Financial Inclusion in Jammu & Kashmir: An Assessment of Pradhan Mantri Jan Dhan Yojana

There has been an intensive debate about the improvement in accessibility of financial services through PMJDY in India. After almost eight years of its inception, there is still a significant section of population, particularly in rural and unbanked part of the country which is not linked with the formal financial system. This paper attempts to assess the performance of PMJDY scheme, generally in India and particularly in Jammu and Kashmir. The public sector banks are the dominant players in implementing this scheme across the country, but in Jammu & Kashmir, private sector banks are leading from the front. Except the account opening process, other financial facilities being provided under this scheme are still not fully accessible throughout the region. There is a significant number of accounts under this scheme which are dormant and having zero balances. There is need to accelerate the financial literacy programs to financially educate the beneficiaries for better usage of financial services.