The Merriam Webster Dictionary defines poverty as "the state of one who lacks a usual or socially acceptable amount of money or material possessions." However, poverty is not simply characterised by a lack of adequate income. It has far reaching implications.
Thirty-five year old Gomati from Mangatpur in Pilibhit has opened a bank account under Jan Dhan, but she is skeptical about its use. "There is no money in it. I am confused. What will I do with it?" she said tersely when asked about her bank account. Gomati is not alone. Hundreds of women spoke in unison at the five-day financial literacy programme conducted by Skoch Group at Pilibhit, a picturesque Himalayan plateau rich with flora and fauna, but one of the economically backward regions in Uttar Pradesh
The new government has started an ambitious financial inclusion plan that aims to bring every household under the banking net by 26th January 2015. Financial inclusion has been a buzzword for quite some time.
In December 1967, the then Finance Minister Morarji Desai introduced a new term for bankers, the "Priority Sector" and this term has come to stay in the Indian banking terminology since then.
18th July 2019
Given that Nirmala Sitharaman presented her maiden budget against the constraints of slowing growth, limited fiscal space, tepid consumption and investments and global headwinds, she has done a remarkably prudent job by striking balance between fiscal consolidation and supporting inclusive growth.