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Showing posts from July, 2014

NIFTY OUTLOOK FOR 1st AUGUST & REVIEW

MID SESSION SUB DUED
Nifty fell sharply in the Second half and lost 70 points  and closed July month with a gain of 110 points. recovered sharply after forenoon’s fall and recovered what it lost on Monday .  Stop loss for Nifty  long positions may be maintained  at 7705 on close basis. . Nifty spot is expected to encounter resistance at 7760 7795 and find support at 7680, 7645, for Friday.  While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to  experience volatile movements with subdued midsession.
Nifty                               7721     - 70 Review for Thursday :: Bearish Second Half … !!! Market opened steady and traded in a very narrow range during forenoon and encountered huge selling pressure in the Second half dur to derivative closing and closed with a loss of more than0.75% for the day., 43 of Nifty stocks closed in the red but broader market was steady wit…

HOUSING PRICES TO RISE IN H2

Housing prices in India are expected to rise during the second half of this year with improved market sentiments on formation of a stable government at the Centre, according to Knight Frank-FICCI survey. The launch of housing projects and sales volume, which have been sluggish since last two years, are also likely to improve in the next six months, FICCI-Knight Frank said while releasing the sentiment index for the second quarter of 2014. The index, based on a survey of various stakeholders including developers, private equity, banking and non-banking financial firms, surged by 6 points to 69 points, highest since survey began three quarters ago. Stating that this is supply-side sentiment index, Knight Frank India Chairman & Managing Director Shishir Baijal said: "The fact that political stability has a perceptible effect on the real estate sector is quite apparent from the optimism showcased by stakeholders post the elections." Property consultant Knight Frank noted tha…

NIFTY OUTLOOK FOR 31 & REVIEW

SCRIP SPECIFIC MOVEMENT
Nifty recovered sharply after forenoon’s fall and recovered what it lost on Monday. Stop loss for Nifty  long positions may be continued  at 7725 on close basis. Further, Scrip specific movement can be expected on Thursday in view of the last day of derivative closing. . Nifty spot is expected to encounter resistance at 7830 7865 and find support at 7750 7715, for Friday.  While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to experience volatile movements with stock specific movements.
Nifty                               7791     +42 Review for Wednesday :: Strong Recovery in Closing Session … !!!
Market opened steady and drifted lower tin the first half of the day and recovered smartly to close with a gain of more than 0.50%. L&T fell sharply to drag down the index in the opening session. 35 of Nifty stocks closed in the green but broader marke…

WORLD's TALLEST BRIDGE COMING UP IN INDIA

Construction of the world's tallest railway bridge from the point of pillar height has begun in Manipur by the Northeast Frontier Railway Construction Organisation. The proposed bridge near Noney with pillar height up to 141 metres is slated to become the tallest in the world from the point of pillar height surpassing the existing tallest of Mala-Rijeka viaduct on Belgrade-Bar railway line in Europe where the height of pillars is 139 metre, said an N-F Railway spokesman. The bridge in Manipur is part of the 111 km-long Jiribam-Tupul-Imphal railway line to connect the capital of Manipur with the broad gauge network of the country, the spokesman said. The alignment of the railway line passes through steep rolling hills of Patkai region, eastern trail of the Himalayas, he said. While Jiribam, a small town of Manipur near Assam-Manipur border, is situated 37 metres above mean sea level (MSL), Imphal is situated at 780 metres above MSL. The alignment has to traverse through not only a …

App DOWNLOADS TO CROSS 8 BILLION

Riding on the back of spiralling usage of mobile devices, the number of app downloads in India is expected to surpass the 9 billion mark by 2015, according to an Assocham-Deloitte joint study. In 2012, the number of app downloads in India stood at 1.56 billion. The study, which was carried out among people aged between 16-30 years, said creating appropriate apps and local language content for each market, user education & awareness, promotions, could generate greater opportunities for telecom and media & entertainment industry. A mobile app is a computer program designed to run on smartphones, tablet computers and other mobile devices. The consumer shift towards mobility devices and applications from fixed products and services provides technology providers, equipment manufacturers, content providers and marketers an opportunity to accelerate the development of mobile solutions, the study said. The move to mobile devices and cloud services presents technology providers with ne…

SPURT IN AIR TRAFFIC INCREASE PLANE VULNERABILITY

More travelers are flying than ever before, creating a daunting challenge for airlines: keep passengers safe in an ever more crowded airspace. Each day, 8.3 million people around the globe -- roughly the population of New York City -- step aboard an airplane. They almost always land safely. Some flights, however, are safer than others. The accident rate in Africa, for instance, is nearly five times that of the worldwide average, according to the International Civil Aviation Organization, part of the United Nations. Such trouble spots also happen to be where air travel is growing the fastest, putting the number of fliers on course to double within the next 15 years. "In some areas of the world, there's going to be a learning curve," says Patrick Smith, a commercial airline pilot for 24 years and author of "Cockpit Confidential." But that doesn't necessarily mean that the skies are going to become more dangerous. "We've already doubled the volume of …

