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Assessment of financial inclusive policy in Indian economy

Author

Listed:
  • Dipasha Sharma
  • Sonali Bhattacharya
  • Shagun Thukral

Abstract

Purpose - This study attempts to critically assess one of the financial inclusion policy “Pradhan Mantri Jan Dhan Yojna” introduced by the government of India in 2014. Design/methodology/approach - Number of bank accounts opened (rural, urban and overall) under the policy, total balance in such account and total number of debit cards issued till October, 2017 were taken as the criterion variables. The macroeconomic indicators, infrastructure, literacy, regional dummy and percentage labour participation were taken as predictors. Finally, a State index for financial inclusion under the policy was developed through Normalized Inverse Euclidean Distance using per capita number of accounts, total balance and number of debit cards issued as the parameters. Findings - Andaman and Nicobar, Puducherry and Chandigarh came out to be the top three State indexes for Financial Inclusion under the policy. Status of infrastructure (such as number of roads) was found to be the most significant determining factor. Other factors were labour force participation, poverty and regional disparity. Originality/value - This paper is unique in the sense that financial inclusion policy has been assessed both through its reachability and assessment of its predictors.

Suggested Citation

  • Dipasha Sharma & Sonali Bhattacharya & Shagun Thukral, 2018. "Assessment of financial inclusive policy in Indian economy," International Journal of Ethics and Systems, Emerald Group Publishing Limited, vol. 34(3), pages 304-320, August.
    • Handle: RePEc:eme:ijoesp:ijoes-11-2017-0211
    DOI: 10.1108/IJOES-11-2017-0211
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    Cited by:

    1. Deepak Mishra & Vinay Kandpal & Naveen Agarwal & Barun Srivastava, 2024. "Financial Inclusion and Its Ripple Effects on Socio-Economic Development: A Comprehensive Review," JRFM, MDPI, vol. 17(3), pages 1-20, March.

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