Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable. Financial refers to all types of financial services, including savings, payments and credit from all types of formal financial institutions. An estimated 2 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions.

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A SNAPSHOT ON THE OVERALL PERFORMANCE OF THE
FINANCIAL INCLUSION INITIATIVES BEING CARRIED OUT
BY THE GOVERNMENT OF INDIA
VARUN KESAVAN, RESEARCH SCHOLAR, E – MAIL ID –
varunkesavan@yahoo.com
"Pradhan Mantri Jan-Dhan Yojana (PMJDY)" 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 banking
account for every household, financial literacy, access to credit, insurance and
pension facility. In addition, the beneficiaries would get RuPay Debit card having
inbuilt accident insurance cover of र 1 lakh. The plan also envisages channeling
all Government benefits (from Centre / State / Local Body) to the beneficiaries
accounts 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.

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PROGRESS UNDER THE "Pradhan Mantri Jan-Dhan
Yojana (PMJDY)" SCHEME AS ON 28-6-2017 (IN CRORES)
PUBLIC SECTOR BANKS
 Total Beneficiaries : 23.34
 Beneficiaries at rural/semi-urban centre bank branches :
12.75
 Beneficiaries at urban/metro centre bank branches : 10.59
 No. of RuPay cards issued to beneficiaries : 18.00
 Balance in beneficiary accounts : 50522.05
REGIONAL RURAL BANKS
Total Beneficiaries : 4.72
Beneficiaries at rural/semi-urban centre bank branches :
4.01
Beneficiaries at urban/metro centre bank branches : 0.71
No. of RuPay cards issued to beneficiaries : 3.56
Balance in beneficiary accounts : 11571.79

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PRIVATE SECTOR BANKS
 Total Beneficiaries : 0.93
 Beneficiaries at rural/semi-urban centre bank branches :
0.56
 Beneficiaries at urban/metro centre bank branches : 0.37
 No. of RuPay cards issued to beneficiaries : 0.87
 Balance in beneficiary accounts : 2040.82
GRAND TOTAL
 Total Beneficiaries : 28.99
 Beneficiaries at rural/semi-urban centre bank
branches : 17.32
 Beneficiaries at urban/metro centre bank branches :
11.67
 No. of RuPay cards issued to beneficiaries : 22.42
 Balance in beneficiary accounts : 64134.66

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Pradhan MantriSuraksha Bima Yojana (PMSBY)
Launched on 9 thMay 2015, PMSBY offers a renewable one year
accidentaldeath cum disability cover of Rupees Two Lakh to all ·subscribing bank
account holders in the age group of 18 to 70 years for a premium of Rs.12/- per
annum per subscriber.

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Pradhan Mantri JeevanJyoti BimaYojana (PMJJBY) - PMJJBY was also
launched on 9thMay, 2015 and it offers a renewable one year term life cover of
Rupees Two Lakh to all subscribing bank account holders in the age group of 18
to 50 years, covering death due' to any reason, for a premium of Rs.330/- per
annum per subscriber. The scheme is offered / administered through LIC and
other Life Insurance companies willing to offer the product on similar terms.
The cover period for those subscribing is 1st June of each year to 31st May of
subsequent year.

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ATAL PENSION YOJANA
The Government of India is concerned about the old age income security of the
working poor and is focused on encouraging and enabling them to save for their
retirement. To address the longevity risks among the workers in unorganized
sector and to encourage the workers in unorganized sector to voluntarily save for
their retirement.
Under the APY, there is guaranteed minimum monthly pension for the
subscribers ranging between Rs. 1000 and Rs. 5000 per month. • The benefit of
minimum pension would be guaranteed by the GoI. • GoI will also co-contribute
50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower.
Government co-contribution is available for those who are not covered by any
Statutory Social Security Schemes and is not income tax payer.
GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins
the scheme between the period 1st June, 2015 to 31st December, 2015. The
benefit of five years of government Co-contribution under APY would not exceed
5 years for all subscribers including migrated Swavalamban beneficiaries.
All bank account holders may join APY.

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