




































Indian Journal of Finance and Banking 

40 

 

 

Vol. 8, No. 1; 2021 

ISSN 2574-6081   E-ISSN 2574-609X 

Published by CRIBFB, USA 

EVALUATION OF A NATIONAL LEVEL SCHEME FOR 

UPLIFTING RURAL POPULATION THROUGH FINANCIAL 

INCLUSION IN A DEVELOPING COUNTRY: EVIDENCES FROM 

RURAL INDIA 

 
Utkarsh Goel 

Assistant Professor 

Department of Management Studies 

Indian Institute of Information Technology, Allahabad, India 

E-mail: utkarsh@iiita.ac.in 

 

Shailendra Kumar 

Associate Professor 

Department of Management Studies 
Indian Institute of Information Technology, Allahabad, India 

E-mail: shailendrak@iiita.ac.in 

 
 

Received: August 30, 2021           Accepted: October 14, 2021       Online Published: December 05, 2021  

DOI: 10.46281/ijfb.v8i1.1476 URL: https://doi.org/10.46281/ijfb.v8i1.1476 

 

ABSTRACT 

This study aims to understand the factors that encourage the people from rural background to access 

the banking Services offered under a financial inclusion scheme, with evidences from a developing 

country, India. Pradhan Mantri Jan Dhan Yojana (PMJDY), scheme launched by Government of India, 

has an objective of connecting the banking industry with the people residing in the remote areas of the 

country. The research is aimed to gauge the PMJDY’s accomplishments in terms of fulfilment of its 

objectives. The research helps in getting a ground level feedback of the financial inclusion schemes’ 

achievements and issues involved in its successful implementation. This study also explores the 

perceptions of the individuals regarding the benefits offered by the scheme. A field survey of 2446 

respondents was conducted in Purvanchal region of Uttar Pradesh, India. The questionnaire was 

constructed based on the theoretical model built after an extensive review of literature in the field of 

financial inclusion. The results from the analysis indicate that the awareness about the scheme and 

support by authorities are the two major factors that contribute to the successful implementation of a 

financial inclusion scheme. Overall awareness and availing of banking services under PMJDY scheme 

has been initiated but not uniformly. 

 

Keywords: Financial Inclusion, Rural Upliftment, Developing Countries, Program Evaluation. 

 

JEL Classification Codes: O10, G20, G21. 

 

INTRODUCTION 

In the present scenario, financial inclusion has been considered as one of the most important aspects for 

the inclusive growth and financial development of the societies (Ali et al., 2021). Financial inclusion 

means the delivery of financial and banking services along with credit to a vast low-income group at an 

mailto:utkarsh@iiita.ac.in
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affordable cost (Chhabra, 2015). Financial inclusion concentrates on the participation of the vulnerable 

groups that consist of low-income groups and weaker sections of the society based on their reach and 

access to the financial services such as payment and saving accounts, pensions and credit insurances 

(Singh et al., 2014). 

Evidences from macroeconomics state that the countries with high degree of financial inclusion 

tend to improve local economic activity, reduce income inequality and grow faster (Beck, Demirgüç- 

Kunt, & Levine, 2007). Hence development of financial inclusion system is an important agenda for 

economic and social progress. Various studies have been conducted to compare the impact of financial 

access at the local economy level with the baseline of quasi experimental setting. Self-help groups, 

microfinance institutions and accessibility to the formal finance institutions provide a better financial 

model and better penetration has been provided by the adoption of new models and recent technologies. 

Research and policy debates have put on emphasis on the access to the credit while there is 

requirement of access to full range of financial services by the poor and marginalised groups to 

effectively manage their economic lives. Often weaker sections of the society (such as – the poor, women 

and rural populations) are deprived of wage-earning employment opportunities thus living and working 

in informal economy with least access to the formal systems and operating through borrowings from 

relatives, friends, money-lenders, saving schemes or money under the mattress. Such informal systems 

are abundantly available as well as they are very expensive and unreliable. Hence financial inclusion 

has high opportunity cost and offers a probable solution or the masses suffering from it. The combined 

effect of high transactional costs and information asymmetries put poor in bad equilibrium of deficient 

collateral or credit histories (Cull, Ehrbeck, & Holle., 2014). 

India, a country of 1.33 billion people living in 29 states and seven union territories with 733 

districts and more than 600,000 villages (The World Bank (TWB), 2020). A vast majority of population 

has been deprived of the easy access to the finance, especially the population residing in rural India 

(Gounasegaran, Kuriakose & Iyer, 2013). There has been a global concern for the accessibility, 

affordability and price appropriateness of the financial services thus making financial inclusion an 

important requirement not only in India but also a primary policy concern in various countries. Access 

to the financial will be a major contributor in upliftment of the financial condition and living standards 

of the poor and deprived sections. Reserve Bank of India has been constantly promoting the extension 

of banking services by setting up new branches and installation of new ATMs (Dangi & Kumar, 2013). 

According to Global Findex, about 62 percent adults on the global level were having bank 

account. While this was only 53 percent in India (Demirguc-Kunt et al., 2015),but there has significant 

growth in bank account of about 80 percent has been recorded due to the introduction of schemes such 

as Pradhan Mantri Jan Dhan Yojana (PMJDY). As the data released by the government, as of 11th March 

2020, 38.26 crore accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY, 

2020) that clearly states that still a large unbanked population resides in India, which could be potential 

target in the coming years. 

The two main factors of financial instability are geographic exclusion (exposed through distance, 

inaccessibility and depravity of proper infrastructure) and social exclusion (exposed through caste 

barriers and illiteracy). Cooperative sector and commercial banks in India were historically vested with 

the responsibility of financial inclusion in rural areas but have failed to fulfil the required objectives. 

