PMJDY Status: Pre & Post Demonetization

Author:Faisal Bin Hamada*, M. Shekarb

Abstract:
In this electronic era, the banking sector has grown up tremendously but even after 70 years of Independence, less-than 2/3rd of the house hold in the India have access to banking facilities. Exclusion of large no of community from any access to financial services inhibits the growth of the country and there is evidence that financial Inclusion is crucial to eradicate poverty & financial untouchability. From the learning of past schemes, the Hon’ble Prime Minister of India, Mr. Narendra Modi has taken a forward step on Financial Inclusion as one of the top most priority project of the govt. In this regard, he has taken two steps i.e, step 1. Launched PMJDY scheme on 28th August 2014, for weaker section of the community as integrated approach for the financial freedom & financial literacy and the step 2 measure Demonetization. Demonetization is the act of stripping a currency unit of its status as legal tender. The Government of India declared that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016. It is an attempt to address and stop corruption & washout black money (unaccounted currency) and counterfeit notes. This research paper aims at briefly reviewing the status of PMJDY status (Pradhan Mantri Jan Dhan Yojana) pre & post demonetization stage. And the data gathered from secondary sources, descriptive & analytical methodology have been adopted for the data presentation. For analysis, all the condensed data being presented in two-way tabular form with crosssectional comparative analysis have been applied in order to draw the inferences.

Keywords:Key words: Demonetization, Financial Inclusion & PMJDY.

DOI:

International Journal of Trade & Commerce (Vol: 6 Issue:1)