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Title: Pradhan Mantri Jan Dhan Yojana and Financial Inclusion of Female Domestic Workers in Mumbai
Authors: Diya Mati
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Diya Mati Dhirubhai Ambani International School, Mumbai
MLA 8 Mati, Diya. "Pradhan Mantri Jan Dhan Yojana and Financial Inclusion of Female Domestic Workers in Mumbai." Int. j. of Social Science and Economic Research, vol. 9, no. 8, Aug. 2024, pp. 3018-3027, doi.org/10.46609/IJSSER.2024.v09i08.029. Accessed Aug. 2024. APA 6 Mati, D. (2024, August). Pradhan Mantri Jan Dhan Yojana and Financial Inclusion of Female Domestic Workers in Mumbai. Int. j. of Social Science and Economic Research, 9(8), 3018-3027. Retrieved from https://doi.org/10.46609/IJSSER.2024.v09i08.029 Chicago Mati, Diya. "Pradhan Mantri Jan Dhan Yojana and Financial Inclusion of Female Domestic Workers in Mumbai." Int. j. of Social Science and Economic Research 9, no. 8 (August 2024), 3018-3027. Accessed August, 2024. https://doi.org/10.46609/IJSSER.2024.v09i08.029.
References [1]. Demirguc-Kunt, Asli, and Leora Klapper. Measuring Financial Inclusion. World Bank, Apr.2012. The World Bank, documents1.worldbank.org/curated/en/453121468331738740/pdf/WPS6025.pdf. Accessed 6 Aug. 2024. [2]. Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM. The Hindu, 28 Aug. 2023, www.thehindu.com/news/national/jan-dhan-yojana-revolutionised-financial-inclusion-in-india-more-than-50-cr-bank-acs-opened-fm/article67243739.ece. Accessed 18 Aug.2024. [3]. Johnson, Mridula. Empowering Financial Inclusion: The Crucial Role of Public Sector Banks in Implementing Pradhan Mantri Jan-Dhan Yojana (PMJDY). 21 Apr. 2024. Ijraset, www.ijraset.com/research-paper/empowering-financial-inclusion-the-crucial-role-of-public-sector-banks. Accessed 18 Aug. 2024. [4]. Kumar, Sunaina. Financial Inclusion of Women: Current Evidence from India. Observer Research Foundation, 17 Aug. 2023. [5]. Modi, Satish. Role of Pradhan Mantri Jan Dhan Yojana (PMJDY) in Promoting Financial Inclusion in India: An Assessment. www.igntu.ac.in/MekalInsight/Vol5-Issue1-2-year-2021/10.pdf. Accessed 18 Aug. 2024. [6]. Over 80% Indians now have bank accounts. How many are actually using them? Scroll.in, 18 May 2019, scroll.in/article/923798/over-80-now-indians-have-bank-accounts-how-many-are-actually-using-them. Accessed 18 Aug. 2024. [7]. Satpathy, Ipseeta. Banishing Financial Untouchability of the Poor through PMJDY – A Tryst with New Destiny. 6 Mar. 2015. Richtmann Publishing, www.richtmann.org/journal/index.php/mjss/article/view/5798. Accessed 17 Aug. 2024. [8]. Sharma, J. D. Pradhan Mantri Jan Dhan Yojana. 1 July 2015. management accountant, icmai-rnj.in/index.php/maj/article/view/78580. Accessed 17 Aug. 2024. [9]. Thakur, Shalvi. Pradhan Mantri Jan Dhan Yojana (PMJDY) : Analyzing Performance Using Financial Inclusion Indicators. June 2022. Arthshastra Indian Journal of Economics and Research,www.indianjournalofeconomicsandresearch.com/index.php/aijer/article/view/172211. Accessed 18 Aug. 2024.
ABSTRACT: The Pradhan Mantri Jan Dhan Yojana, launched in 2014, is an initiative toward 'Universal Banking Access,' to ensure that every household in the country has access to basic banking services. The paper discusses the effect of the PMJDY on the 'financial inclusion' of female domestic workers in Mumbai, who remain on the periphery of regular banking services. The study considers financial literacy, access to financial services, and the ability to make good decisions as metrics of financial inclusion based on a cross-sectional survey conducted among the population. Though the majority of the respondents have opened bank accounts either under PMJDY or traditional banking systems, financial literacy remains a huge challenge to the effective utilization of those accounts. While there is an increase in savings and a shift towards more formal means of financial management, low confidence in managing financial matters and social barriers get in the way of the empowerment of such women. Special interventions in terms of targeted financial literacy programs and social interventions are needed to fill such gaps if economic stability and autonomy are to be enriched for urban female domestic workers, as seen in Mumbai.

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