PRADHAN MANTRI JAN DHAN YOJNA (PMJDY) A NEW DIRECTION FOR MAINSTREAMING THE FINANCIALLY EXCLUDED

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1 INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) International Journal of Management (IJM), ISSN (Print), ISSN (Online), ISSN (Print) ISSN (Online) Volume 6, Issue 2, February (2015), pp IAEME: Journal Impact Factor (2015): (Calculated by GISI) IJM I A E M E PRADHAN MANTRI JAN DHAN YOJNA (PMJDY) A NEW DIRECTION FOR MAINSTREAMING THE FINANCIALLY EXCLUDED Dr.B.C.M. Patnaik School of Management, KIIT University, Odisha, India Dr. Ipsita Satpathy,D.Litt School of Management, KIIT University, Odisha, India Avinash Chandra Supkar Research Scholar, KIIT University, Odisha, India ABSTRACT Most recently a national mission on financial inclusion called PRADHAN MANTRI JAN - DHAN YOJANA was launched on the 28 th of August Under the direct supervision of the Indian Prime Minister and the Department of Financial Services, Ministry of Finance, the objective of this mission is to enroll over 70 million households and open their bank accounts along with providing them as a first step a RuPay debit card with a Rs. 1,00,000/- accident cover. In the due course of time the plan is to also cover these account holders with insurance and pension products. About 60% of the population in India does not have access to a bank account. The urban population of financially excluded category mainly comprises of low income groups like urban labourers, slum dwellers of the cities and socially excluded communities. Poverty as a result of absence of income or irregular income, low education, lack of financial education, and location of financial service providers beyond close proximity make it difficult for the service providers to provide financial services which in turn becomes a primary reasons of financial exclusion. It is also believed that financial exclusion also leads to social inclusion. This study is focused in the eastern region of India and particularly capital region of Odisha, India The sample population of 137 for this study comprises of household servants, domestic helps, migrant & local construction laborers, rickshaw / cart pullers, taxi drivers and other contractual low income staff at different private institutions. 31

2 Keywords: Financial Inclusion, Financial exclusion, Financial Literacy, Poverty, Urban Poor, Pradhanmantri Jan Dhan Yojna. 1. INTRODUCTION India's development strategy, particularly since the reforms of the early nineties has identified the existing positive correlation between economic growth, financial deepening and financial inclusion. However, in recent years, an accelerated exercise has been done through targeted mediations by the government and the Reserve Bank of India. The eleventh five year plan ( ) has focused on inclusive growth and has further emphasized the initiatives of financial inclusion as the underprivileged and the poor have enormous potential to contribute in achieving the objective of faster and higher inclusive growth. Accessing of financial services by the poor and vulnerable groups is a precondition for employment, poverty reduction, economic growth, and social cohesion. Through access to financial services, the weaker groups of the society will get empowered by getting the opportunity to have a bank account which will enable them to save and make investments thus breaking their pattern of financial hardships resulting due to low and irregular earnings; to avail the benefit of securing their families' future with insurance; to avail the facility of credit from formal sources of finance and attaining freedom from unscrupulous money lenders. All the above mentioned scenarios will in the long run enable them to break the shackles of poverty. The banking sector in India has recognized the importance of inclusive growth and as a result has endured a few essential changes over the period of the last twenty years. Banking reforms which began in the early nineties has facilitated the entry of new private and foreign players in the sector which has increased the competition benefiting the consumers and changing the operational mindset of the banks, the new generation private sector banks have introduced a wide range of services and delivery channels using technological breakthroughs. With the increase of use of technology the traditional brick-and-mortar infrastructure like staffed branches have transformed into a system offering services to their customers such as ATM, credit / debit cards, internet banking, online money transfer, etc, thus impacting both the delivery channels and access to financial services. Financial inclusion is the new model of economic growth which plays a major role in eradicating poverty. the concept of financial inclusion is primary to the process and efforts for achieving inclusive growth and sustainable development of the country. It is a policy of involving a wider section of population deposit mobilization and credit intermediation. The financial stability and development council under the ministry of finance, government of India is committed to provide financial literacy and financial inclusion and it has directed all the financial entities in the country including the financial sector regulators, reserve bank of India, commercial banks and other financial service providers to stay focused on the same cause. Empirical evidence has proved that countries which are having a large excluded population from the services of the formal financial institutions show a hiver rate of inequality and poverty. Thus, we can say that banking sector is a key player in achieving inclusive growth as well as financial inclusion. However there are still many issues and challenges in the road to achieving 100% financial inclusion. The first challenge is the coverage of the remote areas which are completely unbanked, to some extent this has been taken care of by the Business Correspondent / Business Facilitator model but it involves a higher cost of transaction for the banks as well as the consumer making it commercially unviable. The second challenge is to develop a user friendly and simple model of business and service delivery which will enable the customers to access financial services at their vicinity, there is also a need to develop a strong grievance handling system to address any glitches and issues. The third challenge is the opening of new branches in the unbanked areas with minimum infrastructure. The fourth challenge is to develop new customised products according to the requirements of the poor customers apart from the basic banking services. The fifth and the most 32

