PRADHAN MANTRI JAN DHANYOJANA: AN ANALYSIS

5.1 Economics

Submitted by
Nilim Sarma
UID: SM0116035
3rd Year 5th Semester

Faculty-in-charge
Ms.Dipakshi Das

National Law University, Assam

2019-2020
CONTENTS

1. Introduction…………………………………………………………………………..02
1.1 Literature Review……………………………………………………………. …03
1.2 Research Questions………………………………………………………….. …04
1.3 Aims & Objectives…………………………………………………………....04.
1.4 Research Methodology……………………………………………………..….. .04

2. Chapterisation
2.1 History and Need of Financial Inclusion in India………………………………..05

2.2 Prime Minister Jan DhanYojana and Its Impact………………………………...08

2.3 Challenges and Criticisms Faced by Pradhan mantra Jan DhanYojana…………11

3. Conclusion……………………………………………………………………….…..13

4. Bibliography……………………………………………………………………....... 14

1
 INTRODUCTION

Financial inclusion, where the entire population of the country is able to enjoy the benefits of
basic financial and economic amenities is one of the hallmarks of any developed nation .
However, in India, this has been a distant dream, and despite the government’s best efforts to
uplift the economically poor and backward through its various schemes over the years, the
disparity between the two rich and the poor have continued to exist as far as access and
availability to basic services go. The unbanked population of India often relies on private
banks and individuals for both credit as well as depositing money into accounts, and lack any
form of regulation that might stop them from being exploited by these private entities. It often
leads to corruption, as exhibited in the infamous ‘Sahara India Pariwar Scam.’

In case of India, the term ‘financial inclusion’ was used for the first time in the year 2005 by
the then Governor of Reserve Bank of India, Mr. Y Venugopal Reddy. Over the years, many
villages across the country, as well as a handful of states, had achieved 100% financial
inclusion, with Mangalam village in Puducherry being the first Indian village to have attained
the feat, however, no successful attempts had been made to implement anything of the sort on
a nationwide scale.

Therefore, keeping in mind the necessity of achieving financial inclusion across the country,
as well as to curb the malpractices of all the middle-men who exploited the poorer section of
society by providing them unregulated banking services at unreasonable rates, the Pradhan
Mantri Jan DhanYojana (Prime Minister’s People’s Wealth Scheme) was announced by the
Prime Minister of India Mr.NarendraModi on 15 th of August 2014. Popularly known as ‘Jan
DhanYojana’ the basic goal of the scheme was to ensure that affordable access to services
such as bank accounts, credit, insurance and pensions could be provided to all the people of
India, with full financial inclusion being the final aim of the scheme.

Thus, the aim of this paper shall be to look at the ‘Pradhan Mantri Jan DhanYojana’
objectively, and analyse its influence and impact on the Indian people as well as the Indian
economy, and look at how efficient it has been in achieving its goal.

2
 1.1 LITERATURE REVIEW

 PAYAL SAINI. Pradhan Mantri Jan DhanYojana’s Impact on Socio-Economic

Environment.
The article analyses the various facets of the Prime Minister Jan DhanYojana as has
been implemented in India, and looks at the implications that it will have on the socio-
economic factors of the country. It also examines the various facets of the twin-
phased plan of the scheme, and explains the importance of such an approach by using
statistical models. Finally, it presents certain ways in which the scheme can be
implemented more successfully by reviewing various literature on the topic, and
delineating the major points which will positively impact the implementation of the
scheme.

 DR. RAJESHWARI M SHETTAR. Pradhan Mantri Jan DhanYojana: Issues

and Challenges.
The article provides a brief history of the financial inclusion schemes that took place
in India before the implementation of the Pradhan Mantri Jan DhanYojana, and then
highlights the reasons why such a scheme is of necessity in a country like India. It
then moves on to depict the various challenges that can be faced while implementing
such a scheme on a pan-nation basis, and tries to provide certain solutions to some of
the said problems. Finally, with the help of certain statistical as well as graphical
models, the article tries to examine the progress of the Jan DhanYojana, and look at
how beneficial it has been to the general populace of the nation since its
implementation.

