researcher has studied the data of 5 years that are 2019 to 2023. In order to prove the impact of the scheme on the FI-Index researcher has used the regression analysis and some other relevant statistical tools. the summary of the tests have proved the alternative hypothesis of the research and all the objectives have been fulfilled. The p-value of the statistical analysis have been calculated to 0.003 and the value of co-efficient have proved that with every additional beneficiary the FI-Index increases. And hence prove the very strong positive relation between number of beneficiaries of PMJDY and FI-Index.