The Pradhan Mantri Jan Dhan Yojana (PMJDY) has emerged as one of India's most significant financial inclusion initiatives, aimed at providing universal access to banking services for economically disadvantaged and previously unbanked populations. Launched in 2014, the scheme seeks to promote inclusive economic growth by facilitating access to savings accounts, credit facilities, insurance coverage, pension schemes, and direct benefit transfers. This study examines the role of PMJDY in fostering financial inclusion and its contribution to inclusive economic growth from a policy perspective. The paper analyzes how the scheme has enhanced financial accessibility, reduced income disparities, encouraged savings habits, and strengthened the delivery of government welfare programs. It also explores the challenges associated with account usage, digital literacy, and financial awareness that may affect the long-term effectiveness of the initiative. Through a review of policy measures and existing literature, the study highlights the transformative impact of PMJDY on socio-economic development and emphasizes the need for continuous policy support to ensure sustainable and equitable growth. The findings suggest that PMJDY has significantly contributed to expanding the formal financial system and empowering marginalized sections of society, thereby serving as a crucial instrument for achieving inclusive economic development in India.
Dr.U.Praveen et al. (Fri,) studied this question.