 DR. RAKESH K. Implementation of Jan DhanYojana - Challenges and

Prospects.
The article tries to look at the Pradhan Mantri Jan DhanYojana scheme from a
statistical standpoint by examining its implementation, impact and success in the state
of Andhra Pradesh, by way of empirical research. In doing so, the article unravels the
challenges that are being faced at the ground level while implementation, and also
puts forth the aspirations that people have from the said scheme. Finally, statistical

3
 models are used in the article to look at way the various banks in the state are acting
under the scheme, and thus their performances are also examined in the article.

1.2 RESEARCH QUESTIONS

 What is the history of financial inclusion in India, and thus what is the need of Jan
DhanYojana in the country?
 What kind of impact has implementation of this scheme made?
 What are the challenges and criticisms that the Jan DhanYojana has faced?

1.3 AIMS & OBJECTIVES

 To try and understand the concepts of financial inclusion and how it can be achieved
by the Pradhan Mantri Jan DhanYojana.
 To try and understand the impact of the scheme on the Indian economy.
 To try and look at the challenges and criticisms that the Pradhan Mantri Jan
DhanYojana has faced.

1.4 RESEARCH METHODOLGY

For conducting this research, the Doctrinal Method of Explanatory Research Design
shall be used to understand the sociological perspectives of terrorism.
Only secondary data accumulated from, articles, web sources and various books will be
consulted for the collection of information

4
 2.1 History and Need of Financial Inclusion in India

The Reserve Bank of India has defined the term financial inclusion as Financial Inclusion is
the process of ensuring access to appropriate financial products and services needed by
vulnerable groups such as weaker sections and low income groups at an affordable cost in a
fair and transparent manner by mainstream Institutional players.”1For any country, financial
inclusion is a necessity, however, even after 70 years of independen1ce, India has not been
able to ensure the same for its citizens. Although various methodologies have been utilized
by both the Government as well as the Reserve Bank of India for increasing the access to
banking for all the citizens, such as an increase in the number of branches of banks to reach
far-off places, establishment of Self-Help Groups, etc, the intended results could not be
fulfilled, and thus financial inclusion remained a distant dream.
The idea of financial inclusion, as far as India is concerned, is not a very old one. In the year
2004, the Reserve Bank of India (RBI) had set up a commission, commonly known as the
Khan Commission to look into the matter of financial inclusion, and the recommendations of
the commission had been duly incorporated into the mid-term review policy of the financial
year 2005-06.2
The first practical attempt at financial inclusion was carried out by Mr. K C Chakraborty,
who was the chairman of Indian Bank. Mangalam village of Pondicherry became the first
village in India where all the households were provided banking facilities. Along with this,
the KYC norms were also relaxed for the people who wished to open accounts with deposits
of less than Rs. 50,000/- annually, and General Credit Cards (GCC) were issued to the poor
in order to help them get easier credit from the banks.
The implementation of this scheme gave confidence to the RBI, and it permitted the
commercial banks of the nation to use the help of NGOs, SHGs, micro-financing institutions
and other such intermediaries to help facilitate business, and the commercial banks of various
regions were also instructed to start a 100% financial inclusion drive on a pilot basis. The
efforts of the RBI and the commercial banks however proved to be only partially successful,
as only a handful of states such as Kerala and Himachal Pradesh, and Union Territory of

1
Dr.Rajeshwari M Shettar. "Financial Inclusion; An Overview" IOSR Journal of Business and Management. Vol.
18. Issue 2. (2016) P-18
2
Dr.Sudhinder Singh Chowhan& Dr J. C Pande. “Pradhan Mantri Jan DhanYojana : A Giant Leap Toards
Financial Inclusion.” International Journal of Research In Management & Business Studies. Vol 1. Issue 4.
(2014). P-19

