Financial Inclusion & Social Capital: A Case Study of SGSY Beneficiaries in Kashmir Valley

The interaction between economic dimensions and socio-political dimensions of poverty are believed to be interlocked with a continuous interaction among each other. These interactions are believed to manifest in an intertwined relationship; and thus remain at the centre of policy making throughout the developed world. Access to economic resources (Financial Inclusion) is believed to encourage micro entrepreneur to take on profitable activities which in turn provide an enabling environment for him/her to gather access to social networks which may be beneficial to him in terms of access to raw material, marketing support and business ties. Whereas financial inclusion is believed to have a positive impact on social capital, the reverse is also true; the amount and quality of social capital provides a micro-entrepreneur with easy access to diverse sources of finance. Microfinance Institutions around the world heavily rely on group financing mechanism by leveraging on social collateral as a replacement to financial collateral in financing micro-entrepreneurs. The present study is an attempt in this direction to understand the relationship between financial inclusion and social capital. The study attempts to evaluate the impact of access to finance on socio-political empowerment of the beneficiaries of Swarnjayanti Gram Swarozgar Yojana (SGSY), now known as National Rural Livelihood Mission (NRLM). Results indicate that access to finance has a positive impact on almost all the socio-political indicators of empowerment, the impact being relatively lesser for financial literacy and economic awareness.


INTRODUCTION
Broadly Social Capital can be defined as the norms and networks facilitating collective actions for mutual benefits (WOOLCOCK, 1998, p 155).
Bennet Lynn (1997) defines social capital as 'those features of social organisation such as networks, norms and trust that facilitates coordination and cooperation for mutual benefit' He further defines networks as 'local clubs, temple associations, work groups and other forms of associations beyond the family and kinship groups.
Social capital is context dependent and takes many different forms, forming a complex web of interaction and communications (FUKUYAMA, 1995;FUKUYAMA, 1999;LIN, 1999B;PUTNAM, 1993;WHITE, 2002), including obligations (within a group), trust, intergenerational closure, norms, and sanctions with underlying assumption that the relationships between individuals are durable and subjectively felt (BOURDIEU, 1983).
Social capital can be understood at three basic levels; Country Level, Community Level, and at Individual Level. At a country level, social capital refers to the degree of trust in Government & other societal institutions (FUKUYAMA, 1995), which in other words include the participation in the civil institutions and conformity to the legal and civil norms of the administration.
At a community level, social capital comprises of 'neighbourhood networks' (JACOBS, 1961), features of social life -networks, norms and trust (PUTNAM, 1993) that enable an individual to pursue collective goals with a collective effort. And at an individual level, social capital refers to individual http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 characteristics like; charisma, status, individual interactions and access to networks (GLEASAR et.al., 2000).
It is generally believed that social capital is positively associated with economic progress. Through linkages at various levels, wider social and economic impacts can occur through the labour market, the capital market, the social capital at various levels, and through clients' participation in social and political processes (MCGREGOR et al., 2000).
Microfinance has been found to reduce Putnam effects; Rafael and Gomez (2001) establish a microeconomic foundation for the effect of social capital on improved economic performance. Small-scale self employment which is synonymous with micro entrepreneur is a group of low income selfemployed people with fewer resources at disposal and lesser assets to offer as collateral. Microfinance heavily relies on group formation for financing micro-entrepreneurs by leveraging their social capital as collateral by replacing financial collateral.
This social association between these groups acts as social collateral (GOLDMARK, 2001) suggesting methods which work through social enforcement of maintaining reputation and social standing within the community making group mechanisms more secure leading to high repayment rates (WOOLCOCK, 2001;GOMEZ;SANTOR, 2001).
Results establish that Social Capital has a positive implication for microfinance institution that rely heavy on the idea that individual social capital can overcome a borrowers lack of financial collateral. Lack of sufficient social capital and interconnectedness in the population, especially in the form of lack of cooperation among businesses and among support organisations, is believed to obstruct the successful provisioning of microfinance services (LASHLEY, 2002).
The role of Promoting agencies in group formation and mobilisation involves social intermediation which in turns leads to the creation of social capital (SRINIVASAN, 2000). http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 With an aim to understanding the dynamics of financial inclusion and its iteraction with social capital in Kashmir valley, a study on the participants of Swarnjayanti Gram Swarozgar Yojana (SGSY), now known as National Rural Livelihood Mission (NRLM) has been undertaken in the valley of Kashmir.
Kashmir has by far been ignored by the researchers in the field and in order to fill this gap, present study has been undertaken to make a modest contribution to what little is already known about the dynamics of financial inclusion in the Valley.
The paper is divided into 5 sections; section 1 presents a brief background and understanding of social capital and its interaction with access to finance, besides objectives of the study. Section 2 evaluates the existing literature for any evidences on the relationship between financial inclusion and social capital. Section 3 presents the research methodology adopted, the sampling design, tools of measurement and analysis and sample characteristics. Section 4 presents the results of the study and section 5 populates the summary, limitations of the study, suggestions and directions for future research.
The objectives of the study are outlined below: a) To examine the existing literature for the dynamics and nature of the relationship between financial inclusion and social capital. b) To evaluate the impact of access to finance (credit) on the socio-political empowerment of the participants of SGSY Scheme in Kashmir.

