Facilitating PMJDY 2.0, India’s national financial inclusion strategy

MSC has played a key role in supporting the Ministry of Finance in India around Pradhan Mantri Jan Dhan Yojana (PMJDY)—India’s national financial inclusion strategy. We helped the Indian government implement and then reshape the program. MSC conducted a series of quantitative and qualitative reviews of the performance of Bank Mitrs (bank agents), who were a crucial part of the roll-out of the program. We also examined users’ perceptions and experience of the services delivered by agents.

MSC’s recommendations significantly improved the services of over 600,000 Bank Mitrs with an impact on over 300 million PMJDY account holders.

India’s Ministry of Finance then asked MSC to coordinate the development of the second phase of PMJDY. We participated in all five committees as co-chairs. These were:

1. Products and Business Correspondents (agents);
2. Payments and Digital Infrastructure;
3. Microcredit;
4. Communications and Financial Education;
5. FinTech for Financial Inclusion.

MSC prepared the reports for each of the committees and developed a summary report to guide the strategy and its implementation. Based on this, the Prime Minister of India announced PMJDY 2.0 in his 2018 Independence Day speech. The revised program would have a positive impact on over 800 million people.