FINANCIAL FREEDOM THROUGH PMJDY � SUCCESS STORY OF CANARA BANK BY INNOVATIVE IMPLEMENTATION OF FINANCIAL LITERACY PLAN: AN EMPIRICAL STUDY

THIRUMA VALAVAN A

Volume : IV, Issue : IX, September - 2015

FINANCIAL FREEDOM THROUGH PMJDY � SUCCESS STORY OF CANARA BANK BY INNOVATIVE IMPLEMENTATION OF FINANCIAL LITERACY PLAN: AN EMPIRICAL STUDY

Thiruma Valavan A

Abstract :

<p>Bringing every household within the grasp of the banking system there has been an ongoing process started a decade ago. However, the present Indian government has packaged it in a mission mode and made it an achievable target. In order to reduce the degree of &ldquo;financial untouchability&rdquo; the new government has come up with a big bang action plan which is popularly known as &ldquo;Pradhan Mantri Jan-Dhan Yojana&rdquo; (PMJDY). It is a mega financial inclusion plan with the objective of covering all households in the country with banking facilities along with inbuilt insurance coverage. The purpose is to accelerate growth, fight poverty effectively and to empower the last man in the last row in Indian economy. Amid this background, the present paper endeavours to study the recent trends in financial inclusions in India with special reference to PMJDY, analysis of its different key areas, the barriers in the process and suggests strategies to ensure maximum financial inclusion for the underprivileged and unbanked areas.</p>