Pradhan Mantri Jan Dhan Yojana, is an ambitious scheme for comprehensive financial inclusion this scheme launched by the Honorable Prime Minister of India, Shri Narendra Modi on 28th August, 2014.
He had announced this scheme on his first Independence Day speech on 15th August, 2014. In a run up to the formal launch of this scheme, the Prime Minister personally mailed to CEOs of all banks to gear up for the gigantic task of enrolling over 6 crore (75 Million) households and to open their accounts. In this email he categorically declared that a bank account for each household was a “national priority”. The scheme has been started with a target to provide universal access to banking facilities starting with basic banking accounts with overdraft facility of Rs. 5,000 after six months and RuPay Debit Card with inbuilt accident insurance cover of Rs. 1Lakh and RuPay Kisan card.
Pradhan Mantri Mudra Yojana has been the strongest Endeavour of our Honorable Prime Minister Shri Narendra Modi announced. It has been launched on 8th April, 2015, after the success of Pradhan Mantri Jan Dhan Yojana. The major traffic jam to the growth of entrepreneurs in the Non-Corporate Small scale industries is the lack of financial support to this sector. Majority of this sector does not have access to formal source of funding. In a Developing country having large population like India, small business units play an significant role not only in contributing to nation income but also by providing employment to a large no of people.
After identifying the significance of self-employment people and small business units, government of India launched MUDRA Yojana to deal with the financial and other constraints. It is envisaged that it will benefit small entrepreneurs and will also act as a governing body for ‘Micro- Finance Institutions (MFIs). The MUDRA bank will facilitate credit to 5.
77 crore small business units that are spread all across India who currently face difficulty to access credit from the regular banking system. Mudra Bank will associate with local coordinators and provide finance to “Last Mile Financiers” of small/micro businesses. This study reveals that PMJDY and PMMY scheme is fully helpful to rural and urban area people in getting directly the government schemes. This study concludes that, working performance of PMJDY and PMMY in nationalize commercial banks in Tiruvannamalai District.Keywords: Pmmy ,Pmmy, Financial Inclusion.