Analysing The ‘Financial Inclusion’ Of Women SHG Customers Of Pune District's PSU Banks Through Pradhan Mantri Jan Dhan Yojana

Abstract

This study investigates the impact of the ‘Pradhan Mantri Jan Dhan Yojana (PMJDY)’ on the ‘financial inclusion’ of women SHGs in Pune district's ‘Public Sector Banks (PSU banks)’, specifically examining savings and investment opportunities, credit access, and insurance services. The objectives of the study are to assess differences in these aspects between PMJDY account holders and ordinary account holders among women SHGs and to provide recommendations for enhancing ‘financial inclusion’ initiatives. The research methodology employs a quantitative approach, with primary data collected through a structured questionnaire administered to 20 PMJDY account holders and 20 ordinary account holders among women SHGs in PSU banks. Descriptive analysis, including ‘mean’ and standard deviation calculations, is conducted to examine the distribution of responses. ‘Independent Sample T-tests’ are employed to compare the differences between the two groups. The results indicate significant disparities in savings and investment opportunities, credit access, and insurance services between PMJDY account holders and ordinary account holders among women SHGs. PMJDY account holders exhibit higher levels of savings and investment opportunities and better access to insurance services compared to ordinary account holders. However, they experience relatively poorer access to credit, highlighting an area for improvement in ‘financial inclusion’ efforts. Based on these findings, recommendations are proposed to enhance ‘financial inclusion’ initiatives for women SHGs in Pune district's PSU banks. These include targeted awareness campaigns to promote PMJDY account ownership, streamlining credit application processes, and expanding the range of insurance products available to women SHGs. Additionally, financial literacy and training programs tailored to the specific needs of women SHGs can empower them to make informed financial decisions and improve their economic resilience.