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Money and Finance
Can bank account-based payments boost savings?
?The Finance Ministry plans to focus on mobilising savings in the next phase of PMJDY, the financial inclusion scheme. This column presents results from an experiment in Chhattisgarh, which tests whether the method of payment of wages and other transfers affects household finances. It finds that people that are paid through their bank account save more than those that are paid in cash.
The financial inclusion agenda and Aadhaar
The central government is pushing financial inclusion in a big way. In this article, MS Sriram discusses the role of identity in financial inclusion, and the importance of Aadhaar in this context. He argues that while Aadhaar has facilitated opening of bank accounts by providing a verifiable identity to the poor, it has distracted the financial inclusion agenda by claiming to be a ‘fix-all’ solution.
Foreign Fund Flows and Stock Returns: Evidence from India
This project studies the impact of foreign institutional investor (FII) flows on stock returns in India. It exploits stock-level daily trading data for FII purchases and FII sales to separate stocks into those experiencing abnormally high and low FII flow innovations.
Financing India's infrastructure growth
Interest rates in the developed economies are still at very low levels, while investors are looking for high and stable returns for their money. This article outlines an innovative proposal for financing India’s infrastructure needs via government bonds targeted at foreign investors, with returns linked to the growth rates in the country.
Challenges and priorities for financial sector reform in India
I4I Editor Nirvikar Singh (Professor, University of California, Santa Cruz) interviews K.P. Krishnan (Former Additional Secretary, Department of Economic Affairs, Ministry of Finance) on the central government’s plans and priorities for financial sector reform, and associated challenges. Dr Krishnan provides his perspective on issues including the regulatory architecture, financial inclusion initiatives, strengthening the banking system, and infrastructure financing.
Finance and growth in China and India: Have firms benefited from capital-market expansion?
Financial sectors in India and China are fast expanding. This column presents a new dataset on the capital-raising activity and performance of publicly listed firms in the two countries. It suggests that at least a part of the fast growth in India and China seems to come from firms that are able to raise funds from capital markets. However, benefits are restricted to the largest firms.
How well does DBT work on the ground?
PM Modi has emphasised fast-tracking roll-out of the Adhaar-based Direct Benefits Transfer programme. In this note, Sweta Trayambak – who has worked with the district administration of Ramgarh in Jharkhand on the roll-out of DBT - highlights the key strengths of the programme, and problems faced in implementation on the ground.
Financial inclusion of women: Myth or reality?
Research indicates that initiatives targeted at financial inclusion of women have had limited success. This column contends that limited formal ownership of material assets by women and a lack of understanding of their socio-economic and cultural constraints are key explanations. It recommends innovative measures to promote financial inclusion and entrepreneurship among women.
Corporate debt market in India: Issues and challenges
While it is true that the Indian corporate debt market has transformed itself into a much more vibrant trading field for debt instruments from the elementary market that it was about a decade ago, there is still a long way to go. This column systematically lays down the issues and challenges facing the corporate debt market in India.
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