c)
To suggest on the basis of study results, measures to improve the effectiveness of financial inclusion on the social capital of participants.

LITERATURE REVIEW
Social Capital and Access to Finances, both from formal or informal sources, interact at various levels and manifest through various intertwined relationships. While social capital in different forms and at various levels substantially increases the provision for and access to financial services and http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 economic empowerment, access to finance also impacts social capital at various levels. Not only provision for financial services, social capital has in also been found to improve the impact of financial access on microentrepreneurs through various economic and social processes and vice versa. Sanders and Nee (1996) explains the positive effect of social capital (social relations) on a micro-entrepreneur through Instrumental Support, Productive Information and Psychological Aid. Instrumental support in the form of start-up support through non-interest bearing capital usually by friends and family can directly affect the performance of a micro-entrepreneur.
Social Capital can help in improving the earnings of a microentrepreneur through productive information dissemination; this information may be in the form of advertising through the word of mouth, providing valuable leads and customer referrals (HOLZER, 1987), information about trusted suppliers and competitors which can improve the productivity.
What is more important for a micro-entrepreneur to keep him going about his venture is the motivation; social capital can be an effective psychological aid which prevents a micro-entrepreneur from liquidation and dissolution during the times of emotional stress. Darity and Goldsmith (1995) demonstrate a positive relationship between psychological well-being and individual productivity, the results indicate that individuals lacking strong social networks are more prone to depression and suffer more during unemployment spells and distress. It is thus believed that the social capital at whatever level and in whatever form leads to an increase in the productivity and decrease in vulnerability of a micro-entrepreneur.
A very important component of social capital is 'neighbourhood effects', which may be defined as the characteristics other than personal (the community level characteristics) that can affect the individuals' economic outcome (GOMEZ;SANTOR, 2001), often referred to as spillovers in the http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 microfinance literature. Since spillovers can be in the form of inflow or the outflow, here spillover inflow is specifically being referred to.

