An Overview of Financial Inclusion Through DBT in India

Financial Inclusion is one of the effective and innovative approach which helps to reach the financial services, assistance and subsidies to the real beneficiaries. Government of India introduced the Scheme on financial inclusion to provide financial services to the unreached people at an affordable or free of cost. RBI instructed to all the commercial banks to open No frills accounts to all the people those who are don’t have bank account. To speedy and digitalised financial inclusion in the country, Government implemented a new scheme in the name of Pradhan Mantri Jan Dhan Yojana in August, 2014. With this effects total number of beneficiaries amounted to 320215027 with the deposits of Rs. 793711.06 Lakhs. And 240921418 Rupay cards have been issued to beneficiaries as on up to April 2018. The present paper discusses about the financial inclusion through Direct Benefit Transfer in India with respect to the major social defence schemes such as Pratyaksha Hastaantarit Laabh (PAHAL) or Direct Benefit Transfer for LPG, Mahatma Gandhi National Rural Employment Guarantee Act, National Social Assistant Programme, Scholarship scheme, Public Distribution System and others. The major social defence schemes are highlighted such as Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), The National Social Assistance Programme (NSAP) and Pratyaksha Hastaantarit Laabh (PAHAL) or Direct Benefit Transfer for LPG (DBTL)