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Financial Inclusion Through Insurance & Pension Schemes

Received: 27 September 2017     Accepted: 27 October 2017     Published: 23 November 2017
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Abstract

The concept of Financial Inclusion is not a new one, which has become a catchphrase now and has attracted the global attention in the recent decades. Lack of accessible, affordable and appropriate financial services has always been a global problem. In this digital era, the banking sector has grown up tremendously but even in 21st century, less-than 2/3rd of the house hold in the India has access to banking facilities. Exclusion of large no of community from any access to financial services inhibits the growth of the country and there is evidence that financial Inclusion is crucial to eradicate poverty & financial untouchability. From the learning of past schemes, the Humble Prime Minister of India: Mr. Namenda Mode has taken a forward steps on Financial Inclusion as one of the top most priority project of the Indian government. In this regard, the following several public welfare schemes for inclusive finance through insurance & pension schemes have been introduced since 2014 onwards. This research paper aims at briefly addressing the status of financial inclusion in India through insurance & pension schemes (PMJDY, PMJJBY, PMSBY, PMFBY&APY) since 2014. The data gathered from the primary & secondary sources and descriptive & analytical methodology have been adopted for the data presentation. In order to draw the inferences, all the condensed data being presented in two-way tabular form with cross-sectional comparative analysis have been applied by using SPSS6.0.

Published in European Business & Management (Volume 3, Issue 6)
DOI 10.11648/j.ebm.20170306.12
Page(s) 105-112
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2017. Published by Science Publishing Group

Keywords

Financial Inclusion, PMJDY, PMJJBY, PMSBY, PMFBY & APY

References
[1] Banik. N and Padalkar. M. (2016), India's Demonetization: Time for a Digital Economy, The Diplomat, 01 December 2016. Retrieved from http://thediplomat.com/2016/12/indias-demonetization-time-for-a-digital-economy/
[2] Brij Mohan. (2014), "Pradhan Manti Jan Dhan Yojana (PMJDY): Features, Needs And Challenges", International Journal Of Marketing, Financial Services & Management Research, ISSN 2277-3622, Vol.3 (12), pp. 111-117. 6
[3] Bonte, W. a. (2012). Financial literacy, information flows, and caste affiliation: Empirical evidence from India. Journal of Banking & Finance, 36, 3399–3414
[4] Divyesh Kumar. (2014),"Financial Inclusion Using Pradhan Mantri Jan-Dhan Yojana –A Conceptual Study", Asia Pacific Journal of Research ISSN: 2320-5504, E-ISSN-2347-4793, Vol.1 (20), pp.37-42
[5] Harpreet Kaur & Kawal Nain Singh. (2015), "Pradhan Mantri Jan Dhan Yojana (PMJDY): A Leap towards Financial Inclusion in India", International Journal of Emerging Research in Management &Technology, Vol. 4 (1), pp. 25-29
[6] Kumar, V. (2014), Financial Inclusion in India: Unique Solutions, Indian Streams Research Journal, Vol. 4, No. 8, pp. 1-3
[7] Lavanya Rekha Bahadur (2016), Financial Literacy: The Indian Story, World Journal of Social Sciences Vol. 5. No. 3. September 2015 Issue. Pp.45–57
[8] Partap Singh & virender singh. (2016), Impact of demonetization on Indian economy, ICRISTME-16, ISBN: 978-93-86171-13-9, pp.290-299
[9] Pratima Trevedi & Saumya Trevedi. (2016), Financial Literacy an Essential Prerequisite for Financial Inclusion, Global Journal for Research Analysis, ISSN:2277-8160, Issue.3, pp.28-30
[10] Rajanikanta Khuntia. (2014), "Pradhan Mantri Jan Dhan Yojana (PMJDY): A New Drive towards Financial Inclusion in India", ZENITH International Journal of Business Economics & Management Research, Vol. 4 (11), pp.10-20
[11] Rajesh K. Yadav & Sarvesh Mohania (2016), Pradhan Mantri Jeevan Jyoti Bima Yojana- A Case Study of Pradhan Mantri Jan Dhan Yojana, World Scientific News WSN31(2016) 35-46, EISSN 2392-2192
[12] Ramaswamy D., e. a. (2013). A Study of the Level of Awareness of Financial Literacy among Management undergraduates, Proceedings of 3rd Asia-Pacific Business Research Conference. Kuala Lumpur
[13] Shanker Kumar. SJ, Aftab Ahmad. S & Shekar, M.(2017), Financial Literacy as a Tool of Financial Inclusion, Airo International Research Journal, ISSN:23203714, Voll. IX
[14] Sharma. M (2016), what does India'a demonetization Experiment Mean for Financial Inclusion?, Centre for Financial Inclusion Blog, 16 November 2016. Retrieved from https://cfi-blog.org/2016/11/16/what-does-indias-demonetization-experiment-mean-for-financial-inclusion
[15] Shekar, M.(2017), Financial Inclusion through PMJDY: Pre & Post Demonetization, Airo International Research Journal, ISSN:23203714, Voll. IX
[16] Sonam Kumari Gupta. (2015), "Performance Appraisal of the Pradhan Mantri Jan Dhan Yojana", IOSR Journal of Business and Management (IOSR-JBM), vol.17, (9), Ver. I, pp.35-39
[17] Suresh. A, Srinivasa Narayana &Vijay Kumar. (2016), A Study on Financial Inclusion Initiatives and Challenges in India With Reference to PMJDY, IRA-International Journal of Management & Social Sciences, ISSN 2455-2267; Vol.03, Issue 03
[18] Veeramani. S (2015), Pradhan Mantri Jan Dhan Yojana ( PMJDY) As A National Mission For Financial Inclusion, ELK Asia Pacific journal, special issue No: 978-81-930411-3-0
[19] Veeramani. S. (2017), Impact of Demonetization on Indian Economy, Airo International Research Journal, ISSN:23203714, Voll. IX
[20] Vibha Johia (2017), Roadmap to Social Inclusion through Financial Inclusion: Pradhan Mantri Jeevan Jyothi Bima Yojana, Pradhan Mantri Suraksha Bima Yojana &Atal Pension Yojana, International Journal of Scientific & Engineering Research (IJSER@2017), vol.8, Issue2, pp.1249-1263
[21] Vidyashree DV, Pralhad Rathod (2015), Financial Inclusion- A study on Modi’s PMJJBY, PMSBY & APY, International Journal of Applied Research, vol.1(17):632-635
[22] World Economic Outlook. (2013), International Monetary Fund (2013), viewed29thDecember2013, http://www.imf.org/external/pubs/ft/weo/2011/02/pdf/text.pd
[23] Department of Financial Services, Ministry of Finance, GoI, PMJDY Mission document https://financialservices.gov.in/Banking/PMJDY%20brochure% pdf.
[24] Pradhan Mantri Jan Dhan Yojana (2016) Retrieved from http://www/en.wikipedia.org/wiki Pradhan_Mantri_Jan_Dhan_Yojana.
[25] Pradhan_Mantri_Jan_Dhan_Yojana (2016) / http://www.pmjdy.gov.in
[26] https://www.irdai.gov.in
[27] www.finmin.nic.in/
[28] https:// www.financialservices.gov.in
[29] https://www.oecd.org
[30] http://financialservices.gov.in/PMSBY.asp
[31] http://financialservices.gov.in/PMJJBY.asp
[32] http://financialservices.gov.in/APY.asp
[33] http://agricoop.nic.in
[34] RBI annual report on financial inclusion - 2013-17
[35] RBI annual report on PMJDY- 2014-15 & 16-17
[36] OECD Annual report 2016
[37] IRDA Annual report-2015-2016
[38] III Annual report-2015-2016
Cite This Article
  • APA Style

