Pantnagar Journal of Research

Abstract

Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the greatest financial inclusion scheme in India which was introduced in 2014 and intends to give everyone with access to banking, credit, insurance, and pension services. This study assesses respondents’ knowledge of PMJDY in Haryana. A semi-structured questionnaire was employed to gather primary data from 500 participants across eight districts of Haryana along with secondary data from sources was then added. The questionnaire included demographic variables and thirty statements pertaining to awareness, measured on a five-point Likert scale. We utilized IBM SPSS-22 software to analyze the data through descriptive statistical approaches, reliability analysis, and factor analysis. The results indicated that the surveyee possessed a moderate to a high level of awareness regarding the benefits of PMJDY, particularly its zero-balance feature; however, knowledge deficiencies were observed concerning specific provisions such as the facility for overdraft and insurance. It is indicated by factor analysis that there are two significant components of awareness: “awareness about facilities” and “promotional amenities.” The study is crucial for explaining the critical role of awareness in improving the success of financial inclusion. Integrating awareness campaigns and facilitating access to acquire information can assist PMJDY reach more individuals in rural and semi-urban locations. Policymakers, financial institutions and stakeholders working at the grassroots level can use these insights to come up with solid ideas to reduce knowledge gaps and make it easy for all individuals in Haryana to engaged in financial inclusion.