The major features that made a majority of population unbanked can be outlined as informal 

employment, inability of rural population to communicate and negotiate with the formal system and 

deficiency of collateral. The deficient collateral and institutional credit limit acted as a barrier for the 

farmers to borrow from the formal system. According to the Socio-economic Caste Census 2011, more 

than 50 percent of the rural Indian population is dependent on the manual causal labour and about 30 

percent are dependent on cultivation for livelihood (Reserve Bank of India, 2015). In a survey conducted 

by All-India Debt and Investment Survey, it was found that in the year 2012, more than 44 percent of 

the rural households were dependent on the informal credit agencies (Reserve Bank of India, 2015) 

although this number has significantly reduced by the market reforms providing access to more formal 

systems an initiatives taken by the government. 

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The Government of India has recently launched Pradhan Mantri Jan Dhan Yojana (PMJDY) on 

Independence Day in the year 2014. With the slogan ‘MeraKhata – Bhagya Vidhata’ in the Independence 

Day speech, the Prime Minister of India launched PMJDY as “People’s Wealth Scheme’ (Mohan, 2014). 

Pradhan Mantri Jan Dhan Yojana (PMJDY) is a comprehensive programme towards financial inclusion 

with aim of providing pension and insurance facilities and opening of approximately 7.5 crore new bank 

accounts within a duration of 5 months as of now in the year 2020 it has raised to 29.30 crore (PMJDY, 

2020). The accounts opened under PMJDY scheme will be provided with life insurance of 30,000 INR, 

an overdraft limit amounting to 5,000 INR and accidental insurance amounting to 100,000 INR but the 

benefits can only be availed by the account holders who have used the made transactions through this 

account in 45 days earlier to the claim date. The PMJDY provide beneficiaries with a Rupay card that 

provides an overdraft limit amounting to 5000 INR and an accidental insurance of 100,000 INR. As a 

step towards financial inclusion, a transaction history will be created for the beneficiaries using debit 

card for the unbanked population. 

Within the purview of this study it is focussed that whether the state performances are align with 

central objectives of PMJDY. For this purpose Uttar Pradesh a largest state (population wise) of India it 

taken as sample for project study. The findings of the study will call for reconciliation and evaluation of 

the govt. policies for the states and central as whole and hence in diverse countries like India, financial 

inclusion will be viewed with a holistic view providing a spectrum of services, thus encapsulating 

various dimensions of the targeted population. 

 

REVIEW OF LITERATURE 

Financial inclusion has been defined as “the absence of both price and non-price barriers in the use of 

financial services” (Demirgüç-Kunt, Honohan, & Beck, 2008). The Committee on financial inclusion in 

India, chaired by Dr. C. Rangarajan defined financial inclusion as, “the process of ensuring access to 

financial services and timely and adequate credit where needed by vulnerable groups such as weaker 

sections and low-income groups at an affordable cost”. 

Financial inclusion can be regarded same as banking inclusion since banks are the co-ordinator 

of majority of the financial services (Chakravarty & Pal, 2013). As a matter of fact, the definition of 

financial inclusion states that,” Delivery of affordable banking services to broad sections of deprived 

and low-income groups” (Leeladhar, 2006). Inability to financial accessibility leads to inequality in 

earning opportunities and poverty traps and hence financial inclusion forms the core of the economic 

development (Banerjee & Newman, 1993; Aghion & Bolton, 1997; Beck, Demirgüç-Kunt, & Levine, 

2007; Allen et al., 2016). Many researchers have been conducted that propose a common viewpoint that 

providing a wide range of financial services can lead to enhancement of individual savings, investment 

productivity, women empowerment and upliftment of lifestyle (Aportela, 1999; Ashraf, Karlan, & Yin, 

2010). 

(Beck, Demirgüç-Kunt, & Levine, 2007) in their study developed cross-country indicators of 

outreach of the banking system that are comparable and consistent. The study categorised these 

indicators in two dimensions i.e. usage of banking services and access to bank services. The indicators 

to measure the access to the bank services are- geographic bank penetration, geographic Automatic 

Tailor Machine (ATM), demographic bank penetration, and demographic Automatic Tailor Machine 

(ATM) penetration. To measure usage of bank services following indicators are used- deposit accounts 

per capita, credit accounts per capita, deposit-income ratio and credit-income ratio. The study 

empirically establishes that there exists a positive relationship between outreach of the banking sector 

and financial services usage. 

(Mialou, Amidzic, & Massara, 2017) in their research measured financial inclusion through two 

variables namely usage and outreach of financial inclusion. The financial inclusion usage has been 

measured by- total number of borrowers and depositors per 1000 adults. The outreach variable of 

financial inclusion has been measured by the number of bank branches and Automatic Tailor Machine 

per 1000 square kilometres. Composite index of financial inclusion is calculated by aggregating 

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weighted geometric mean to rank the countries based on their financial inclusion score. The issue of 

imperfect substitutability between the dimensions has also been addressed by this index. 

Researchers studying financial inclusion have explored the relationships existing between 

specific individual variables and financial inclusion and identified indicators for consideration of 

household/indicators as financially included. Financial services in 123 countries across 124,000 

individuals have been measured by Allen et al. (2016) though three indicators namely (i) individual/joint 

account ownership (ii) saving account usage (iii) frequency of account usage. The estimation of 

relationships between individual and country level variables and financial inclusion has been made in 

the study by the use of several Probit models. The study found a positive correlation between financial 

inclusion and the environment that facilitates better access to financial services such as bank branches 

proximity, reduced cost of banking, lesser requirement of documents, low-fee accounts offered by 

government and government payment through the use of bank accounts. 

