a study about awareness of pradhan mantri jan dhan yojana
TRANSCRIPT
A PROJECT
ON
"AWARNESS ABOUT PRADHAN MANTRI JAN-DHAN YOJANA"
In the Subject Research Methodology.
SUBMITTED TO
UNIVERSITY OF MUMBAI
FOR SEM-4 OF
MASTER OF COMMERCE
BY
NAJUKA SHARAD MOHITE
M.COM PART-2 AND ROLL NO-2536
UNDER THE GUIDANCE OF
PROF. RIZVI SHABAB.
YEAR: 2015-16
DECLARATION BY THE STUDENT
I, NAJUKA SHARAD MOHITE student of M.COM PART-2 Roll Number 2536 hereby
declare that the project for the Research Methodology titled, “AWARNESS ABOUT
PRADHAN MANTRI JAN-DHAN YOJANA” Submitted by me for Sem-4 during the
academic year 2015-2016, is based on actual work carried out by me under the guidance
and supervision of Prof. Rizvi shabab.
I further state that this work is original and not submitted anywhere else for any
examination.
Signature of Student
EVALUATION CERTIFICATE
This is to certify that the undersigned have assessed and evaluated the project on
“AWARNESS ABOUT PRADHAN MANTRI JAN-DHAN YOJANA” Submitted by
NAJUKA SHARAD MOHITE Student of M.COM Part-2.
This project is original to the best of our knowledge and has been accepted for
internal assessment.
Internal Examiner External Examiner Vice Principle
PILLAI COLLEGE OF ARTS, COMMERCE & SCIENCE
Internal Assessment: Project 40 Marks
Name of Student Class Division Roll No.
First Name: NAJUKA
M.COM
PART-2
2536
Father Name: SHARAD
Last Name: MOHITE
Subject: Research Methodology
Topic for the Project: “AWARNESS ABOUT PRADHAN MANTRI JAN-DHAN
YOJANA”
Marks Awarded Signature
DOCUMENTATION
Internal Examiner
(Out of 10 marks)
External Examiner
(Out of 10 marks)
Presentation
(Out of 10 marks)
Viva and interaction
(Out of 10 marks)
TOTAL MARKS (Out of 40)
ACKNOWLEDGEMENT
I take this opportunity to thank the UNIVERSITY OF MUMBAI for giving me a
chance to do this project.
I express my sincere gratitude to Principal Mr. Kutty sir, Guide Prof. Rizvi Shabab sir
and our librarian and other teachers for their constant support and helping for completing
the project.
I am also grateful to my friends for giving support in my project. Lastly, I would like to
thank each and every person who helped me in completing the project especially MY
PARENTS.
Chapter No.1 - Introduction
Pradhan Mantri Jan-Dhan Yojana
Scheme Details
Special Benefits Under PMJDY Scheme
Documents Required To Open An Account Under Pradhan Mantri Jan-Dhan
Yojana
Progress-Report
Performance
Chapter No.2 -Research Methodology
Objectives
Hypothesis
Scope Of The Study
Limitation Of Study
Sample Plan
Sources of Data Collection
Chapter No.3 - Review of Literature
Chapter No. 4 -Data Analysis And Interpretation
Chapter No.5 -Conclusion
Chapter No.-6- Weblography & Biblography
CHAPTER NO.1-INTRODUCTION
PRADHAN MANTRI JAN-DHAN YOJANA
(PMJDY) is National Mission for Financial Inclusion to ensure access to financial
services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance,
Pension in an affordable manner. This financial inclusion campaign was launched by
the Prime Minister Narendra Modi on 28 August 2014 He had announced this scheme on
his first Independence Day speech on 15 August 2014.Run by Department of Financial
Services, Ministry of Finance, on the inauguration day, 1.5 Crore (15 million) bank
accounts were opened under this scheme. Guinness World Records Recognises the
Achievements made under PMJDY, Guinness World Records Certificate says "The most
bank accounts opened in 1 week as a part of financial inclusion campaign is 18,096,130
and was achieved by Banks in India from 23 to 29 August 2014". By 10 February 2016,
over 20 crore (200 million) bank accounts were opened and Rs.323.78
billion (US$4.8 billion) were deposited under the scheme.
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.
SCHEME DETAILS :
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion
to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts,
Remittance, Credit, Insurance, Pension in an affordable manner.
