Author(s): Akash Mallick , Dr Ranjit Kumar Paswan
Abstract:
Financial inclusion plays a vital role in achieving inclusive growth in India, especially due to the increasing usage of digital banking services. Initiatives taken by the government like Pradhan Mantri Jan Dhan Yojana (PMJDY), Digital India, and Direct Benefit Transfer (DBT) have led to significant progress in terms of availability of financial products. But at the same time, there still exist some issues concerning effective utilization of services and its sustainability. This study analyses the effectiveness of the government's banking initiatives in the process of financial inclusion from 2014 to 2025. This study is based on secondary data obtained from 20 banks using descriptive statistics and panel data regressions. Results show that there have been considerable gains in account holding, digitization, and infrastructure development, although problems like dormant accounts, lack of digital literacy, and regional disparities still continue to be issues.
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