    Miryala Shekar, Sabada Veeramani. (2017). Financial Inclusion Through Insurance & Pension Schemes. European Business & Management, 3(6), 105-112. https://doi.org/10.11648/j.ebm.20170306.12

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    ACS Style

    Miryala Shekar; Sabada Veeramani. Financial Inclusion Through Insurance & Pension Schemes. Eur. Bus. Manag. 2017, 3(6), 105-112. doi: 10.11648/j.ebm.20170306.12

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    AMA Style

    Miryala Shekar, Sabada Veeramani. Financial Inclusion Through Insurance & Pension Schemes. Eur Bus Manag. 2017;3(6):105-112. doi: 10.11648/j.ebm.20170306.12

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  • @article{10.11648/j.ebm.20170306.12,
      author = {Miryala Shekar and Sabada Veeramani},
      title = {Financial Inclusion Through Insurance & Pension Schemes},
      journal = {European Business & Management},
      volume = {3},
      number = {6},
      pages = {105-112},
      doi = {10.11648/j.ebm.20170306.12},
      url = {https://doi.org/10.11648/j.ebm.20170306.12},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20170306.12},
      abstract = {The concept of Financial Inclusion is not a new one, which has become a catchphrase now and has attracted the global attention in the recent decades. Lack of accessible, affordable and appropriate financial services has always been a global problem. In this digital era, the banking sector has grown up tremendously but even in 21st century, less-than 2/3rd of the house hold in the India has access to banking facilities. Exclusion of large no of community from any access to financial services inhibits the growth of the country and there is evidence that financial Inclusion is crucial to eradicate poverty & financial untouchability. From the learning of past schemes, the Humble Prime Minister of India: Mr. Namenda Mode has taken a forward steps on Financial Inclusion as one of the top most priority project of the Indian government. In this regard, the following several public welfare schemes for inclusive finance through insurance & pension schemes have been introduced since 2014 onwards. This research paper aims at briefly addressing the status of financial inclusion in India through insurance & pension schemes (PMJDY, PMJJBY, PMSBY, PMFBY&APY) since 2014. The data gathered from the primary & secondary sources and descriptive & analytical methodology have been adopted for the data presentation. In order to draw the inferences, all the condensed data being presented in two-way tabular form with cross-sectional comparative analysis have been applied by using SPSS6.0.},
     year = {2017}
    }
    

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    AB  - The concept of Financial Inclusion is not a new one, which has become a catchphrase now and has attracted the global attention in the recent decades. Lack of accessible, affordable and appropriate financial services has always been a global problem. In this digital era, the banking sector has grown up tremendously but even in 21st century, less-than 2/3rd of the house hold in the India has access to banking facilities. Exclusion of large no of community from any access to financial services inhibits the growth of the country and there is evidence that financial Inclusion is crucial to eradicate poverty & financial untouchability. From the learning of past schemes, the Humble Prime Minister of India: Mr. Namenda Mode has taken a forward steps on Financial Inclusion as one of the top most priority project of the Indian government. In this regard, the following several public welfare schemes for inclusive finance through insurance & pension schemes have been introduced since 2014 onwards. This research paper aims at briefly addressing the status of financial inclusion in India through insurance & pension schemes (PMJDY, PMJJBY, PMSBY, PMFBY&APY) since 2014. The data gathered from the primary & secondary sources and descriptive & analytical methodology have been adopted for the data presentation. In order to draw the inferences, all the condensed data being presented in two-way tabular form with cross-sectional comparative analysis have been applied by using SPSS6.0.
    VL  - 3
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Author Information
  • Department of Accounting & Finance, College of Business Administration, University of Hail, Hail City, Kingdom of Saudi Arabia

  • Department of Finance & Accounting, Aristotle PG College, Hyderabad, India

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