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The neighbourhood characteristics affect the participants either directly or indirectly by generating the demand or through facilitation (GOMEZ; SANTOR, 2001). Neighbourhood effects may be helpful in various ways by creating a spillover effect due to integration and interaction, by sharing It is not just that Social Capital increases efficiency of microenterprises but the reverse is also true; the interaction between these groups amongst themselves and within their community can create co-operation and trust which not only facilitates their activities but the benefits extend beyond the group level by virtue of a spill-over effect directed outwards giving an impetus to social capital development in their communities (ZOHIR; MOTIN, 2004).
The development of social capital at community level takes place through diffusion of development impact across community. Grameen women have been found to be more active with an emphasis on productive role of women rather than just the reproductive role; this norm has been found to be picked up by the non-Grameen women and also due to the socio-political activism of Grameen women outside their solidarity groups (KABEER, 2003). http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 Further microfinance services even if they are slightly misdirected are believed to reduce poverty; microfinance services provided to non-poor have been found to reduce poverty by providing labour opportunity to the poor as employees of micro entrepreneurs (MOSLEY; ROCK, 2004). It has also been argued that microfinance may affect poverty even without affecting the borrower's income, either by relatively easier & cheaper credit, or by stimulating economic activities and development of social capital (MOSLEY, 2001;ZOHIR;MOTIN, 2004).
The results even though not encouraging to a welfarist mind reveal an important dimension of microfinance programmes -the creation of social capital; the microfinance services have been found to increase spending on education on healthcare which may extend beyond the programme participants. Microfinance through creation of social capital has been found to reduce migrations by increased employment opportunities, development of demand for the products and increased income (ZOHIR; MATIN, 2004, MAKINA;MALABOLA, 2004).
Theoretically the field of finance has been abuzz with a generalisation that access to finance improves particularly the welfare of poor and excluded sections by allowing them to take on the opportunities which in absence of financial support would have to be forgone by the poor. Rogaly (1996) refers to such uncontested generalisation in the microfinance literature as 'Microfinance Evangelism', which necessarily assumes that poor immediately and invariably benefit from access to finance.
Nevertheless sufficient evidence is available in the literature about the positive association between microfinance and economic empowerment, impact of financial access on socio-political empowerment is also well documented in the microfinance literature.
Microfinance tries to improve double bottom line -financial as well as social, while as conventional financial system caters to improve just the financial bottom line. The ability to take various opportunities is believed to http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 exhibit a positive association with socio-cultural and economic variables of the participants. Academic circles are abuzz with the generalisation that access to finance has a direct and positive impact on the socio-economic condition of the beneficiaries/participants (WEISS; MONTGOMERY, 2005; MKNELLY; DUNFORD, 1999;AMIN et al., 1995;PITT et al., 2003;KHANDKER, 2003, GANESAN;SASIKALA, 2010, FREDRICK;KALAICHELVI, 2010).

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In their study conducted in Ghana, Cheston and Khun (2002) found that microfinance has led to a positive development in self confidence, selfesteem, participation, bargaining & negotiating power and decision making of the participants. In order to study the relationship between social capital and economic empowerment, in their study on 612 group borrowers and 52 individual borrowers of Calmeadow Metrofund, Gomez and Santor (2001) found a positive association between neighbourhood effects and earnings.
In a society dominated by male, particularly in developing economies, women find it hard to engage themselves in social, economical and political process. Taking into consideration the increased marginal returns on financial inclusion of women, microfinance has always had a feminist orientation for so many reasons.
Most of the studies in the field of microfinance have thus been undertaken to understand the socio-economic impact of access to finance on women. Microfinance can be considered as a powerful tool in improving the socio-economic status of participants more particularly of women participants (HERME; LENSINK, 2007).

