Accumulation by Saturation: Infrastructures of Financial Inclusion, Cash Transfers, and Financial Flows in India (original) (raw)

2020, Financialization: Relational Approaches

In 2014, the Government of India launched a new program of financial inclusion, seeking to cover all households in India with at least one bank account. This chapter is about what happens once people are financially included. To be profitable, banks need these new accounts not only to be funded by transaction flows through welfare payments to the poor, but also to generate credit, or a process of “accumulation by saturation,” whereby capital is constantly circulated—increasingly in cashless transactions—while benefits accrue to financial investors.

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