Financial Inclusion in Action

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What’s Undermining India’s Financial Inclusion Progress?

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The Government of India is undertaking the most ambitious financial inclusion drive in history. The effort has two key elements: the financial inclusion plan called Pradhan Mantri Jan Dhan Yojana (PMJDY) and direct benefit transfer (DBT) payments from the government into beneficiaries’ bank accounts. The success of these efforts hinges on one factor above all: the quality of the… Continue reading

So Many Steps Forward … And Now One Big Step Back …

The January 16th 2015, Office Memorandum (OM) from the Department of Expenditure of the Ministry of Finance fixes commission for banks distributing direct benefit transfers (DBT), including those for LPG – liquid petroleum gas. The OM states that for urban schemes like DBTL (the LPG subsidy), the transaction cost may be paid at the NEFT… Continue reading