The three indicators used by Allen et al. (2016) have been also used by Demirguc-Kunt et al. 

(2015) for the measurement of financial services in 148 economies and 150000 adults in the year 2011. 

The indicators used in the two studies were- likelihood of possessing an account, account usage 

probability for savings and likelihood of account usage frequency. The study found that around half of 

the adult population around the world do not possess bank accounts and a wide variation in the account 

penetration has been observed across regions. One of the key findings of the research is that there is 

involuntary exclusion of 35 percent adults due to lack of documentation, physical distance and high cost 

of banking. 

Honohan (2004) analysed the relationship between poverty, financial development and growth. 

He selected 70 developing countries based on the availability of poverty data and conducted a cross 

sectional analysis. The study found that there was a relationship between the lower poverty and financial 

systems or we can say that penetration of banks lead to finance-intensive growth that in turn led to the 

decline of poverty ratios. Financial development is not only based on the penetration of the banking 

services as a sole component. It was also highlighted that finance played four key roles namely capital 

allocation, savings mobilisation, entrepreneurial monitoring of the loanable funds and risk mitigation 

through repackaging and pooling. The study also argues that banking cannot be used as a sole scale to 

measure the comprehensive development of financial system to measure its function performance 

efficiencies and effectiveness. 

Financial services are only accessible to small fraction of population in the developing nations. 

Although with the growth of these economies, financial sector is also expanding but there is 

concentration of financial assets in few hands. In the developing economies, majority of population is 

not having savings bank account, possess no insurance policies and receive no credit from the formal 

financial institutions. The demand and supply aspects of the financial inclusion have been studied by 

Kumar & Mishra (2011) to evaluate the level of financial inclusion with respect to the outreach of 

banking services and their accessibility at household level in India. Three dimensions proposed by Sarma 

(2008) i.e. availability, access and usage have been used to measure the banking outreach. The 

accessibility at the household level has determined by the level of knowledge the households have about 

the credit services, insurance and informal and formal savings. The study found there was huge variation 

in demand and supply side performance across sates and urban and rural areas. 

Researchers (e.g. Dangi & Kumar (2013) have also studied the initiatives taken by Government 

of India and policies measures taken by RBI and augmented that for capacity building and building 

capacity can be boosted by the adoption of the fundamental financial offerings by the banking sector 

and availability of the credit facility (Sen, 2000). Suryanarayana (2008) emphasized on defining the 

exclusion/inclusion based on the outcomes based on the growth scenario that reflected the estimates of 

production, distribution, consumption and income. The study helps in profiling of the people based on 

their region, society and occupation that have been excluded from the mainstream growth process. Hence 

the study attempts to propose measures for inclusion based on the distribution of consumption pattern 

for the year 2004-2005. Agrawal (2008) adopted behavioural perspective for studying financial inclusion 

from the viewpoint two variables i.e. demand and supply. The study proposed scope to marketers and 

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policy makers from the behavioural perspective for the alignment of their approaches with the 

behavioural aspect. 

In the year 2003, the policy of Reserve Bank of India on financial inclusion aimed at providing 

accessibility of the financial services to the unprivileged that can be considered as one of the bold moves 

to provide financial inclusion to the target consumers. Rangarajan Committee was formed in 2008 on 

financial inclusion was of the view that it is crucial to sustain the unprivileged population through 

financial inclusion and acceleration in growth momentum. To achieve the objective, the committee came 

up strategies such as rejuvenation of the Cooperative and RRBs, establishment of National Mission on 

financial inclusion, introduction of Business Facilitator and Business Correspondents Model and 

introduction of MFI model (SHG-Bank linkage). Mukherjee & Chakraborty (2012) in their research 

studied the role played by commercial banks in the state of Jharkhand and analysed their capacity and 

efficiency in comparison with the institutions such as non-banking financial companies (NBFCs), Self- 

Help groups (SHGs) and regional rural banks (RRBs) with the purpose of promotion of financial 

inclusion. The study found that the failed to achieve the desired objectives and the study recommended 

that the frequency of financial inclusion Report to RBI by every bank should increase. HR & KN (2013) 

in their study analysed the role of Self-Help Groups in financial inclusion and found that as the 

membership to SHGs increased, an increase in financial inclusion was also observed. Also, the increased 

membership to SHGs had a positive impact over the opening of bank accounts, credit availed and loans 

repayment by the members. 

(Joseph & Varghese, 2014) studied the impact of financial inclusion over the development of 

Indian economy with the help of growth rate of the banks that were reflected by the number of bank 

branches and credit and debit card usage. It was found that through the study period there was 

tremendous increment in the debit card usage but the accessibility to the products and services offered 

by the bank was continuously limited even after passage of significant duration since financial inclusion 

initiative in the country. Paramasivan and Ganeshkumar (2013) in their study on financial inclusion in 

India found that the financial inclusion is significantly impacted by the branch density. Sriram and 

Sundaram (2015) in their research studied the rural areas of Vellore in Tamil Nadu to identify the 

variables impacting financial inclusion. The study collected data from 20 village blocks in Vellore and 

outlined the constraints and reasons for lower rates in bank account opening. By the use of statistical 

techniques such as percentage analysis and index of financial inclusion, the level of financial inclusion 

in Vellore was found to be in mid-range of 0.55. The major constraints in access to financial services 

have been identified as unemployment and lower level of literacy and income. Another study was 

conducted in the state of Karnataka based on a report that claimed the level of financial inclusion in the 

district of Gulbarga was 100 percent. The results of the study were different from the ones claimed in 

the report and it was found that the accounts opened in the banks were not under the program of financial 

inclusion rather they were opened under NREGP scheme. The awareness about financial inclusion has 

been constantly low and thus there is need to take initiatives that spread more awareness (Ramji, 2009). 