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http://www.ijmp.jor.br v. 7, n. 4, October -December 2016 ISSN: 2236-269X DOI: 10.14807/ijmp.v7i4.424 Lyngdoh and Pan (2011) reveal a significant relationship between financial inclusion and economic transformation of women; access to finance has been found to exert a positive impact on social outcomes, political participation, decision making and inclusive growth also.
Theory suggests that a larger control over resources by women can enhance human capital of children. Working on BIDS Survey Data, Pitt et al. (2003) shows that an increase of 10 percent in credit to women causes an increase of 6.3 percent in the arm circumference of daughters and an annual increase of 0.36 cm and 0.50 cm in the height of girls and boys respectively.
The other latent variables that show a positive relationship with access to finance are; decision about implementation of household borrowings, power to oversee and conduct major household transactions, family planning, fertility control, contraceptive use, and parental issues (AMIN et al.,1995;PITT et al., 2006).
Microfinance to women has also a significant and positive relationship with women's autonomy with purchasing, women's awareness and activism & some little impact on household attitudes. Contrary to that credit flowing to men has been found to have a net negative impact on all the variables mentioned above (PITT et al., 2006). In order to study the relationship between microfinance & empowerment, Pitt et al. (2006) also employed the same data set from BIDS Survey.
Results suggest that participation in the program has a significant and positive impact on women empowerment. While as credit flowing to women has been found to be positively associated with women empowerment (AMIN et al., 1995), the credit going to men has been found to create an opposite or negative impact on women empowerment; under the condition that only one person is eligible to participate in a program (PITT et al., 2006). Access to finance and participation in a program leads to a positive impact on average annual household income (33614 tk against 18686 tk for non-participant), education of parents (3.25 for participants vs. 1.95 for non-participants),
Membership has also been found to increase mobility, authority, and aspiration; other parameters like -times loan received, etc were also found to have a positive impact on mobility, authority, and aspiration.
In their study for assessing the impact of participating in SHG activities across India, NCAER suggests a positive impact of programme participation on net household income, asset holdings, self confidence, innovation, participation and respect. Another NCAER (National Council for Applied Economic Research) study by Shukla et al. (2011) indicates that microfinance activities have led to increased savings, increase in productive activities (Jose et al, 2009) From whatever little research that has been conducted in order to assess the relationship between microfinance and health and education, it has been found that microfinance interventions tend to improve education, healthcare and hygiene, and nutritional indicators of the participants and also at places where MFI are present, specifically due to the positive outward spillovers (WRIGHT, 2000;LITTLEFIELD;MORDUCH;HASHEMI, 2003). Robinson (2001) found that globally microfinance leads to enhancement in the standard of living, quality of life, self confidence and also in the diversification of livelihood strategies and thereby increasing their income. Similar relationship is indicated by Kotishwar and Khan (2010); results indicate that microfinance activities have significantly improved the quality of life including the standard of living of participants.
Evidence also suggest that membership has lead to an increase in the healthcare, food and education spending along other expenditures (NEPONEN, 2003;SRINIVASAN;KUPPUSAMY, 2010;DUNFORD, 1998DUNFORD, , 1999PITT et al., 2003). Pitt et al. (2003) however found that the impact on children's health is significant for female borrowings while as the same is missing for male borrowers and even negative in some cases. Noponen (2005) shows that the programme specifically for rural women clients in Tamil Nadu, India, has a positive impact on livelihood, social status and other socio-political indicators of their clients which is more likely to increase as they spend much time with the programme. The study further shows that the clients have seen an increase in the ownership of assets.

RESEARCH METHODOLOGY
Microfinance primarily aims at empowerment and poverty alleviation, and in order to know the success or failure of a programme MFIs often go for studying the impact. It is however argued that it is difficult to attribute to microfinance development the broad range of developmental effects given the complexities in assessing the impact that can directly be attributed to the interventions (WEISS; MONTGOMERY, 2005).
In the recent times, in order to assess the impact of microfinance various tools have been developed over time. One of these widely used tools http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 in longitudinal studies is available from Assessing the Impact of Microfinance Services (AIMS) Project. This approach identifies impact as; Where yt and yt+1 are the identified impact variable at times t & t+1 respectively, and p signifies the matching of borrowers and non-borrowers.
This approach is slightly weak for application owing to the difficulties in matching borrowers and non-borrowers. The present study has adopted a basic AIMS tool for impact assessment with a slight adjustment with regard to the control group.
Whereas non-borrowers are generally being used in the toolkit, here the impact variable has been studied for the same stock of beneficiaries of the scheme before the program and after the program. This methodology for impact assessment has been used by National Council for Applied Economic Research (NCAER) in majority of its impact assessment studies. The present study tries to understand the impact of access to finance and particularly provision for credit to the beneficiaries of Swarnjayanti Gram Swarozgar Yojana (SGSY) now restructured into National Rural Livelihood Mission (NRLM).

Database
Data has been drawn from primary sources through a well structured interview schedule. Detailed and in-depth interviews and informal discussion have been conducted to collect the required data as per the interview schedule from the beneficiaries of SGSY Scheme.