3 important challenge is to develop an ecosystem of collaboration between the regulators, financial institutions, industry players, technology providers, NGOs, civil societies, state level and central level agencies which can stimulate financial inclusion. 2. INCLUSIVE GROWTH THROUGH AN INCLUSIVE FINANCIAL SYSTEM India has adopted inclusive growth as part of its economic planning. It was in fact the 11th five year plan ( ) which emphasizes on inclusive growth and enables the vulnerable groups of the society to actively participate in the economic development of the country. This can be made possible through successful implementation of financial inclusion which involves the delivery of financial services at a sustainable cost to the vast segments of low income and disadvantaged groups. The objective is to develop a model of an inclusive financial system which will support full participation of the neglected and underdeveloped segments of the society in the financial system. An inclusive financial system is one that gives equal weight to both the development opportunities and the market potential for the poor by bringing them into the banking and financial bracket which involves the following:- Financially and socially sound institutions having the capabilities of setting standards, selfregulations and performance monitoring systems governed under a sound and robust regulation system. Assuring the sustainability of the financial institutions in providing continuous access to poor customers of the various financial services. Availability of multiple financial service providers including private, public and non-profit organizations in the sector making sustainable efforts to reduce the costs of the services. A wide variety of financial services which enable the underprivileged customers to avail credit, procure savings, receive and send remittances and other financial benefits which they are eligible to receive form the government. 3. EXCLUSION OF THE URBAN POOR The urban poor population of the country is estimated to be around 8 crore (one third of the urban population is poor). Most of them work for the unorganized sector having limited sustainable livelihood options. According to some estimates 40 % of the adult urban population does not have access to a bank account thus alienating them from the basic financial services such as savings, credit and remittances3. The first challenge for the urban financial inclusion is the identification of the urban poor, followed by the challenge of identity proof particularly in the case of the migrant work force. The main factors keeping the migrant work force and the remaining urban poor from the bracket of accessing financial services includes, low income, irregular earnings, migrant nature of the population, inadequacy to provide the required documentation, bigger family size combined with a single earning member and financial illiteracy leading to poor money management skills4. The issue of financial illiteracy result in the migrant worker s lack of awareness about the remittance facility offered by formal service providers as a result of which even those who do have bank accounts are not able to utilize these services. Also, those who have money prefer to keep it at home or participate in informal savings scheme like chit fund. Because of the ease and the speed of the services informal sources of credit the urban poor prefer them over the formal sources and the lender takes advantage of their situation and charges them with exorbitant rate of interest. The migrant nature of their job also results in them in not having any dependable identities, references and contacts as a result of which they are denied access to financial services form the banks. The 33

4 attitude and the mindset of the serviced providers also feature prominently in the factors resulting in urban financial exclusion. 4. PRADHAN MANTRI JAN DHAN YOJNA (PMJDY) The objective of "Pradhan Mantri Jan-Dhan Yojana (PMJDY)" is ensuring access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country. The plan envisages universal access to banking facilities with at least one basic bank account for every household, a strong financial literacy drive, access to credit, insurance and pension facility. In addition, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of Rs /-. The plan also envisages channeling all Government benefits (from Centre / State / Local Body) to the bank accounts of the beneficiaries and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government. The technological issues like poor connectivity, on-line transactions will be addressed. Mobile transactions through telecom operators and their established centres as Cash Out Points are also planned to be used for Financial Inclusion under the Scheme. Also an effort is being made to reach out to the youth of this country to participate in this Mission Mode Programme. The main objectives pillars of this scheme include: To achieve universal access to banking facilities. Providing basic bank accounts with overdraft facility and RuPay Debit card to all households. A robust financial literacy programme. Creation of a credit guarantee fund to cover the defaults on the overdraft accounts. To provide micro- insurance to all willing and eligible persons. To provide for a way to implement unorganized sector pension schemes. S.No Pradhan Mantri Jan Dhan Yojana (Accounts Opened As on ) No Of Accounts No Of RuPay Debit Cards Balance In Accounts No Of Accounts With Zero Balance (In Lacs) (In Lacs) (In Lacs) (In Lacs) Rural Urban 1 Public Sector Banks Regional Rural Banks Private Banks Source: Information is based upon the data as submitted by different banks/slbcs 6. OBJECTIVES OF THE STUDY To examine the level of financial access to banking services of the urban unorganized workforce and the reasons for not accessing banking services. To examine the number of respondents availing credit from non-institutional sources and the respective reasons and the awareness on the available banking products and services. 34

