Evaluation of Department of Financial Services (DFS) schemes under the Ministry of Finance, India

• Aug 14, 2025
• 1 min

The Department of Financial Services (DFS), Ministry of Finance, conducted a national evaluation of four key financial inclusion programs to examine their performance. The objective was to examine their effectiveness on access, adoption, usage, and service quality. It also assessed claims processing, renewals, and sought to generate actionable insights for improved policy and program delivery. 

The four programs that were evaluated include the Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and the Stand-Up India Scheme (SUI).

MSC led the design and implementation of a utilization-focused, mixed-methods evaluation across diverse Indian geographies. This involved large-scale primary data collection through household surveys and key informant interviews (KIIs) to capture beneficiary and stakeholder feedback. We also conducted in-depth secondary research and policy reviews to contextualize field insights and identify systemic challenges in program implementation and coordination.

The evaluation produced important insights that highlighted gaps, uncovered operational inefficiencies, and revealed opportunities for greater convergence and program optimization. Our recommendations informed strategic decisions on resource allocation, eligibility criteria, and service delivery improvements. The insights were integrated into policy briefs and shared through targeted presentations to aid decision-making across relevant ministries.

The Development Monitoring and Evaluation Office (DMEO) at NITI Aayog commissioned the project.