The end of financial inclusion?

With India in the grip of a farm crisis, it may be unwise for the government to withdraw the Pradhan Mantri Jan Dhan Yojana, more so because there have been no elaborate studies on its impact

Now that the second phase of the Pradhan Mantri Jan Dhan Yojana (PMJDY), the BJP-led Union government’s landmark step towards financial inclusion, is going to close on August 14 this year, an analysis of its achievements and shortcomings would be in order.

Though the scheme has been a success, it is strange to note that most banks have stopped opening accounts under the PMJDY, perhaps as part of a hidden policy of giving it a quiet burial, except for a few like SBI, which are continuing with the older version of the zero balance basic savings bank deposit (BSBD) account.