Impact of pradhan mantri jan dhan yojana on the socio-economic well-being of rural households in UT of Jammu and Kashmir.

Abstract

Financial inclusion is the mechanism to ensure access to financial services at an affordable cost, along with timely & sufficient credit whenever the vulnerable groups need it. India, a growing economy plays a particular role in financial inclusion as it takes large deprived sections of society into the financial sphere. This access to financial services generates revenue, reduces socio-economic disparities, creates financial assets, encourages region growth and offers new job opportunities across all industries and parts of the economy.
The present research paper focuses on evaluating the impact of financial inclusion on rural development among beneficiaries of four districts, i.e., Rajouri, Poonch, Pulwama, and Shopian of Jammu and Kashmir divisions of J&K state. Therefore, it is imperative to study the PMJDY under financial inclusion and its impact on rural households in the state of J&K. Keeping this in view, the present study attempts to study the impact of Pradhan Mantri Jan Dhan Yojana under financial inclusion on the rural households of the two divisions of Jammu and Kashmir. PMJDY must meet the unattainable section of people and introduce them to the mainstream economy. In the age of financial globalization, financial inclusion was seen as a big necessity that, through the use of finance facility, protects against risks and shocks. Therefore, this leads to increased opportunities to earn revenue. The significance lies in identifying predictors of financial inclusion, its relation to social and economic empowerment, economic development, poverty reduction and area development. The study ends with some suggestions, and if global & national policymakers adhere to those suggestions, it will prove to be an advantage, particularly for the State and country in general.