A Study on the Effectiveness of Financial Inclusion using Pradhan Manthri Jandhan Yojana with Special Reference to Alanallur Grama Panchayath

The term "financial inclusion has been coined differently by different sources. According to Ranga Rajan Committee report (2008) and Chakraborty (2011) as uniform access to different financial services by the underprivileged groups of the society at an affordable cost equitable as well as transparently (Sharma 2008, solo 2008) a desire to develop alternative reliable and affordable access to finance and as a tool to alleviate poverty. The Government of India has adopted many measures to include the excluded under the formal banking services but the target is still far away. Research on financial exclusion has broadly explained exclusion as those hindrance which prevent unbanked people to avail the benefit of the formal financial system roadblocks for Poor to access and lack of access by certain section of the masses further studies in abroad has identified factors responsible for such exclusion is ragging from low-income, ethnic minorities immigration unemployment to access condition price and self-exclusion (Anderloni and Carlucco, 2005).