Sample Selection and Sampling Design
The study covers all the regions of Kashmir Valley; it has covered three districts, viz. Anantnag (Southern Region), Baramulla (Northern Region) and Srinagar (Central Region) which have been purposively selected in order to gather representation from all three regions.
A multistage mixed sampling design has been adopted for selecting sample SHGs and sample beneficiaries to be interviewed for the study. The number of SHGs criterion has been used for the selection of districts for sampling; however Srinagar has been selected ignoring the number of SHG criterion in order to enable inclusion of different neighbourhood settings. In Anantnag and Baramulla, four blocks have been selected from each District while as Srinagar comprised of just one block. Nine blocks in total have been selected from three districts with both Individual beneficiaries as well as Group beneficiaries.
The methodology for impact assessment of the beneficiaries at the household and individual levels is based on the information obtained from a primary sample survey. A well structured interview schedule has been used to collect the information on various socio-political parameters of sample members. In order to assess the impact of the program allocation, the 'pre and post' or 'before and after' approach has been followed. Relevant information has been collected as per the pre-structured interview schedule.

Measurement Scale and Design of the Research Instrument
In order to capture the impact of access to finance on various socio-cultural  Table 3.3.2.
The given socio-cultural indicators have been measured on a scale usually used in psychometric analysis called Cantril's Self Anchoring Ladder. The Cantril Self-Anchoring Striving Scale (Cantril, 1965) has been included in several Gallup research initiatives, including Gallup's World Poll of more than 150 countries, representing more than 98% of the world's population, and Gallup's in-depth daily With most psychological or sociological scales, researchers will utilize Cantril Scale in ways they find empirically and conceptually appropriate. Besides, Cantril Scale has also been included in surveys, alongside a number of items, measuring many facets of wellbeing (i.e., law and order, food and shelter, work, economics, health, and daily experiences), which provides the opportunity to analyze how the Cantril Scale differentiates respondents in relationship to these other variable.

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The ladder consists of 11 points and 10 steps from 0 to 10 where '0' means 'worst possible' and '10' means 'best possible'. The item queries respondents as to which step of the ladder they personally feel they stand at present and similarly the step of the ladder they feel they stood before participation to the program.  http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 that the correlation matrix is not an identity matrix, thus validating the suitability of factor analysis. For the purpose of summarising, Gallup in its major research initiatives has formed three distinct groups and the same has been adopted for the current study:

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• Suffering (<4): Well being that is weak, high risk and highly negative outlook towards present as well as future life.

Sample Characteristics
The

Tools of Analysis
The data has been categorised, edited and arranged in a logical order.
In the process certain errors were detected which have been corrected subsequently. Tabular analysis has been done both manually and using MS Excel and SPSS 20.0 version. Statistical tools like percentage, average and scaling techniques have been used.
In order to assess the impact of financial access on Socio-political profile of beneficiaries, same stock of beneficiaries have been taken at two time periods to draw the comparison between the pre-and post-scores using paired samples t-test.

RESULTS AND DISCUSSIONS
Traditionally Poverty has been understood to be the lack of access to basic facilities and sources of income, while as the present concept of Poverty has evolved to include numerous social and economic parameters. Poverty in the multidimensional context is interpreted as lack of assets or sources of income, powerlessness, lack of skill, vulnerability defencelessness and volatility in returns or income.
The determining assets may be human (capacity build up), natural, physical, social (social capital and networks), and financial (access to credit) (WORLD BANK, 2000, p 34). The lack of access to these enabling assets incapacitates an individual to take on profitable activities and thus leading to multiple deprivations.
Studies also reveal that multidimensional poverty can be reduced, as a long term strategy, by improvements in one dimension which would eventually http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 lead to a spill-over effect to the other dimensions and thus reduce vulnerabilities and deprivations (WRIGHT, 2000;LITTLEFIELD;MORDUCH;HASHEMI, 2003).
Many theorists believe that the most important component in multidimensional poverty mix is 'access to finance'; and the present study, in line with the notion, tries to assess the impact of financial inclusion on the socio-political empowerment of beneficiaries (NEPONEN, 2003;SRINIVASAN;KUPPUSAMY, 2010;DUNFORD, 1998DUNFORD, , 1999PITT et al., 2003).
It has also been argued that microfinance may affect poverty even The classical concept of microfinance which lays its foundation on group formation and development of entrepreneurial skills lays emphasis on the development of social capital at community levels. As indicated in the table http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 below, financial inclusion has significantly increased the leadership ability, bargaining and negotiating ability and social interactions of beneficiaries; which are the most important determinants of success for a microentrepreneur.