The tripod of the financial inclusion in shown in figure 3 that has been laid by RBI. There has been much 

focus given to the financial inclusion while other two components were used as a means to attain the 

primary objective. A cross country analysis was conducted by two researchers and they found that level 

of financial inclusion had a positive correlation with level of human development. Components such as 

urbanization, levels of literacy and income inequality were also identified as contributors in explaining 

financial literacy (Sarma & Pais, 2011). 

Gloukoviezoff (2007) from this research found that individual’s self-esteem is affected when 

he/she does not possess a bank account and hence feels isolated and socially disconnected from family 

and friends. Such social implications arise when formal institutions exclude them from credit and as a 

result such population tends to fall in the clutches of private money lenders and loan sharks. Also, there 

have been incidents recorded where violent and harsh methods of loan recovery have been adopted by 

the moneylenders and informal institutions. In 2010 due such practices of loan recovery, microfinance 

sector has been viewed in bad light. In the state of Andhra Pradesh certain providers of microfinance in 

their quest to outreach and capture the unserved population used unethical practices of charging very 

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high interest rates and strong-arm practices to recover loans the led to complete closure of microfinance 

operations in Andhra Pradesh (Shylendra, 2006; Sriram, 2012). In India, microfinance sector has 

suffered serious setbacks from the stories where around 40 cases of suicide in Andhra Pradesh came into 

light and the reason of these suicides was due to over-indebtedness from the microfinance sector. The 

consequences were reflected over the whole microfinance sector across the country that was evident 

from significant decrease in loan portfolio and client outreach for the year 2011-12 (Sriram, 2012). 

In Uttar Pradesh total no. of bank beneficiaries comes to 62,473,876, with balance in account 

24,809.42 crore rupees and 100 percent household coverage. The state has more than 30 percent of its 

total deposit in banks comprise under PMJDY schemes that reveals a huge success and reflecting a 

progress year on year (PMJDY official website). Pradhan Mantri Jan Dhan Yojana (PMJDY) also helps 

in uplifting the social status of the unbanked people by bringing in the main banking stream through 

financial inclusion. One of the core objectives of the PMJDY is to deliver the financial benefits such as 

subsidies to the bank accounts of the beneficiary thus curbing any short of corruption in the transactions 

(Chowhan & Pande, 2014). Government and banks have launched a collaborative effort to launch 

massive financial literacy campaigns to spread a holistic awareness among the poor and deprived 

sections of the population as part of PMJDY core objective. Creating better understanding of the 

financial inclusion schemes such as Jan Dhan Yojana thus making a large population financially literate 

and enables them to avail advantages and responsibilities attached with such schemes. 

This research is dedicated to verifying the roles of government and banks in claiming all such 

above mentioned core objectives of financial inclusion schemes, with evidences from the PMJDY 

scheme launched in India. This is an attempt to gain a glimpse of current status of milestones covered 

under the scheme with ground reality and verifying whether all intended PMJDY beneficiaries 

understand their statutory obligations before claiming the benefits / rights under the scheme. It helps to 

understand that despite of considering financial inclusion as a compulsion, whether banks in urban, semi 

urban and rural areas consider it as a business opportunity and utilise in expanding the financial system 

of the nation. Also whether government and banks are able provide protection to financial weaker 

sections from being exploited by the moneylenders and enhance the effectiveness of the unorganized 

sectors. 

RESEARCH DESIGN 

The essence of financial inclusion is to ensure delivery of financial services which include bank accounts 

for savings and transactional purposes, low cost credit for productive, personal and other purposes, 

financial advisory services, insurance facilities (life and non-life) etc. Financial inclusion will be 

successful only when the easy accessibility to financial services is complemented by financial awareness 

and understanding. 

Under PMJDY scheme, the financial services being offered can be broadly classified into following 

three categories: 

 Basic Banking Services 

 Credit facility 

 Financial security products 

Moreover, it is also proposed in PMJDY, to channel all Government benefits (from Centre/State/Local 

body) to the beneficiaries of the scheme through Direct Benefit Transfer (DBT). 

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Figure 1. Conceptual Framework 

 

The factors determining the success of the PMJDY scheme have been studied from two angles. 

First the factors like Awareness, Ease of Availing, Usefulness to life, Bank support, Local 

Administration support and, facets of scheme benefits are studied and then the perceptions of the 

individuals regarding the benefits offered by the scheme have been explored. For this, the benefits of 

the financial inclusion schemes such as standard of living, prevention of exploitation, improving 

financial literacy, safety of money, making transactions online and, investment opportunities are taken 

as the independent variables. A dependant variable named Availing status has been introduced to 

ascertain whether the respondent is availing the facilities offered by the PMJDY scheme. 

A draft questionnaire was prepared. Taking into consideration the demography, the questionnaire 

was prepared both in English and Hindi language. It consisted of 14 Questions mostly choice based 

objective type for easy understanding by the respondents and coverage of the objectives. The 

questionnaire consisted of mostly dichotomous and 3-point Likert scale questions for understanding the 

sensitivity of the issues involved. The draft questionnaire was sent to academic experts in the area for 

getting feedback and was modified accordingly. Considering the heterogenous educational, occupational 

and income background of the respondents, the sensitivity in the objective based questions have been 

kept low at 3-point Likert scale. Some of the questions were even made dichotomous for easy 

understanding and for cross analysis of data. 