GOOGLE SEARCHLITE FOR MARKET CRASH

A rise in Google searches for terms relating to business and politics can predict a future stock market crash, researchers have claimed. A team of researchers from Warwick Business School in the UK and Boston University in the US has developed a method to automatically identify topics that people search for on Google before subsequent stock market falls. Applied to data between 2004 and 2012, the method shows that increases in searches for business and politics preceded falls in the stock market. The researchers suggest that this method could be applied to help identify warning signs in search data before a range of real world events. "Search engines, such as Google, record almost everything we search for," said Chester Curme, Research Fellow at Warwick Business School and lead author of the study. "Records of these search queries allow us to learn about how people gather information online before making decisions in the real world. So there's potential to use these…

MUTUAL FUNDS EQUITY FOLIO RISE BY 84000

Equity mutual funds witnessed an addition of nearly 84,000 investor accounts or folios during the April-June quarter of this fiscal, helped mainly by sharp rise in stock market. Folios are numbers designated to individual investor accounts, though one investor can have multiple folios. According to the Securities and Exchange Board of India (Sebi) data on total investor accounts with 44 fund houses, the number of equity folios rose to 2,92,64,713 at the end of June 2014, from 2,91,80,922 at the end of the last fiscal (March 31, 2014), registering a gain of 83,791 during the three-month period. The additions came at a time when the market was scaling new highs. In May, the number of equity mutual fund (MF) folio stood at 2,92,19,875, while it was 2.96 crore at April-end. Besides, the month of April saw the first rise in more than four years. Prior to that, the equity MF sector had seen a continuous closure of folios since March 2009 after the market crashed due to the global financial …

STOCKS OVERSHADOW GOLD ON RETURNS

Indian equities have overshadowed gold's glitter by giving handsome returns of almost 23 per cent to investors so far this year.
While the BSE's 30-stock benchmark index Sensex has logged in 22.76 per cent growth for investors so far in 2014, gold prices have fallen by 5 per cent. Silver however, managed to generate a marginal return of 2.38 per cent.
According to market experts, this year is proving to be a good for the Indian equities, riding high on improved domestic investor sentiment and robust foreign fund inflows.
Gold and stock prices generally follow opposite trends.
Gold is normally preferred as a hedge against inflation, and investors tend to park their money in bullion considering it a safer bet in times of market uncertainties.
After outperforming stock markets for more than a decade, gold has been on the back foot for more than two consecutive years now vis-a-vis equities.
Gold price was Rs 29,800 per 10 grams on December 31, 2013 and silver was at Rs 43,755 per kg. Wh…

MONSOON UNCERTAINITY THREATEN FOODGRAINS OUTPUT

The country's agriculture growth is likely to remain muted at 1 per cent in FY'2015 largely due to strong statistical base-effect, rating agency Crisil said today. Monsoons are currently 24 per cent below the long period average, which is worse than the deficiency seen in fiscals 2009 or 2012. While 2009 turned out to be a drought year, rains recovered sharply in the latter half of the season in 2012. "This year, we believe there is a higher probability of a turnaround - just like in 2012. This is consistent with the IMD forecast of rainfall deficiency reducing to less than 10 per cent by the end of the season. "But despite the recovery, we believe that agriculture growth will remain muted at 1 per cent in fiscal 2015 as a strong statistical base-effect from last year's growth will kick in," the agency said in a report here. Moreover, some damage to sowing has already taken place with pulses and coarse cereals likely to be the most severely impacted. The onl…

NIFTY OUTLOOK FOR 30 & REVIEW

FORENOON BETTER Nifty continued its fall for the Second day and closed below 7750. One more fall would confirm the short term weakness. Stop loss for Nifty  long positions may be continued  at 7725. Nifty spot is expected to encounter resistance at 7785 7820 and find support at 7705 7670, for Tuesday.  While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be generally better in the forenoon and could face selling pressure towards close. Nifty                               7749     -41 Review for Monday :: Bearish Bias … !!! Market opened steady and drifted lower to trade with negative bias through out the day and closed with a loss of more than 0.50%. 35 of Nifty stocks closed in the red and broader market too was quite negative with Advance Decline ratio at about 1:2. IT, Pharma and FMCG indices gained while Realty, Metal, Media, Energy indices declined. ICICI Bank, Reli…