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The results further indicate that even though the impact is positive and significant on all dimensions, there are only a few variables where impact has been sufficient enough to upgrade the beneficiaries from one category of empowerment to the other.
Whereas participation in a microfinance programme enables beneficiaries to upgrade from 'struggling' status to 'striving' status in case of dimensions 'problem solving and leadership' and 'health and hygiene', it fails to make any such impact on other dimensions -'participation & confidence', 'bargaining & recognition' and 'financial awareness'. The results, however, indicate that the reduction in the deprivations within each empowerment category is sub  DOI: 10.14807/ijmp.v7i4.424 all, the discussion with the participants reveal that local political structure is practically missing in the valley.
Variables relating to financial literacy and economic awareness have not exhibited substantial impact, only 2 out of 6 variables pertaining to financial awareness are significant (P=0.01). The summarised results imply that financial inclusion has substantially improved the socio-political status of the participants, it may thus be concluded that financial inclusion leads to the creation of social capital.

CONCLUSIONS, SUGGESTIONS AND LIMITATIONS OF THE STUDY
The theoretical generalisations that access to finance leads to sociopolitical empowerment have not been rigorously researched. Very little research has been conducted in the Kashmir Valley in the field of Financial Inclusion and its impact, and in order to fill this gap, the present study is an attempt to contribute to what little is already known of the relationship between financial inclusion and the creation of social capital.
In order to achieve this objective, the present study has tried to assess the impact of credit on the socio-political status of the beneficiaries of Swarnjayanti Gram Swarozgar Yojana (SGSY), now known as National Rural Livelihood Mission (NRLM) in Kashmir. The results are consistent with a generally accepted notion that participation in financial inclusion programmes helps to increase the social capital of participants.
Financial inclusion enables participants to take a greater role in decision making, having greater access to financial and economic resources, building greater social networks, having greater bargaining and negotiating power, surviving shocks and having greater freedom and mobility.
The study has the following major limitations: a) The study has failed to account for the spillover effect; the measurement of spillover impact of programme on the non-participants or the spillover impact of other complementary programmes on the programme http://www.ijmp.jor.br v. 7, n. 4, October -December 2016ISSN: 2236 participants/beneficiaries under observations has not been determined and/or adjusted for.

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b) The study has heavily relied on a methodology with inbuilt recall limitation in which same set of beneficiaries have been asked to recall their status as it was in absence of the programme support. Efforts have been made to avoid the bias arising out of remembering the responses by taking an adequate pause between the pre and post (present) responses but still the recall limitation can't be ruled out.
In view of the results arrived at, a few measures are suggested to increase the effectiveness of financial inclusion on the overall socio-economic development of the participants. An effective monitoring and pre-sponsorship appraisal may help in increasing the impact of these programmes. It has been widely seen that the participants of most of the microfinance programmes are non-poor households.
An effective targeting of poor and ultra poor household must be ensured in the implementation of these programmes. Effective and hassle free credit to entrepreneurial and ambitious groups of individuals may prove more than a handful in these programmes, by leveraging the group dynamics by way of sharing their social capital and networks. Support assistance from NGO's and Trade Federations in terms of marketing and logistic support must be arranged to form a symbiotic and a win-win proposition for both the parties. Melas, Expos and Financial Literacy Camps should be organised to boost the morale of these micro-entrepreneurs while also providing them a networking opportunity to increase their business activity through such events.
Further, researchers must take up financial inclusion as a serious subject for study in the area. There is also a need to follow the participants for longer durations with close monitoring to get a better insight about the relationship between various socio-economic dimensions of poverty and financial inclusion.