Decoding Pradhan Mantri Jan Dhan Yojana (PMJDY), an intriguing work in progress

This is a blog post from Lending — more specifically moneylending — as an economic practice has existed for centuries. PMJDY, the Prime Minister’s People Money Scheme, has arguably been a game-changer, accelerating the process of financial inclusion. While banks met their targets, estimates portray that over 75 million households were still absent from formal financial services — 60 million in rural and 15 million in urban areas. While criticism and praise abound, without a competitive alternative, PMJDY appears to be the most successful financial inclusion scheme so far. However, while criticism and praise abound, without having a competitive alternative, PMJDY appears to be the most successful financial inclusion scheme so far.