.........The Reserve Bank of India (RBI), ministry of finance and public-sector banks have been trying to do forcible financial inclusion for years now, on which many bright minds and hundreds of crores have been spent. Meanwhile, the government allowed a whole new business segment to come up - microfinance. Microfinance companies have tried to replace the moneylender with an only slightly less usurious business model, funded by venture capital and even the stock market. The PMJDY has no truck with the learnings from any of this. .........
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