5 To examine the awareness on the Pradhan Mantri Jan Dhan Yoyna Scheme and the satisfaction level with regards to the available banking services and initiatives for the underprivileged and financial literacy program initiatives of the banks. 7. SCOPE OF THE STUDY The study is limited to geographical area of capital region of Odisha, India The scope includes household servants, domestic helps, migrant & local construction laborers, rickshaw / cart pullers, taxi drivers and other contractual low income staff at different private institutions. 8. REVIEW OF LITERATURE In order to clearly understand the gravity of the topic of these research paper an extensive review of various reports, white papers, dissertations and academic journals were reviewed. A few of them have been listed below: Patnaik BCM, Satpathy I & Supkar A (2014) - This study is an attempt to understand the hopes and expectation of the customers of the Odisha Gramin Bank (OGB). The authors have taken note of the reforms initiated by the Government of India but to what extent the aspirations of the customers are being taken care is the present issue discussed in this paper. In this study the authors have tried to include the views 281 respondents and have considered 12 hypotheses. Two hypotheses were rejected by the respondents. The reasons seem to be the more and more nationalised banks presence in the rural area. The authors believe that if the intentions are good then the results will be definitely a positive one. 1 Kunthia R (2014) - The author in this research paper has attempted to study the recent developments on Financial Inclusion in India with special reference to the recently launched Pradhan Mantri Jan-Dhan Yojna (PMJDY).The author has presented an analysis of its different important areas, the roadblocks in the process and has suggested strategies to attain universal coverage of the PMJDY for the underprivileged population and the large unbanked areas of the country. 2 Sumanthy M (2013) - By ignoring the underprivileged and the disadvantaged is never going to develop India as a nation in a remarkable way. The banks have shown a growth in both volume and complexity as well as improvements in financial viability, competitiveness and profitability, but still they have not been able to bring a vast segment of the population, particularly the underprivileged sections into the bracket of basic banking services. An all-out and serious effort is required to be made to eradicate financial exclusion as it can lift the standard of living and provide opportunities to the poor and disadvantaged. Aggressive policies need to be introduced with proper regulatory framework and consumer education so that it does not lead to a situation of a financial crisis. 16 Bhuvaneshwari P & Pushpalatha P (2013) - The authors say that even after attainment of independence India is yet to provide independence to its poor from debt and cunning money lenders. The authors are of the view that the Indian banking system has to increase its focus on the problems faced by rural India. The authors advocate the concept of social banking which primarily constitutes financial services that result in human development; it is a system in which the rich subsidises the provision of the financial services to the poor. Social banking exists in India in the form of cooperative banks, regional rural banks but their success has been limited due to the combination of a large population, the vast geographical spread of the country & unavailability of banking services. They feel that social banking can be an instrument of financial inclusion in India

6 Dangi N & Kumar P (2013) - An inclusive financial system helps in improving the standard of living and financial condition of the poor and the disadvantaged population in a society. In this research papers the authors have focused on the various initiatives and policy measures taken by the Government of India and the Reserve Bank of India for implementing financial Inclusion, its current status and future prospects. The authors conclude that despite various policy and technological changes implemented in the road for achieving 100 % Financial Inclusion, a large section of the population is still deprived from access to affordable and appropriate financial services. The focus should be on creating financial literacy, conducting training and education programmes on Mobile banking and e - banking. Moreover the banks should take financial inclusion as a business initiative rather considering it as a social initiative. 18 Sinha A (2013) - The author has commented on the occasion of the launch of the financial inclusion programme of Cosmos bank that without overall financial inclusion, both financial stability and inclusive growth cannot be reached. Banks need to look at financial inclusion as a business model that can generate profits and not as an obligation which they need to fulfill. In order to make financial inclusion as a successful business model, the banks have to focus on lowering the costs of transactions by leveraging technology and offering more products of credit to the already included population. The author finally concludes that the Urban Co-operative banks have the potential to complete the objectives of financial inclusion METHODOLOGY OF THE STUDY For the purpose of this study we have shortlisted the city of Bhubaneswar which is the capital city of the the state of Odisha. The sample size considered for this survey was 300 out of which 137 responses were received. The variables were finalized on the basis of a pilot study conducted on the sample size of 30. The source of the data is primary and the data collection tool used is questionnaire. The data analysis tool used is SPSS FINDINGS OF THE STUDY The data indicates that both 19% of male and 7% female respondents are having access to bank accounts. The total 13.87% of the respondents have access to bank accounts. The age group distribution indicates that 86% of the respondents are not having access to bank accounts. The age group of 30 to 40 has the highest 18.18% of access to bank accounts. The data reveals that the respondents which belong to the income group of 1000 to 2000 per month do not have access to bank accounts. 80% of the respondents which belong to the income group of > 4000 per month indicate the highest access to bank account. Respondents having lower income have little or no access to bank account. Out of the total respondents, 97 % of the respondents having no education do not have access to bank accounts. And, the respondents who are educated up to the intermediate level have access to bank accounts. Higher the level of education the higher is the level of financial access. Out of the number of respondents who do not have access to bank account, 48 respondents (81% males and 18% females) have said that they do not have enough savings to open a bank account, followed by 39 respondents (53% males and 46% females) have said that they do not have an idea to open a bank account. Out of the total respondents, 101 (63% males and 36% females) are borrowing from noninstitutional sources. The data indicates that 51 respondents (62% males and 37% females) are taking credit from non- institutional sources because they can borrow relatively small sums from these sources.30 respondents (56% males & 43% females) borrow from non- institutional sources because it is locally available. 36