Account can be opened in any bank branch or Business Correspondent (Bank Mitr)
outlet. PMJDY accounts are being opened with Zero balance. However, if the account-
holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.
SPECIAL BENEFITS UNDER PMJDY SCHEME:
1. Interest on deposit.
2. Accidental insurance cover of Rs.1lac
3. No minimum balance required.
4. Life insurance cover of Rs.30,000/-
5. Easy Transfer of money across India
6. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these
accounts.
7. After satisfactory operation of the account for 6 months, an overdraft facility will
be permitted
8. Access to Pension, insurance products.
9. Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45
days.
10. Overdraft facility up to Rs.5000/- is available in only one account per household,
preferably lady of the household.
DOCUMENTS REQUIRED TO OPEN AN ACCOUNT UNDER PRADHAN
MANTRI JAN-DHAN YOJANA:
1. If Aadhaar Card/Aadhaar Number is available then no other documents is
required. If address has changed, then a self certification of current address is
sufficient.
2. If Aadhaar Card is not available, then any one of the following Officially Valid
Documents (OVD) is required: Voter ID Card, Driving License, PAN Card,
Passport & NREGA Card. If these documents also contain your address, it can
serve both as “Proof of Identity and Address”.
3. If a person does not have any of the “officially valid documents” mentioned
above, but it is categorized as ‘low risk' by the banks, then he/she can open a bank
account by submitting any one of the following documents:
a) Identity Card with applicant's photograph issued by Central/State
Government Departments, Statutory/Regulatory Authorities, Public Sector
Undertakings, Scheduled Commercial Banks and Public Financial
Institutions;
b) Letter issued by a gazette officer, with a duly attested photograph of the
person.
PROGRESS-REPORT:
Pradhan Mantri Jan - Dhan Yojana
(Accounts Opened as on 03.02.2016)
(All Figures in Crores)
BANK
NAME
RURAL URBAN TOTAL NO OF
RUPAY
CARDS
AADHAAR
SEEDED
BALANCE
IN
ACCOUNTS
% OF
ZERO-
BALANCE
ACCOUNTS
Public
Sector
Bank
9.08 7.20 16.28 13.94 7.62 25591.34 29.64
Regional
Rural
Bank
3.16 0.52 3.68 2.64 1.08 5568.78 25.29
Private
Banks
0.45 0.30 0.75 0.71 0.25 1218.64 39.23
Total 12.69 8.02 20.72 17.29 8.95 32378.76 29.22
Disclaimer: Information is based upon the data as submitted by different
banks/SLBCs
PERFORMANCE:
Rs.1.5 Crore (15 million) bank accounts were opened.
By September 2014, 3.02 crore accounts were opened under the scheme, amongst Public
sector banks, SBI had opened 30 lakh (3 million) accounts, followed by Punjab National
Bank with 20.24 lakh (2 million) accounts, Canara Bank 16.21 lakh (1.62 million)
accounts, Central Bank of India 15.98 lakh (1.59 million) accounts and Bank of Baroda with
14.22 lakh (1.42 million) accounts.
It was reported that total of 7 Crore (70 million) bank accounts have been opened with
deposits totaling more than Rs.50 billion (US$740 million) as of 6 November 2014.
As the government met the target, Union Finance Minister Arun Jaitley has revised the target
for opening of bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY), the
ambitious financial inclusion scheme launched by the government, from 7.5 crore to 10 crore
by 26 January 2015.
On 20 January 2015, the scheme entered into Guinness book of world records setting new
record for 'The most bank accounts opened in one week'.
CHAPTER NO.2-RESEARCH METHODOLOGY
OBJECTIVE OF THE STUDY:
The core objective of the study is to examine the PMJDY.
To measure is the basic six objective of PMJDY is fulfilled or not .i.e
i. Universal access to banking facilities.
ii. Banking a/c with RuPay debit card with provision of overdraft facility.
iii. Financial literacy programme.
iv. Creation of credit guarantee fund
v. Micro finance
vi. Timeline for PMJDY (Phase I & Phase II)
To measure awareness towards PMJDY.
To find out the reason of non-usage/access of banking products.
To measure effectiveness of financial literacy program.
To know the views of people having adopted this scheme & its impact on their
lives.
To know the views of people are they benefited with this Scheme or not?
HYPOTHESIS
People who are adopted PMJDY are may or may not satisfied or benefited with the
scheme. or They may literate with financial measures or not.