5
Pondicherry announced 100% financial inclusion. 3 This meant that although results were
possible and success could be achieved, a lot was to be desired as far as the efforts in the
other states were concerned regarding the matter.
In order to understand the reasons behind the failure of financial inclusion in the country,
another committee, namely, the Rangarajan Committee was set up. In its report titled ‘Report
of the Committee on Financial Inclusion’, published in the year 2008, it stated, “the task of
financial inclusion must be taken up in a mission mode as a financial inclusion plan at the
national level. A National Mission on Financial Inclusion (NaMFI) comprising
representatives from all stakeholders may be constituted to aim at achieving universal
financial inclusion within a specific time frame.” 4It also advised about setting about micro-
financing and micro-insurance initiatives as well as remittances for the poor in order to attract
them towards formal banking initiatives.
The RBI continued its efforts, and in accordance with these advises, setup a few new policy
measures such as increasing the penetration of branches into areas, with the number of
branches of commercial banks rising from 68,681 in 2006 to 1,02,0343 in 2013.5
The commercial banks were also advised to open Basic Saving Bank Deposit (BSBD)
accounts with basic common facilities, and the public and private sector banks were also
requested by the RBI to provide Three Year Financial Inclusion Plans (FIP) starting from
April 2010. The RBI also revised its guidelines on Financial Literacy Centers (FLCs), and
the rural branches of all commercial banks were asked to scale up their financial literacy
efforts through financial literacy camps.
Despite these efforts, however, 100% financial inclusion, a dream that was born from the
report of the Khan Commission in 2004, as well as the successful efforts of the same in
Mangalam Village of Puducherry in 2005, and later on in the states of Kerala, Himachal and
Puducherry could not be replicated on a national level. Despite the efforts, financial inclusion
remained a dream. This was agreed with by even the person who was responsible for sowing
the seeds of financial inclusion in India by his successful efforts in Mangalam village, when
he proclaimed “In the past decade, the Indian banks could not include even 50 per cent of
population, who did not have access to banking in the country,” 6 Another Committee, under
3
"Puducherri, Himachal top financial inclusion. THE ECONOMIC TIMES. September 13
2007.https://economictimes.indiatimes.com/industry/banking/finance/banking/puducherri-himachal-top-
financial-inclusion/articleshow/2363993.cms
4
Rangarajan Committee. “Report of the Committee on Financial Inclusion” 2008. P-02
5
Basic Statistical Report of Commercial Banks. RBI 2014.
6
“Banks Failed to Deliver on Financial Inclusion”. THE HINDU Business Line. November 8 2014.
https://www.thehindubusinessline.com/money-and-banking/%60Banks-failed-to-deliver-on-financial-inclusion
%E2%80%99/article20905849.ece

6
the leadership of NachiketMor was constituted, and in its report, published in 2013, it again
highlighted the failures of the financial inclusion programmes of the RBI by showing that 7.5
crore out of a total of roughly 25 crore households lack basic banking services.Moreover, it
estimated that an unbelievable 90% of the small businesses operating in this country have no
linkages to financial institutions.7
The reason financial inclusion is of utmost necessity is because in a country as big and
diverse as India, benefits of a growing economy are reaped only by a few, whereas, a vast
chunk of the nation’s population remains deprived of these benefits, simply because they are
not a part of the formal banking and economic arenas. According to the Census of 2011, only
58.7% households had bank accounts in the formal banking sector. Out of this, 54.4% of the
rural households had bank accounts, whereas, in the urban areas, the situation was a little
better, with 67.8%.8 Although this highlighted a significant increase from the Census 2001
data, wherein only 35% of the population had formal and functioning bank accounts, 9 the
situation still was extremely dire and newer policies were of extreme necessity. In terms
sheer number of households, Census 2011 estimated that out of 24.67 crore households in the
country, 14.48 crore (58.7%) households had access to banking services. Of the 16.78 crore
rural households, 9.14 crore (54.46%) wereavailingbanking services.Ofthe 7.89croreurban
households, 5.34 crore (67.68%) households were availing banking services.10

Keeping in mind all of these shortcomings, and to ensure a fresher approach to the conclusion
of overall financial inclusion for all households in the country, the Prime Minister Jan
DhanYojana was launched on 28th August 2014.