 

DATA COLLECTION 

The required information for the study was collected from PMJDY beneficiary households of urban and 

rural population of U.P. Purvanchal region. Purvanchal is a geographic region of north-central India, 

which comprises the eastern end of Uttar Pradesh state. Uttar Pradesh is the most populous state in India 

with a population of ~200 million people. As much as 16.17% of India's population lives in the state. 

The central and eastern districts of Uttar Pradesh in particular have very high levels of poverty. The pace 

of poverty reduction in the state has been slower than the rest of the country. Most of the occupational 

groups within the population of Uttar Pradesh are involved in agriculture and service industries, which 

contribute to the largest parts of the state's economy. Unskilled labourers form a major portion of the 

work force. 

Sample size was decided after getting the detailed geography of Purvanchal Region. Looking at 

the demography of Purvanchal region, it was observed that the region is divided into 21 districts 

containing 101 tehsils. It was decided to collect on an average 25 respondent data from each Tehsil of 

Purvanchal region. Hence the target sample size was (101 x 25) 2550. Out of the target we were finally 

able to get useful responses of 2446 respondents. 

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DATA ANALYSIS AND RESULTS 

The data collected through questionnaire was filtered and transformed in order to make it suitable for 

analysis. The data, thereafter, was analysed and interpreted using various statistical tools and techniques. 

Regression modelling was applied as required to confirm the relationships. 

 

Descriptive Analysis 

The distribution of data shows that the respondents consisted of 60% Male and 40% Female (Figure 2). 

Age wise distribution shows that the PMJDY scheme is more known among old age group i.e. 55 years 

and above. In addition the young people (25 to 39 years) who may be more tech savvy, earning and more 

aware are also found to be attracted towards the PMJDY scheme (Figure 3). Most people came to know 

about the scheme through word of mouth from their friends and relatives (Fig. 4). Data shows that people 

have less information about financial security benefits and credit facility available under the scheme. 

DBT seems to be very popular and almost 80% respondents said that they have at least some information 

about this facility (Figure 5). Special facility like overdraft is unknown to almost all respondents. Full 

information is available to few people only and it is mostly related to basic banking facilities only. Direct 

benefit Transfer scheme also shows the high availing status with almost 60% people availing the same. 

High stress on the success of DBT by the government is evident from this result. Credit Facility by way 

of overdraft shows 0% availing status, which clearly indicates that people were not able to avail any 

credit facility under the scheme (Figure 6). Other banking facilities like money transfer and Mobile 

banking have not been availed to great extent and only about 20% to 37% people say that they have been 

availing these facilities. Financial security facilities like Accidental insurance and Life Insurance have 

also shown negligible usage with less than 20% people mentioning that they have been able to use the 

same. Respondents have found easiness in using the basic banking facilities and thus more than 40% 

people have agreed that the scheme benefits were easy to avail (Figure 7). More than almost 90% people 

have the opinion that they have not received any local administration support in availing most of the 

benefits under PMJDY. Especially in case of Basic Banking services, respondents feel that banks have 

been very supportive with the majority saying that banks were supportive in nature (Figure 8). While in 

case of other facilities like credit facility, financial security benefits and other banking facilities, 

respondents have not found banks to be supportive. Even in case of DBT, people feel that banks are not 

supporting them in availing the facility. More than almost 90% people have the opinion that they have 

not received any local administration support in availing most of the benefits under PMJDY (Figure 9). 

For benefits like financial literacy, online transactions and easy investment opportunities, almost 50% 

or more people have agreed that these have been received by them due to PMJDY scheme. In others like 

Standard of living and preventing of exploitation also more than 25% agree that these have been received 

by them. 
 

Figure 2. Gender wise distribution of the data 

Gender wise Awareness 

 

 
40% 

60% 
 
 
 

M F 

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12% 12% 
0% 

Zero Bal    ATM Card  Cash Dep. Money Trf. Mob. Bnk.   Overdrft   Acc. Ins. Life Ins. DBT 
Ac. 

 

Never Heard Some Information Full Information 

 
 

 
Figure 3. Age wise distribution of data 

 

Figure 4. Age Wise Distribution of Awareness Medium 
 
 

 Awareness Status of Scheme 

Benefits 

 

100%    2% 2% 3% 

90% 
80% 
70% 

24% 32% 
23% 

40% 

 

45% 

 
39% 

 

60% 
50% 

  51% 
66% 

  80% 

40% 
30% 
20% 

75% 63% 77% 
57% 

37% 

 
53% 

 

59% 

 

10%   22%   20% 
0% 1% 4% 2%    

 

 

 

Figure 5. Awareness Status of Scheme Benefits 

Age Wise Awareness 

 
4% 

24% 

60% 
12% 

10-24 Yrs 25-39 Yrs 40-54 Yrs >54 Yrs 

800 

600 

400 

200 

0 

Age Wise Distribution of Awareness Medium 

  734  

413 446 

243 

24 30 41 3 
67 88 

150 
18 40 92 

12 45 

10-24 Yrs 25-39 Yrs 40-54 Yrs >54 Yrs 

Friends & Relatives Media Adv. Banks Local Admin. 