SCOPE OF THE STUDY
The scope of the study is wider and hence it limited with selected respondents following
different occupation who carries a/c in bank under PMJDY.
LIMITATION OF THE STUDY
Despite its valuable finding and implications, this study contains some limitation as due
to time constraints, the research could not be made extensively. The study is limited to 20
samples from different location from selected bank from rural area near panvel.
SAMPLE PLAN
Sampling unit: Peoples’who have a/c under PMJDY scheme
Sampling method: Random sampling
Sample size: 20
SOURCES OF DATA COLLECTION
All the data required for this research work is obtained from primary and secondary
sources. Primary data collected from interview and mainly structured questionnaire has
been used as a primary instrument. Secondary data collected from central government
official website.
CHAPTER NO.3-REVIEW OF LITRETURE
Yogesh Verma and Priyanka Gargh(Research Scholar) report on PMJDY: A Step
Eradicating Financial Untouchability states that Financial untouchability is phenomenon
that prevents people to access formal financial systems and so that people are forced to
go to local money lenders who charge higher interest from poor people.In order to
promote financial inclusion, the Pradhan Mantri Jan Dhan Yojana (PMJDY) was
launches across the country. The scheme aims to ensure universal access to banking
facilities in each and every household of the country. The scheme has provision of
opening zero balance account with free debit card and inbuilt accidental insurance. It also
includes effectiveness of PMJDY by analyzing the effectiveness of the financial lietracy
program and awareness towards PMJDY.(INDIAN JOURNAL OF FINANCE, Volume :
4 | Issue : 12 | Jan 2016 | ISSN - 2249-555X)
Dr. G.H. Barhate and Ms V.R. Jagtap Every new thing to implement in large scale
require determination and attitude towards success path. Very well said, root cause is
‘financial untouchability’ to eradicate poverty. Managing a bank account and insurance
coverage does not demand the person should be educated, it only required the basic
knowledge which could be explained by anybody else.. Financial Inclusion requires
sustained efforts over many years and emphasis on quality rather than quantity should be
the priority. Government should review the speed at which it is currently targeting to
achieve the goal of covering the whole India with bank accounts. Certainly with a firm
intent and infrastructural network of institutions the dream of financial services for all
can be realized in the near future. A bold step in indeed required to withstand the heat of
economic down surge and fight poverty, and the Jan Dhan Yojana is definitely a good
fighting mechanism to check the poverty (INDIAN JOURNAL OF APPLIED
RESEARCH, Volume : 4 | Issue : 12 | Dec 2014 | ISSN - 2249-555X)
Sri Narendra Modi, Honorable Prime Minister of India (2014) in report of PMJDY
indicated few challenges in implementing mission. In that one of the challenge was
related to Brand awareness and sensitization about channel of Business Correspondent
Banks Outlets and Rupay Cards which is important to achieve a "demand" side pull
effect. In this report it is also mentioned about the financial tripod for financial inclusion,
in which financial education is one of the important mainstay.
(Source: Pradhan Mantri Jan-Dhan Yojana, A National Mission on Financial Inclusion,
2014)
IV. DATA ANALYSIS AND INTERPETATION
The data were collected through questionnaire. The collected data were not easily
understandable, so we like to analyze the collected data in a systematic manner and
interpreted with simple method.
The analysis and interpretation of the data involves the analyzing of the collected data
and interpretation it with pictorial representation such as bar charts, pie charts and others.
GENDER
Gender play vital role in purchase decisions. Gender classified on sex basis i.e. male and
female. Classification of Customers Based On Sex
Sex No. of respondents Percentage %
Male 8 40%
Female 12 60%
Total 20 100
40% of the respondents are male and 60% of the respondents are female. From the above
table we can conclude that, the majority of the respondents were belongs to female group.
AGE
Age is classified data collected from respondent who ages from 20 year to 70years old.
Age
No. of respondents Percentage %
Above 20 to 30 8 40%
Above 31 to 50 12 60%
Above 50 to 70 0 0%
Total 20 100
EDUCATION
Education is classified with a Qualification of Respondent.
Education
No. of respondents Percentage %
SSC 10 50%
HSC 6 30%
Graduates & Post Graduates 4 20%
Total 20 100
MONTHLY INCOME
Monthly income is classified on the basis of earning of respondent.