7
Mor Committee Report. “Committee on Comprehensive Financial Services For Small Businesses And Low
Income Households” 2013. P-01
8
Census 2011. http://censusindia.gov.in/
9
Census 2001. http://censusindia.gov.in/
10
Census 2011. http://censusindia.gov.in/

7
 2.2 Prime Minister Jan DhanYojana and its Impact

The Jan DhanYojana can be viewed as Financial Inclusion 3.0, the earlier two being branch-
opening initiatives in the post-nationalisation era and the business correspondent-based
branchless banking initiatives over the last few years.11
The Pradhan Mantri Jan DhanYojana was planned in a two-phase manner, which means that
the plan will be implemented in two distinct phases. The first phase (PHASE-I) shall begin
from 15th August 2014, and shall continue until 14th August 2015, and include the following
points:
 Universal access to banking facilities for all households across the country through a
bank branch or a fixed point Business Correspondent (BC) called Bank Mitra within a
reasonable distance except areas with infrastructure & connectivity constraints
 All households have RuPay Debit Card with Rs. 1 lakh inbuilt accident insurance
cover.
 If bank account is operated satisfactorily for 6 months, Rs. 5000 overdraft facility will
be granted to only Adhaar enabled accounts.
 Direct Benefit Transfer facility of various government schemes will be provided
through bank accounts to the beneficiaries.
 The existing Kisan Credit Card is proposed to be issued as Ru-Pay-Kisan Card to the
farmers.
 Financial literacy programme under the scheme will be implemented up to village
level.12

The second phase (PHASE II), under the Pradhan Mantri Jan DhanYojana was to be initiated
from 15th August 2015 to 14th August 2018, and it was o include the following points under
its scope:
 Micro insurance will be provided to the people.
 Swavlamban-an unorganised sector pension scheme is to be proposed through the
Business Correspondents.

11
A.P Hota. "Jan Dhan imbibes all 5 Ps of financial inclusion: Product, place, price, protection and profit". THE
ECONOMIC TIMES. September 1 2014
12
Payal Saini "Pradhan Mantri Jan DhanYojana's Impact on Socio-Economic Development". International
Journal of Advanced Educational Research. Vol 3. Issue 2. (2018)P-28

8
  Reactivating a large number of dormant accounts.
 Households in hilly, tribal and difficult areas will be covered in this phase.
 This phase would also cover the remaining adults and students in households.13

Some of the special benefits provided under the Pradhan Mantri Jan Dhanyojana to the
account holders include a free 1 lac accident insurance to the people with accounts, zero
necessary minimum balance, an overdraft facility that can utilized by the account holder after
6 months of successful operation of the account, and easy money transfer all across India. It
also ticks the boxes when it comes to women empowerment for the scheme also has an
overdraft facility of up to Rs.5,000/- for one household account that preferably belongs to a
lady.
The impact of the scheme was felt from the first day onwards, wherein, due to the prior
notice provided to the commercial banks as well as to the people of the country, a record 1.5
crore accounts were opened, greatly exceeding the target of 1 crore accounts that had been set
by the government.14 The Scheme was also recognized by the Guinness Book of World
Records, when it inducted the Scheme for opening the highest number of accounts in a week
under a financial inclusion scheme. An Indian Express report on the same states “Most bank
accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and
was achieved by the Government of India from August 23 to 29, 2014.”15

As per the RBI report on trends and progress in Banking for 2015-2016, the basic savings
deposit accountshave risen from 73.5 million in March 2010 to 495.2 million in September
2016.Much is this is attributed to the push given by the PMJDY scheme. On the same note
the account balances in these BSDA accounts have risen from Rs 55 billion to Rs719 billion
for the same period.16A total of 227 million RuPay cards have also been issued by National
Payments Corporation of India (NPCI) till August 2017.