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Availing Status of Scheme Benefits 

Zero Bal Ac.   ATM Card     Cash Dep.    Money Trf. Mob. Bnk. Overdrft Acc. Ins. Life Ins. DBT 

Yes No 

 

 

 

 
100% 0%  6%  

90%  27%  

80%         41% 

70%    63%      

60% 

50% 
 

100% 

  

94% 

 80%  
100% 

92% 
84%  

40%  73%        

30%         59% 

20%    37%      

10% 

0% 

    20%  
0% 8% 

16%  

 

 

 

Figure 6. Availing Status of Scheme Benefits 
 

Figure 7. Ease in Availing Status of Scheme Benefits 
 

Figure 8. Bank Support in Availing Scheme Benefits 

Ease in Availing Status of Scheme Benefits 

100% 
14% 14%  0%  8% 8% 

80% 

60% 

40% 

20% 

0% 

24% 
58% 

41% 41% 
56% 

68% 68% 
64% 64% 

26% 

16% 

37% 42% 
59% 

44% 
21% 17% 28% 28% 

Zero Bal ATM Card Cash Dep. 
Ac. 

18% 

Money 
Trf. 

18% 

Mob. Bnk. Overdrft 

17% 

Acc. Ins.    Life Ins. DBT 

Disagree NA/ND Agree 

Bank Support in Availing Scheme Benefits 

100% 

80% 

60% 

40% 

20% 

0% 

23% 
53% 45% 

79% 79% 70% 
100% 92% 92% 

77% 
47% 55% 

21% 21% 30% 

Zero Bal 
Ac. 

ATM Card Cash Dep. Money Trf. Mob. Bnk. 

0% 
Overdrft 

8% 

Acc. Ins. 

8% 

Life Ins. DBT 

Supportive Not Supportive 

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Figure 9. Local Admin. Support in Availing Scheme Benefits 

 

Regression Analysis 

This study attempts to find the factors which affect the availing status of PMJDY scheme benefits in UP 

Purvanchal region. For this we modelled a multiple regression relationship with Availing status as 

dependent variable and Awareness, Ease of Availing, Perceived Usefulness to life, Bank support, Local 

Administration support, facets of scheme benefits as independent variables. The Regression model is as 

below: 

Availing status = α + β1 Awareness + β2 Ease of Availing + β3 Perceived Usefulness to life + β4 Bank 

support + β5 Local Administration support + β6 facets of scheme benefits. 
where, β1, β2, β3, β4, β5 and, β6 are regression coefficients and α is the constant. 

The results of the regression model are as below: 

 

Table 1. Regression Statistics 

 

Regression Statistics 

Multiple R 0.7740 

R Square 0.5991 

Adjusted R Square 0.5981 

Standard Error 0.1071 

Observations 2446 

 

Table 2. ANOVA 
 

ANOVA      

 df SS MS F Significance 
F 

Regression 6 41.80341699 6.967236 607.4789055 0 

Residual 2439 27.9731343 0.011469   

Total 2445 69.77655129    

 

Table 3. Regression statistics (*significant at 5% level of significance) 

 
 Standardised 

Coefficients 
P-value 

Intercept 2.260782396 0 

Facets of scheme benefits -0.023440527* 1.10402E-11 

Awareness -0.39746214* 7.7209E-246 

Local Admin. Support in Availing Scheme Benefits 

100% 

80% 

60% 

40% 

20% 

0% 

41% 50% 

90% 77% 
97% 98% 100% 92% 92% 

59% 49% 

10% 23% 
3% 2% 

Zero Bal 
Ac. 

ATM Card Cash Dep. Money Trf. Mob. Bnk. 
  0%  

Overdrft 

8% 

Acc. Ins. 

8% 

Life Ins. DBT 

Supportive Not Supportive 

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Ease of Availing 0.000726611 0.94363492 

Perceived Usefulness to life -0.029772597* 1.73378E-08 

Bank support 0.098524834* 9.48922E-12 

Local Administration support 0.10507261* 2.0908E-09 
 

The results of regression analysis in table 3 indicate that the availing status of PMJDY scheme is affected 

by the independent variables incorporated in equation. This is evident from significant F-score in table 

2 and about 60% (value of Adjusted R Square in table 1) variation in availing status is happening because 

of the independent variable taken. The influence of each independent factor is as below: 

 Facets of scheme benefits: The relationship of this variable is significant with Availing status. 

The sign of relationship is negative because the dependent variable is reversely coded for 

avoiding the questionnaire being monotonous. i.e. Yes was coded as 1 and No was coded as 2. 

This shows that as more the scheme benefits are recognised, more the scheme will be availed. 

 Awareness: The relationship of this variable is significant with Availing status. The sign of 

relationship is negative because the dependent variable is reversely coded as mentioned above. 

This shows that augmented awareness about scheme benefits among people will positively affect 

the availing status of the scheme benefits. 

 Ease of Availing: The relationship of this variable is found not significant with Availing status. 

 Perceived Usefulness to life: The relationship of this variable is significant with Availing status. 

The sign of relationship is negative because the dependent variable is reversely coded as 

mentioned above. This shows that as more people start perceiving the scheme to be useful, they 

tend to start availing the scheme at higher level. 

 Bank support: The relationship of this variable is significant with Availing status. The sign of 

relationship is positive because both the dependent variable and independent variable is reversely 

coded for the reason mentioned above. Here Bank being supportive is coded as 1 and not 

supportive is coded as 2. This shows that more bank support in availing the facilities will 

certainly increase the availing status of scheme. 

 Local Administration support: The relationship of this variable is significant with Availing 

status. The sign of relationship is positive because both the dependent variable and independent 

variable is reversely coded for the reason mentioned above. Here Local Administration being 

supportive is coded as 1 and not supportive is coded as 2. This shows that more local 

administration support in availing the facilities will certainly increase availing status of scheme. 