7 A total of 71 respondents (76% males & 24% females) are aware bout the ATM service, 38 respondents (68% males & 31% females) are aware about the mobile banking units and 38 respondents (89% males and 10% females) are aware about the zero balance accounts. Awareness of services like E-banking, mobile banking & credit cards is very miniscule. We also find that 67% male respondents and 79% female respondents perceive the financial education programme has a neutral effect, 32%males and 21% females agree that the financial education awareness programmes are helpful. Amongst the male respondents 12% strongly agree, 53% agree and 35% are neutral to the point that opening of zero balance accounts has increased the opening of bank account in their area. Amongst the female respondents 50% remain neutral to the subject. Out of the total respondents who do not have a bank account due to various reasons, an alarmingly large number are still not aware about the Pradhan Matri Jan Dhan Yojna. Amongst males 78.94% and in females 95.08% respondents are unaware of such a scheme and their benefits. 11. CONCLUSION It can be observed from the analysis of the data that out of the sample size a very small portion is having a bank account. Most of the respondents have indicated that they have very little savings and they do not have an idea to open a bank account also. The banks have to take note of this situation and try to create more awareness on zero balance account and if possible should launch a campaign for opening bank accounts outside the banking premises so that maximum people get benefited. Also there is a very high incidence of respondents depending on informal sources of credit which needs to be addressed by the banks. Poor knowledge of the available banking services among the respondents are also a concern area. PMJDY is a major catalyst in achieving the goal of inclusive growth as the initial figures are encouraging and as more and more people get in the ambit of formal institutions they will be in a position to contribute more positively in the economic development of the country. When people save money ultimately they make for themselves the availability of surplus which can be utilized by the banks to channelize it to the needy sectors. Also by opening a bank account people can earn risk free returns and can also enjoy the benefits of other linked financial services which they were not able to access. Annexure 1. Respondents having access to bank Account Table 1: distribution of access to Bank Account Bank A/c No yes Count Male % within 80.28% 19.72% % Count Female % within 92.42% 7.58% % Count % within 86.13% 13.87% % 37

8 Age Group (In Yrs) Table 2: Age Group distribution of access to bank accounts Bank A/c No yes Count to 30 % within Age Group 90.70% 9.30% % >30 to 40 >40 to and Above Count % within Age Group 81.82% 18.18% % Count % within Age Group 84.38% 15.63% % Count % within Age Group 88.89% 11.11% % Count % within Age Group 86.13% 13.87% % Income (in Rs. Per month) Table 3: Income distribution of access to bank accounts Bank A/c No yes Count to 2000 % within Income % 0.00% % >2000 to 3000 >3000 to 4000 >4000 Count % within Income 91.67% 8.33% % Count % within Income 60.00% 40.00% % Count % within Income 20.00% 80.00% % Count % within Income 86.13% 13.87% % Table 4: Distribution of level of Education to access of Bank account Bank A/c No yes Up to Primary Count % within Education 75.00% 25.00% % Education Up to High school Count % within Education 78.57% 21.43% % Up to Intermediate Count % within Education 0.00% % % Uneducated Count % within Education 97.73% 2.27% % Count % within Education 86.13% 13.87% % 38

