Dr. Surjit Kumar Kar, Assistant Professor, Marketing and Strategy, ICFAI Business School, Hyderabad, and Mr. I. B. Mahapatra, Director and Chief Mentor of WOMS, had delivered a guest lecture on “Financial Inclusion through Pradhan Mantri Jan-Dhan Yojana (PMJDY)” at IIM Sambalpur on 1st August 2016. The lecture which was attended by both batches of PGP participants, has given the participants an in-depth insight into the socio-economic aspects of PMJDY in Odisha.
This National Mission on Financial Inclusion has an ambitious objective of bringing all the households of the nation under a single umbrella of the conventional financial system. PMJDY aims to ensure easy and affordable access to financial services by all the households, and improve the nation’s financial literacy. Under the guidelines of this scheme, a zero-balance savings bank account can be opened in any bank branch or Business Correspondent (BC).
During the first part of the lecture, Mr. Mahapatra had explained the scheme details, working structure and implementation of PMJDY, in India in general and in Odisha in particular. He discussed the necessity of financial inclusion in the present-day scenario and how it can be achieved by the successful implementation of the scheme. He gave an introduction to their research work on “understanding and analyzing the gaps in the implementation process of PMJDY scheme in Odisha”.
Mr. Mahapatra’s presentation was followed by a video conference with Mr. Praveen, who shared his knowledge on the workings of their research project. Later, Dr. Kar had shared the details of their already under way research work which was based on the factual details collected from different parts of Odisha. He explained the framework, approach and basic analysis of their research through the data they had collected.
Dr. Kar informed that at the beginning of their research, the researchers’ sentiment quotient towards the project had been drafted as a quantifiable data and the research process was initiated after confirming the neutral mindset of the researchers. Subsequently, the research team designed a questionnaire through which relevant data (from several Customers, Customer Service Points, BCs, Gram Panchayat Officers, etc., of the State of Odisha) was collected.
Analysis on the data was done by the researchers using pivot tables taking into consideration various contributing factors like the training provided to the BCs, timely remuneration of BCs, motivation driving CSPs and customers, etc. Dr. Kar informed the participants that the final results and recommendations were yet to be observed by the researchers.
However, the participants were made aware of the mid-work findings of the research project which suggested that the customers were mainly interested to seek the subsidies offered under PMJDY and that there was a significant lack of motivation in the BCs towards the implementation of the scheme.
Dr. Kar encouraged the participants to approach him for any possible value addition to the research project. He also mentioned that he would be looking forward to share the final results and recommendations of the research with the participants of IIM Sambalpur.
The lecture was successfully concluded by an active interactive session between the guest lecturers and the participants, followed by a group photograph.