Therefore we find that the availing status of PMJDY scheme majorly depends on two factors 

i.e.Enhanced awareness and local administration support if available. 

Next we try to examine the relationship between the availing statuses of PMJDY scheme with various 

facets of benefits perceived by people. This will help us to understand that how different related 

perceived facets of benefits relate to availing status of PMJDY scheme. 

For this we have modelled a multiple regression relationship with Availing status as dependent variable 

and facets of benefits i.e. standard of living, prevention of exploitation, improving financial literacy, 

safety of money, making transactions online and investment opportunities as independent variables. The 

regression model is as below: 

Availing status = γ + α1 standard of living + α2 prevention of exploitation + α3 improving financial 

literacy + α4 safety of money + α5 online transactions + α6 investment opportunities. 
The results of the regression model are as below: 

Table 4. Regression statistics 

Regression Statistics 

Multiple R 0.465656 

R Square 0.216835 

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Adjusted R Square 0.214909 

Standard Error 0.149684 

Observations 2446 
 

Table 5. ANOVA 

 

ANOVA      

 df SS MS F Significance F 

Regression 6 15.13003 2.521672 112.548 1.3E-125 

Residual 2439 54.64652 0.022405   

Total 2445 69.77655    

 

Table 6. Regression statistics (*significant at 5% level of significance) 

 
 Coefficients P-value 

Intercept 1.530533 0 

standard of living -0.02572* 0.003164 

prevention of exploitation -0.04114* 1.98E-07 

improving financial literacy -0.06037* 5.91E-23 

safety of money 0.013182 0.115208 

online transactions -0.04521* 2.94E-10 

investment opportunities -0.12846* 1.05E-85 

 

The results of regression analysis in table 6 indicate that the availing status of PMJDY scheme is 

affected by the independent variables incorporated in equation. This is evident from significant F-score 

in Table 5 and about 21% (value of Adjusted R Square in table 4) variation in availing status is happening 

because of the independent variable taken. The influence of each independent factor is as below: 

 Standard of living: The relationship of this variable is significant with Availing status. The sign 

of relationship is negative because the dependent variable is reversely coded for avoiding the 

questionnaire being monotonous. i.e.Yes was coded as 1 and No was coded as 2. This shows that 

as more the scheme is perceived to improve the standard of living, more it will be availed by 

people. 

 Prevention of exploitation: The relationship of this variable is significant with Availing status. 

The sign of relationship is negative because the dependent variable is reversely coded as 

mentioned above. This shows that more people will avail the scheme if they feel that the scheme 

benefits will prevent them from getting exploited in the hands of money lenders. 

 Improving financial literacy: The relationship of this variable is significant with Availing status. 

The sign of relationship is negative because the dependent variable is reversely coded as 

mentioned above. This shows that higher financial literacy created by the scheme will result in 

increased availing of the scheme. 

 Safety of money: The relationship of this variable is found not significant with Availing status. 

 Online transactions: The relationship of this variable is significant with Availing status. The sign 

of relationship is negative because the dependent variable is reversely coded as mentioned above. 

This shows that people consider cashless transactions as an essential benefit and thus, they will 

avail the PMJDY scheme more when online transaction facility is available. 

 Easy investment opportunities: The relationship of this variable is significant with Availing 

status. The sign of relationship is negative because the dependent variable is reversely coded as 

mentioned above. This shows that a higher level of investment opportunity created by the scheme 

will result in increased availing of the scheme. 

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 Therefore we find that people might be most inclined to welcome a financial inclusion scheme 

if they perceive it to be a beneficial investment opportunity. 

 

DISCUSSION 

After the detailed data analysis above, this section discusses the results. The results show that the 

beneficiaries are aware about basic banking facilities like zero balance account, ATM debit card, and 

cash deposit/withdrawal. This shows that scheme has created enough financial literacy about these basic 

facilities. Financial literacy has been found to have a positive impact on the “use of financial services” 

(Grohmann, Klühs & Menkhoff, 2018). However, it was found that other banking facilities like money 

transfer and mobile banking are little known to people and hence the availing status is quite low. This 

might be because the results indicate that the banks and local administration have been supportive to 

people for the basic banking facilities only and not for others. This is also evident from the results of 

‘Ease in usage’ of facilities wherein beneficiaries feel it is easy to use basic banking facilities but not 

the other facilities. The results on financial security benefits under PMJDY scheme, namely Accidental 

and Life insurance, show that beneficiaries have some awareness about the availability of such benefits. 

There are very few people who feel that they have complete information to make a decision and benefit 

from them. Thus although such schemes are very beneficial to them, the availing status of these services 

was very low. Regarding ease of use for these benefits, the opinion was quite mixed and most people 

were undecided. This may be because of lack of awareness among beneficiaries. Another reason that 

comes out from results is that the support of banks and local administration is not present, resulting in 

low level of awareness and availing status. PMJDY provides for overdraft facility against the zero 

balance account opened. From the results it was found that most people have never been told about this 

facility and its benefits. Therefore in spite of being one of the major scheme benefit under PMJDY, 

intended to help people in times of need by giving them credit facility has not penetrated the UP 

Purvanchal region population. This may be attributed to either low emphasis by the authorities, lack of 

interest by banks or inability of banks/administration in creating financial literacy about such facility. 

The PMJDY scheme also incorporates other banking facilities like money transfer and mobile banking. 