9 2. Reasons of respondents for not having bank account Reasons No Idea to open A/c Not Required No Savings Other Reasons Table 5: Reasons for not having a bank account Female Male Count % within 46.15% 53.85% % Count % within 18.75% 81.25% % Count % within 60.42% 39.58% % Count % within 73.33% 26.67% % Count % within 51.69% 48.31% % 3. Respondents taking credit from Non institutional sources and their reasons Table 6: Reasons borrowing from Non institutional Sources Being able to borrow relatively smaller sums Female Male Count % within 37.25% 62.75% % Reasons No security/guarantee asked Locally Available Repayment Flexibility Count % within 26.67% 73.33% % Count % within 43.33% 56.67% % Count % within 20.00% 80.00% % Count % within 36.63% 63.37% % 39

10 4. Awareness on the available banking products and services Table 7: Awareness on the available banking products and services Female Male SHG Bank Linkage Count Programme % within 55.00% 45.00% % Zero Balance A/c Count % within 10.53% 89.47% % Mobile Banking Unit Count % within 31.58% 68.42% % Awareness Mobile Banking Count % within 20.00% 80.00% % ATM Count % within 23.94% 76.06% % E-Banking Count % within 0.00% % % General Credit Card Count % within 0.00% % % Count % within 25.57% 74.43% % 5. Satisfaction with financial education and opening of zero balance accounts Table 8: Agree that zero balance a/c has increased opening of bank a/cs in their area Agree that zero balance a/c has increased opening of bank a/cs in your area Strongly Agree Agree Neutral Female Count % within 25.00% 25.00% 50.00% % Male Count % within 11.76% 52.94% 35.29% % Count % within 13.16% 50.00% 36.84% % Table 9 :Perception on financial education/awareness being provided by different institutional sources Perception on financial education/awareness being provided by different institutional sources Helpful Neutral Count Male % within 32.39% 67.61% % Count Female % within 21.21% 78.79% % Count % within 27.01% 72.99% % 40

11 6. Awareness about the Pradhan Mantri Jan Dhan Yojna (PMJDY) Table 10: Awareness on PMJDY PMJDY No yes Count Male % within 78.94% 21.06% % Count Female % within 95.08% 4.92% % Count % within 87.28% 12.72% % REFERENCES 1. Supkar A, Patnaik BCM & Satpathy I ; Revamping regional rural banks through Odisha Gramin Bank: a study, International Journal of Economic Policy in Emerging Economies (IJEPEE), Volume 7, Number 4,2014; p Kunthia R; Pradhan Mantri Jan Dhan Yojana (PMJDY): A new drive towards financial inclusion in India, ZENITH International Journal of Business Economics & Management Research, Volume 4, No.11, November 2014; p Reserve Bank Of India Annual Report; "IV.Credit Delivery and Financial Incluison", Reserve Bank Of India Annual Report , August 2013; p Chandran Vipin K.P & Sandhya P; "Strategies of Financial Inclusion Lifecycle in India", The Southern Economist, Volume 51, No.19, February 2013; p Ammannaya K.K; " Financial Inclusion via Financial Literacy", The Southern Econlomist, Volume 51, No.19, February 2013; p Khan Harun R; "Financial Inclusion & Payment Syaytems: Recent Trends, Current Challenges and Emerging Issues", Reserve Bank of India Monthly Bulletin, February 2013; p Chakrabarty K.C; "Financial Inclusion of Urban Poor in India", Reserve Bank of India Monthly Bulletin, February 2013; p Ravinder S; Financial Inclusion to Bring Every Household in Banking Ambit, Business and Economic Facts for You, Volume 33, No.4, January 2013, p Nagesha & Sriramappa K.E; Financial Inclusion and its impact on rural development through Micro Finance, The Southern Economist, Volume 51, No.18, January 2013; p Bandyopadhyay A; Financial Inclusion and Inclusive Growth through Cooperaties, The Cooperator, Volume 50,No.4, March 2013; p Gupta S.K, Ahmad F & Mohd. Aslam; Financial Inclusion Need of the Hour, Kisanworld, Volume 40, No.4, April 2013; p Ananth S & Oncu Sabri T; Challenges to Financial Inclusion in India The Case of Andhra Pradesh, Economic & Political Weekly, Volume XLVIII, No.7,February 2013; p Usha C & Raghavendra B.N; Financial Inclusion: An Overview of Microfinance in India, Southern Economist, Volume 52, No.1, May 2013; p Borkakoty A & Sakarsing B; An Empirical Study into Financial Inclusion and Women Empowerment in rural Assam, Southern Economist, Volume 52, No.1, May 2013; p

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