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International Journal of
Commerce and Economics
ARCHIVES
VOL. 6, ISSUE 2 (2024)
Impact of social security schemes on financial inclusion: In the special context of Atal Pension Yojana, Pradhan Mantri Mudra Yojana, and Pradhan Mantri Jan Dhan Yojana
Authors
Vikrant Singh Sengar, Chitra Rathore
Abstract

Objectives: Focusing on the current implementation status of the selected social security schemes, namely Atal Pension Yojana (APY), Pradhan Mantri Mudra Yojana (PMMY), and Pradhan Mantri Jan Dhan Yojana (PMJDY), this study aims to assess their impact in promoting financial inclusion among the rural population in India.

Methodology: The analysis and evaluation are based on secondary data compiled from the official websites of Department of Financial Services (Government of India), using simple statistical tools such as tabulation, percentage analysis, graphs, and compounded annual growth rates (CAGR).

Analysis Outcomes: These schemes significantly provide social & financial security to the socially & financially unsecured citizens, economic funding & support to the unfunded small & micro business owners, and banking facilities to the unbanked citizens. However, the study pointed out the several barriers in the effective implementation of these social security schemes that needs to be addressed.

Conclusion: The researcher stressed on the need for the government and relevant authorities to focus on improving awareness, financial literacy, and accessibility, simplifying documentation processes, enhancing administrative efficiency, building trust among the population, and addressing corruption, in order to overcome the identified barriers and ensure that these schemes cater to the diverse needs of the population.
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Pages:7-11
How to cite this article:
Vikrant Singh Sengar, Chitra Rathore "Impact of social security schemes on financial inclusion: In the special context of Atal Pension Yojana, Pradhan Mantri Mudra Yojana, and Pradhan Mantri Jan Dhan Yojana". International Journal of Commerce and Economics, Vol 6, Issue 2, 2024, Pages 7-11
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