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The Political Economy of the BRICS Countries


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      CHAPTER 8

      Inclusive Finance: India Through the BRICS Lens

      Saibal Ghosh

       Qatar Central Bank, Doha, Qatar

      Introduction

      In the post-crisis world, the role and relevance of finance for economic growth has gained increasing attention. The reasons for this focus are not too far to seek. Access to finance, especially to the poor, is essential for promoting inclusive economic growth and eradicating poverty. A significant body of research has identified the beneficial impact of access to financial services on all aspects of social and economic outcomes at the household, industry, and firm levels (King and Levine, 1993; Levine, 2005a, 2005b; Demirguc Kunt et al., 2008, 2017; Demirguc Kunt and Levine, 2008; Rajan and Zingales, 1998).

      Both the Government and the Reserve Bank have undertaken significant steps in the recent past to improve financial access. Several strategies have been undertaken including lending to a designated sector and even earlier, selective credit controls. Banks and other smaller financial entities were given targets to open savings bank accounts and provide micro-insurance policies, respectively. The Self-Help Group-bank linkage program (SHG-BLP), Kisan (meaning, farmer) Credit Card scheme for farmers, Atal Pension Yojana (meaning, scheme), financing and refinancing of cooperative banks, regional rural banks that extend credit to rural clientele, and various state-level credit programs for provision of credit to the rural population are examples of more direct efforts.

      Advancing the process forward, the Reserve Bank has granted ‘in principle’ approval to a multitude of players in the financial eco-system. At the same time, with the rapid expansion of information technology and communications networking, the need to harness technology to reach out to the vast sections of the unbanked populace, incorporating related benefits such as social security transfers, and insurance, has improved further. Other newer forms of digital technology, such as biometrics, including eye scanning and finger printing, have come to occupy an important place in the government’s financial inclusion agenda. In this context, the analysis indicates that access to mobile communications plays a key role in the financial inclusion drive.

      The Pradhan Mantri Jan Dhan Yojana (literally translated as, Prime Minister’s Mass Money Scheme) of the Government launched in August 2014 marks a landmark effort in the quest for universal financial access. The scheme had set ambitious targets, such as providing access to formal finance to every household within a stipulated period of its introduction. The government is also focusing to pay benefits directly into these accounts (Pickens et al., 2009). This will also ensure that a big chunk of the accounts opened under various schemes, which were earlier dormant, witness ‘movement’, thereby integrating access with use. We analyze the impact of the scheme on the access to and use of finance by households and find that while there has been a perceptible increase in the former, the evidence regarding use is less compelling.