13
Prime Minister to Launch Pradhan Mantri Jan DhanYojana Tomorrow: To Dedicate Mobile Banking Facility on
Basic Mobile Phones to the Nation. PRESS INFORMATION BUREAU. August 27 2014.
http://pib.nic.in/newsite/erelease.aspx?relid=109113
14
"PM Jan DhanYojana Launched: 1.5 crore bank accounts opened in a day. THE ECONOMIC TIMES. August 29.
2014. https://economictimes.indiatimes.com/news/economy/policy/pm-jan-dhan-yojana-launched-1-5-crore-
bank-accounts-opened-in-a-day/articleshow/41093413.cms
15
"Jan DhanYojana features in Guinness Book of World Records with 11.5 cr bank accounts" THE INDIAN
EXPRESS. January 21 2015. https://indianexpress.com/article/business/business-others/jan-dhan-yojana-
enters-into-guinness-book-record-with-1-5-cr-accounts/
16
CA Sangeeta S. "Economic Impact of PMJDY" Imperial Journal of Interdisciplinary Research (IJIR) Vol 3. Issue3.
(2017) P-1791

9
The success of the Pradhan Mantri Jan DhanYojana can be further seen from the fact that the
government has decided to continue the scheme after the initial four year period ending on
14th August 2018, along with some added benefits and perks for the account holders. The
modified Jan Dhan account deposits saw an increase of 1,266.43 crore during the period from
15th August 2018 to 5th September 2018, and it also saw the addition of around 20 lakh new
account holders.17 Under the new scheme, the insurance cover has been increased from 1 lac
to 2 lacs, and the overdraft facility has also been doubled from 5,000 rupees to 10,000/-
rupees.

As of 18th October 2018, the number of beneficiaries under the Jan DhanYojana stand at
32.94crore, with a cumulative balance of Rs. 86,163 crore deposited in the accounts,
according to the Jan DhanYojana website.18

17
"20 lakh people join modified Jan Dhan scheme" THE HINDU Business Line. September 16 2018.
https://www.thehindubusinessline.com/money-and-banking/20-lakh-people-join-modified-jandhan-
scheme/article24960324.ece
18
https://pmjdy.gov.in/

10
 2.3 Challenges and Criticisms faced by Pradhan Mantri Jan DhanYojana

The results of the Pradhan Mantri Jan DhanYojana, when compared to its predecessors, has
been extremely positive and its success cannot be undermined. The fact that more than 32
crore people have been benefitted under this scheme goes on to speak volumes about the
response that the Scheme has been able to generate from the masses. This however does not
mean that the Scheme is without any criticism or that it did not face any challenges during its
implementation.
First and foremost, the reality remains that even after four years of the Scheme, complete
financial inclusion is still a dream. According to a survey conducted by the World Bank, 19
crore Indians still don’t have a functional bank account, and are thus out of the purview
formal banking facilities of the nation. This also makes India the nation with the second
largest population of adults who don’t have access to banking facilities, with only China
ahead of India.19

Secondly, the awareness regarding the vast plethora of benefits provided under this scheme
has been low in the more remote sections of the country, and thus certain regions have not
garnered a response that is in line with some of the other more successful regions of the
country.

The third issue plaguing the success of the entire scheme has been the fact that despite the
success in integrating the people into the banking systems by helping them open accounts
without any frills, and also giving added incentives such as an overdraft facility and an
accidental insurance cover, the number of accounts being inoperative are quite substantial.
According to a February 2018 report by The Hindu’s Business Line, roughly 25 percent of
the overall accounts are inoperative.20 This poses a great challenge to the end goal of wealth
creation from the Jan Dhan Scheme, and merely completes the wealth distribution aspect.