Monthly Income
No. of respondents Percentage %
<20000 7 35%
21000 - 30000 8 40%
31000 - 45000 5 25%
Total 20 100
QUESTIONNAIRE
1.Are you having Bank account under PMJDY?
Every respondent are having bank a/c in their particulars banks as they are aware of
PMJDY.
2.Awareness about Government Financial Inclusion Plans: PMJDY ?
40% of respondent are Fully aware about PMJDY.
60% of respondent are Somewhat aware about PMJDY.
0% of respondent are Not aware at all about PMJDY.
40%
60%
0%0%
10%
20%
30%
40%
50%
60%
70%
Fully aware Somewhat aware Not aware at all
PMJDY Awareness
3.From which mode of information do you known about PMJDY?
15% of respondent are aware about PMJDY from their Friends & Relatives.
75% of respondent are aware about PMJDY from Media Advertisement.
10% of respondent are aware about PMJDY from their Bank & financial Institution.
4.Would you like to learn more about banking transactions?
80%of respondent are eager to learn new banking transaction and system and remaining
20% would not like to the same because of their schedule or illiteracy.
15%
75%
10%0%
10%
20%
30%
40%
50%
60%
70%
80%
Friends & Relatives Media Advertisement Bank or Financial Institution
Sources of Information
Yes80%
No20%
5.What is the most admirable banking service, you have come across?
20% of respondent have came across as Deposit services in banking is admirable.
50% of respondent have came across as ATM services. in banking is admirable
5% of respondent have came across as Fund transfer services in banking is admirable.
16% of respondent have came across as Online Banking services in banking is admirable
services.
5% of respondent have came across as Loan services in banking is admirable services.
4% of respondent have came across as Any other services in banking.
20%
50%
5%
16%
5% 4%0%
10%
20%
30%
40%
50%
60%
Deposit ATM Fund Transfer Online Banking Loan Any other
Banking services
6.Satisfaction level from PMJDY ?
20% of respondent are Highly Satisfied with benefits and services provided under
PMJDY.
50% of respondent are Satisfied with benefits and services provided under PMJDY.
5% of respondent are Neutrally Satisfied with benefits and services provided under
PMJDY because of their expectation doesn't meet with the scheme.
7.Are You aware of another Plans under PMJDY are as follow below? If not, would like
to know about Information and benefits under those Scheme?
30% of respondent are Fully aware about others plan included under PMJDY.
45% of respondent are Somewhat aware about others plan included under PMJDY.
25% of respondent are Not aware at all about others plan included under
PMJDY.(Note:Chart follow on next page:)
20%
50%
5%0%
10%
20%
30%
40%
50%
60%
Highly Satisfied Satisfied Neutrally Satisfied
Satisfaction Level
8.After knowing the information about different Schemes/plans would you like to invest?
55% of respondent would like to invest in different schemes under PMJDY & 45% are
not like to invest.
30%
45%
25%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Fully aware Somewhat aware Not aware at all
PMJDY Plan Awareness
Yes55%
No45%
9.Do you feel PMJDY are needed for your growth?
Investment in different Scheme followed in PMJDY:
Schemes Schemes
Suraksha Bima Yojana Jeevan Jyoti Bima Yojana
PM Kaushal Vikas Yojana Jan Aushadhi Yojana
Gold Monetisation Scheme
Mudra Loan Yojana
PM Awas Yojana Atal pension Yojana
Sukanya Samriddhi Yojana
Suraksha Bandhan Yojana
Vikalp Yojana Rashtriya Swasthya Bima
Yojana
50%
35%
15%
0%
10%
20%
30%
40%
50%
60%
Very usefull Somewhat useful Not Very useful
In need Growth
V. CONCLUSION
After conducting this study it can be concluded in the end that PMJDY is a good
initiative started by the government, though there are a lot of things needed to be done.
Indian government is taking many initiatives to increase the financial inclusion in India
and PMJDY is such a initiative which link the poor or weaker section of the society to the
banks or formal source of finance and will uplift the poor people from poverty and
decrease the inequality in society. Poor people will come up from the mare of money
lenders and on the whole, it will give the favorable push to the growth of Indian
economy. It also generated awareness about different banking services through its
training centers located in each region.
VI. WEBLOGRAPHY AND BIBLOGRAPHY:
www.pmjdy.gov.in
www.wikipedia.com
Indian journal of Finance.