Public Sector Banks Performance and Contribution on Pradhan Mantri Jan Dhan Yojana in India

Indian government and RBI are trying for so many years to bring all the people in the ambit of banking. To achieve this objective, Prime Minister Narendra Modi announced “Pradhan Mantri Jan Dhan Yojana” on the eve of 68th Independence Day to reduce financial untouchability by including millions of people in the financial mainstream and targeted to open 7.5 crore bank accounts till 26th January 2015. By joining hands with the people at the ‘bottom of the pyramid’, this programme will give a new height to our economy. In the due course of time the plan is to also cover these account holders with insurance and pension products. About 60% of the population in India does not have access to a bank account. The urban population of financially excluded category mainly comprises low income groups like urban labourers, slum dwellers of the cities and socially excluded communities. This paper focuses on public sector banks’ performance and contribution towards in Pradhan Mantri Jan Dhan Yojana in India