Page 36 - Banking Finance MAY 2017

ARTICLE

MERA KHATA,

BHAGYA VIDHATA

(PMJDY)

Benefits & Challenges

I n India, nearly one fourth of population is illiterate as 1970: Lead Bank Scheme

well as Below Poverty Line. Rural poverty is above 30%
1976: Regional Rural Banks establishment
of population in states like Assam, Bihar, MP, UP,
Odisha, Jharkhand, Chhattisgarh & Manipur. Rural
1980: Nationalisation of 6 more commercial banks
poverty can be attributed to lower farm income, lack of 1978: Integrated Rural Development Programme (IRDP)
sustainable livelihood, lack of skills, under-employment and 1999: Swarnajayanti Gram Swarozgar Yojana (SGSY) based
unemployment. To understand the concept better, let us on SHG model
know the origin and progress of Financial Inclusion in India.
2004: No-frills SB account
1954: Rural Credit survey and recommendations for Finan- 2005: First time the term "Financial Inclusion" used by RBI
cial Inclusion efforts 2008: C Rangarajan Committee on Financial Inclusion sub-
1955: Nationalization of Imperial Bank of India and its con- mitted report
version into SBI 2014: Launch of PMJDY
1969: Nationalisation of 14 major commercial banks
Great people do not do different things, but, they do things
About the author differently. The proverb is rightly matching for launching of

Pradhan Mantri Jan Dhan Yojana which is a programme
D.Surendranath
Chief Manager keeping in mind the flaws of earlier programmes under Fi-
Union Bank of India nancial Inclusion with a remedy to induce an unbanked into
Staff College, Kalkere basic banking stream with minimum service charges. It is a
Bangalore
vital step for poverty alleviation with inclusive growth for

36 | 2017 | MAY | BANKING FINANCE

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