It was seen that the awareness regarding these modern facilities are moderate with majority having at 

least some information. Even the support of banks and local administration is found to be low. Overall 

this suggests that although people are financially literate about these benefits, but they are unwilling to 

avail them because of lack of emphasis and support by authorities. Since the Government of India started 

the financial inclusion process through direct benefit transfer scheme in 2013, i.e. well before the launch 

of PMJDY and there has been a lot of media coverage and awareness campaign on the same, hence we 

find that majority of people have some information about this benefit under PMJDY. The availing status 

of various banking benefits under PMJDY scheme suggests that majority of people have been availing 

the basic banking facilities like zero balance account, ATM debit card, cash deposit/withdrawal and they 

also find using these facilities somewhat easy. However, in case of other banking services like mobile 

banking and money transfer, similar trend is not shown. Here the availing status and ease of use is found 

to be low. Credit facilities have not been emphasised much, resulting into very usage of the same. 

Similarly, financial security benefits are not popular, and evidence of their usage is not present. Overall 

awareness and availing of banking services under PMJDY scheme has been initiated but not uniformly. 

Although people have started being financially literate, but still, for complete usage of all banking 

facilities under PMJDY scheme, there is a long way to go. 

 

Implications for Policy Makers 

Since financial literacy is not uniform across different financial services for enhanced financial 

inclusion, therefore the policymakers should take necessary steps for augmenting awareness among 

people regarding all types of banking services. The results of this study suggests that accessibility of 

financial services at ground level is not uniform. The policymakers should ensure unimpeded 

accessibility of financial services like credit facility, financial security products and other banking 

services. The DBT is one of the ambitious scheme of the government for financial inclusion and 

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uninterrupted subsidy transfer to needy. The authorities have laid lot of emphases through media 

coverage and administrative support. Linking DBT with PMJDY accounts is a right step and the results 

show that the efforts have been successful to a great extent. In rural areas there are few ATM due to 

which everyone may not access ATM or may don’t know how to use. And secondly, rural areas need to 

be connected through a complete banking system which throws up connectivity-related challenges that 

need to be addressed. The policymakers need to address the issue of banking infrastructure by providing 

support to them. 

 

Implications for Banks/Financial Institutions 

Study reveals that on ground there were very few financial literacy program conducted in their villages. 

There should be proper awareness programs in remote locations about the financial schemes so that 

everyone must aware about need of opening account for realising various benefits available under the 

scheme. The study found that the support given by banks for various banking services under PMJDY is 

not uniform. Those services where the support was given, were availed most while rest had low availing 

status. The banks should ensure higher level of support for other essential services like credit facility, 

financial security schemes and mobile banking etc. Since people have mentioned that they were not 

accessing many financial services due to difficulty in use of those services. Therefore, banks should 

review their procedures for offering various financial services other than basic banking facilities under 

the financial inclusion scheme for ensuring easy accessibility of Banking Services. Many benefits like 

ATM card transactions require adequate infrastructure facilities, especially in rural areas. Therefore 

banks should ensure presence of ATM networks in rural areas and provide adequate training. New age 

technology solutions like mobile banking need to be supported through easy to use interface and training 

so that higher usage of banking facilities is ensured. 

 

Future Research Directions 

The study indicates several areas of research which merit investigation in future studies. In future the 

researchers can undertake such research in other regions of the country to compare the extent of financial 

inclusion achieved through PMJDY scheme. Since this study suggests that there bank’s support for 

various financial services are low therefore as next step a survey may be conducted over Banks/Financial 

institutions for exploring the problems they are facing while implementing the PMJDY scheme. A 

longitudinal study may be undertaken further, to assess the change in savings and investment patterns 

of the urban poor, and thereby gauge the effectiveness of the financial awareness programs undertaken 

by various agencies. Seasonal changes in savings and usage pattern of bank services could be studied 

and probable causes for such changes may be analysed. Previous research indicates that women lead 

households are less likely to have access to formal finance as compared to households with a male head 

(Swamy, 2014; Ghosh & Vinod, 2017). Further research can explore factors that provide deeper insights 

into this. In today’s scenario, financial inclusion can help in reducing poverty imposed due to COVID 

19 pandemic (Gutiérrez-Romero & Ahamed, 2021). Further research can explore how it can be 

successfully implemented to achieve the desired results. 

 

CONCLUSION 

The essence of financial inclusion is to ensure delivery of financial services which include - bank 

accounts for savings and transactional purposes, low-cost credit for productive, personal and other 

purposes, financial advisory services, insurance facilities (life and non-life) etc. In India, while one 

segment of the population has access to banking service encompassing regular banking facilities & 

portfolio counselling, the other segment of underprivileged and lower income group is totally deprived 

of even basic financial services. Exclusion of large segments of the society from financial services 

affects the overall economic growth of a country. It is for this reason that Financial Inclusion is a national 

concern. Complete access to financial services is not possible without people being financially literate. 

Hence, financial inclusion will be successful only when the easy accessibility to financial services is 

complemented by financial awareness and understanding. Therefore, as revealed by this study policy 

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makers and banks should go hand in hand for creating financial literacy and ensuring uniform accessibility 

of all financial services through adequate support infrastructure. Government should ensure proper 

implementation of such program by having proper monitoring systems in place. Policy makers should be 

able to ensure that administrative machinery from top to ground level including panchayat level should be 

in sync. This will confirm that the scheme benefits should reach to the last person through awareness and 

accessibility of financial services. The policy makers should leverage technological solution to ensure 

efficient and effective delivery of financial services. 

 

ACKNOWLEDGEMENT 

The research mentioned in this paper has been carried out with funding received from ICSSR under its first 

IMPRESS scheme. The authors are thankful to GOI and ICSSR for funding this research. 

 

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https://www.cribfb.com/journal/index.php/ijfb Indian Journal of Finance and Banking Vol. 8, No. 1; 2021 

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