19
"19 crore Indian adults dont have bank account: World Bank" THE TIMES OF INDIA. April 19 2018.
https://timesofindia.indiatimes.com/business/india-business/19-crore-indian-adults-dont-have-bank-account-
world-bank/articleshow/63833962.cms
20
"More role for Jan DhanYojan: An opportunity as well as challenge" THE HINDU Business Line. February 01
2018.https://www.thehindubusinessline.com/economy/budget/more-role-for-jan-dhan-yojan-an-opportunity-
as-well-as-challenge/article22620686.ece

11
Fourthly, the large number of zero balance accounts are also a problem as far as the goal of
wealth creation is concerned. It has also come into light, according to an Indian Express
reportfrom 2016, that the bank officials are themselves adding Re. 1 to the zero-balance
accounts in order to substantially reduce the number of such accounts. This creates a bigger
problem wherein the actual ground reality is being tampered with for the benefit of the ruling
party who wishes to make its scheme look good, and thus the actual number beneficiaries are
comparatively harder to determine under this situation because of the fabrication of data.21
Furthermore, it has also been alleged that a large number of black money was turned into
white money after the demonetization process, actively defeating the purpose of the
demonetisation drive itself, and limiting its impact on the black money holders.22

21
"The One-Rupee Trick: How banks cut their zero-balance Jan Dhan accounts" THE INDIAN EXPRESS.
September 13 2016. https://indianexpress.com/article/business/banking-and-finance/how-banks-cut-their-
zero-balance-jan-dhan-accounts-one-rupee-trick-3028190/
22
"Demonetisation: Jan Dhan account deposits double to Rs87000 crore" LIVEMINT. January 01 2017
https://www.livemint.com/Industry/Tqd25EMjYp53bce3qOFazO/Demonetisation-Jan-Dhan-account-deposits-
double-to-Rs87000.html

12
 3. Conclusion

The issue of financial inclusion in the country of India has been a distant dream ever since its
inception. Although partial results have been successfully generated in small places, the
policy has largely been a failure at the nationwide level. Various commissions have been
formulated and they their advice too has not resulted in any miracle as far as overall financial
inclusion is concerned.
These issues prompted the current Government to announce the Prime Minister Jan
DhanYojana with an aim of ensuring that every household in the nation has access to at least
one bank account, so as to ensure that every person of the nation can become a part of the
formal economic sector of the nation. The scheme was launched in two phases for a duration
of four years, and over those four years, the results that have been generated by the scheme,
as well as the response that it has received from the general masses of the nation has been
exemplary, to say the least. Compared to the previous efforts at financial inclusion, the Prime
Minister Jan DhanYojana has been a thumping success with over 32 crore beneficiaries of the
scheme in a little over four years.
Despire this, however, certain lacunas do remain that have plagued the Scheme, and these
lacunae are in both its policies as well as its implementation. Despite the government’s
sincere efforts, a large chunk of the country’s adult population remain without a bank
account, and that has been a stain on the claims of universal success of the scheme.
Moreover, financial inclusion should also benefit those who have been included in the formal
financial sector through some means of wealth generation, however, the large number of
inoperative and zero-balance accounts paint a different picture i.e. that despite the accounts
having been opened, and the number of beneficiaries are far lesser in comparison to the
number of accounts.

Thus, keeping in mind the same, the government now needs to formulate a new draft of
policies and rules so as to look into the matter and ensure some form of wealth generation
and proper regulation of beneficiaries is also included in the overall nature of the Scheme so
as ensure that the penultimate goal of social welfare that both the Scheme as well as the
Constitution of the nation strives for is achieved.

