Policy Issues

Mirage of inclusion

Print edition : October 03, 2014

A Banking Correspondent makes pension payments in Dohakatu village in Ramgarh district, Bihar. The Pradhan Mantri Jan Dhan Yojana depends on the banking correspondent model for implementation, though this model is a failure because of pervasive corruption. Photo: Manob Chowdhury

The Pradhan Mantri Jan Dhan Yojana, the Narendra Modi government’s attempt at financial inclusion of the poor, is unlikely to prove effective because it is largely a continuation of the UPA government’s failed liberalisation policies and inherits their systemic infirmities.
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