13
 4 Bibliography

Government Data
 Rangarajan Committee. “Report of the Committee on Financial Inclusion” 2008. P-02
 Basic Statistical Report of Commercial Banks. RBI 2014
 Mor Committee Report. “Committee on Comprehensive Financial Services For Small
Businesses And Low Income Households” 2013. P-01
 Census 2011. http://censusindia.gov.in/
 Census 2001. http://censusindia.gov.in/

Articles
 Payal Saini "Pradhan Mantri Jan DhanYojana's Impact on Socio-Economic
Development". International Journal of Advanced Educational Research. Vol 3. Issue
2. (2018)P-28
 Dr.Sudhinder Singh Chowhan& Dr J. C Pande. “Pradhan Mantri Jan DhanYojana :
A Giant Leap Toards Financial Inclusion.” International Journal of Research in
Management & Business Studies. Vol 1. Issue 4. (2014). P-19
 Dr.Rajeshwari M Shettar. "Financial Inclusion; an Overview" IOSR Journal of
Business and Management. Vol. 18. Issue 2. (2016) P-18
 CA Sangeeta S. "Economic Impact of PMJDY" Imperial Journal of Interdisciplinary
Research (IJIR) Vol 3. Issue3. (2017) P-1791

Newspaper Reports
 "Puducherri, Himachal top financial inclusion. THE ECONOMIC TIMES. September
13 2007.
https://economictimes.indiatimes.com/industry/banking/finance/banking/puducherri-
himachal-top-financial-inclusion/articleshow/2363993.cms
 “Banks Failed to Deliver on Financial Inclusion”. THE HINDU Business Line.
November 8
2014.https://www.thehindubusinessline.com/money-and-banking/%60Banks-failed-
to-deliver-on-financial-inclusion%E2%80%99/article20905849.ece
 A.P Hota. "Jan Dhan imbibes all 5 Ps of financial inclusion: Product, place, price,
protection and profit". THE ECONOMIC TIMES. September 1 2014

14
  “Prime Minister to Launch Pradhan Mantri Jan DhanYojana Tomorrow: To Dedicate
Mobile Banking Facility on Basic Mobile Phones to the Nation”. PRESS
INFORMATION BUREAU. August 27 2014. http://pib.nic.in/newsite/erelease.aspx?
relid=109113
 "PM Jan DhanYojana Launched: 1.5 crore bank accounts opened in a day. THE
ECONOMIC TIMES. August 29. 2014.
https://economictimes.indiatimes.com/news/economy/policy/pm-jan-dhan-yojana-
launched-1-5-crore-bank-accounts-opened-in-a-day/articleshow/41093413.cms
 "Jan DhanYojana features in Guinness Book of World Records with 11.5 cr bank
accounts" THEINDIAN EXPRESS. January 21 2015.
https://indianexpress.com/article/business/business-others/jan-dhan-yojana-enters-
into-guinness-book-record-with-1-5-cr-accounts/
 "20 lakh people join modified Jan Dhan scheme" THE HINDU Business Line.
September 16 2018. https://www.thehindubusinessline.com/money-and-banking/20-
lakh-people-join-modified-jandhan-scheme/article24960324.ece https://pmjdy.gov.in/
 "19 crore Indian adults dont have bank account: World Bank" THE TIMES OF
INDIA. April 19 2018. https://timesofindia.indiatimes.com/business/india-
business/19-crore-indian-adults-dont-have-bank-account-world-
bank/articleshow/63833962.cms
 "More role for Jan DhanYojan: An opportunity as well as challenge" THE HINDU
Business Line. February 01
2018.https://www.thehindubusinessline.com/economy/budget/more-role-for-jan-
dhan-yojan-an-opportunity-as-well-as-challenge/article22620686.ece
 "The One-Rupee Trick: How banks cut their zero-balance Jan Dhan accounts" THE
INDIAN EXPRESS. September 13 2016.
https://indianexpress.com/article/business/banking-and-finance/how-banks-cut-their-
zero-balance-jan-dhan-accounts-one-rupee-trick-3028190/
 "Demonetisation: Jan Dhan account deposits double to Rs87000 crore" LIVEMINT.
January 01 2017
https://www.livemint.com/Industry/Tqd25EMjYp53bce3qOFazO/Demonetisation-
Jan-Dhan-account-deposits-double-to-Rs87000.html

15