REAL ESTATE, EQUITIES GAVE MAXIMUM RETURNS

Investments made in the real estate and equities have given the highest returns of up to 20 per cent to investors in the last two decades, says a study.
According to a recent study by Cians Analytics on the returns from various asset classes in India during 1991–2013, real estate and equity market have given maximum returns to investors.
The study covers five types of asset classes -- equities (BSE Sensex), commodities (gold), bank fixed Deposits (1–3 year maturities), government securities (10-year maturity), and real estate.
It was aimed at finding out which asset class would have provided the highest return since the liberalisation process commenced in 1991.
Looking at the overall returns, the study noted that "real estate appears to have outperformed all other asset classes during the 23-year period with an annualised rate of 20 per cent."
After real estate, equities have also performed strongly in India as the stock market gave a healthy an…

SENSEX, NIFTY RETREAT FROM LIFE TIME HIGH LEVELS

Equity benchmarks Sensex and Nifty hit new life-time highs today but retreated on profit-booking in bluechips, including ICICI Bank, Wipro and Tata Motors, to log their first drop in nine sessions. The BSE Sensex ended down 145.10 points, or 0.55 per cent, to end at 26,126.75 after surging to 26,300.17 intra day. Yesterday, the 30-share bluechip benchmark had ended at its all-time closing high of 26,271.85 and had also hit intra-day high of 26,292.66. The NSE Nifty in early trade hit record 7,840.9 but ended below the key 7,800-mark to close at 7,790.45, down 40.15 points or 0.51 per cent. Its previous all-time high of 7,835.65 was hit yesterday. Marked losses in counters like RIL, SBI, HDFC Bank and Infosys also weighed on the market sentiment. Selling was seen mostly across-the-board as 10 out of 12 BSE sectoral indices closed in the red while only shares from healthcare and FMCG segments logged gains on defensive buying. "The Indian markets saw a day of decline after running u…

2.2 BILLION ARE POOR

More than 2.2 billion people are "poor or near-poor", with financial crises, natural disasters, soaring food prices and violent conflicts threatening to exacerbate the problem, a United Nations report said today. While poverty is in decline worldwide, growing inequality and "structural vulnerabilities" remain a serious threat, said the report by the United Nations Development Programme (UNDP), released in Tokyo. Nearly 1.5 billion people in 91 developing states live in poverty while another 800 million are teetering on the edge, it found. "Eliminating extreme poverty is not just about 'getting to zero'; it is also about staying there," said the agency's 2014 Human Development Report. "Those most vulnerable to natural disasters, climate change and financial setbacks must be specifically empowered and protected. "Making vulnerability reduction central in future development agendas is the only way to ensure that progr…

JET, ETIHAD DISCOUNT OFFER

Private carrier Jet Airways and its 24 per cent equity partner Etihad today announced a 20-50 per cent special limited period discount on fares across 135 international destinations of the two carriers. "Both economy and business class travellers of Jet Airways and Etihad Airways availing this special offer will enjoy a flat 20-50 per cent discount over regular fares, which is to celebrate the strategic alliance," a release said here. The 72-hour introductory joint special fare offer will be available from July 25 to July 27 for a travel period between September 1 and June 15, 2015 for flights within India and between September 1 and November 30 this year for flights to international destinations, the release said. The offer, however, will be limited for tickets purchased in India and for travel in business and economy classes of both the airlines, it said. Naresh Goyal's Jet Airways became the first Indian carrier to accept investment from a foreign ai…

SAMSUNG, APPLE LOOSE GROUND

Apple and Samsung have lost ground in the tablet computer market as growth cools in the once-hot segment, the research firm IDC said today. An IDC survey said sales of tablets in the March-June period were 49.3 million, up a modest 11 per cent from a year ago but down 1.5 per cent from the previous quarter. Apple, which popularised tablets with its iPad, remained the largest single vendor but its market share fell to 26.9 per cent from 33 per cent last year. IDC's survey showed Apple shipped 13.3 million iPads, above Apple's own report this week showing 12.3 million sold. South Korean Samsung saw essentially flat sales in the period of 8.5 million units, while its market share slipped to 17.2 per cent from 18.8 per cent a year ago. IDC's Jitesh Ubrani said there has been "growth amongst the smaller vendors and a levelling of shares across more vendors as the market enters a new phase." "Until recently, Apple, and to a lesser extent Samsun…

SENSEX & NIFTY ON NEW PEAK

Extending the winning run to eighth straight day, Sensex today ended at a new peak of 26,271.85 and Nifty scaled 7,800 mark for the first time at close as FIIs continued to pour in money enthused by steps to attract overseas investment and encouraging corporate earnings. Besides, positive cues from Asia after strong Chinese manufacturing data kept the sentiment on a firm footing although indices showed signs of profit-booking early on. Metal, IT and FMCG counters were in demand while some of the consumer durable, pharma and power stocks saw investors taking some profit off the table, said traders. Sensex-based shares like ITC, Infosys, RIL, HDFC Bank, Tata Steel, HUL, Hindalco and Wipro notched up handsome gains and kept the momentum on the positive side. 
The benchmark BSE S&P 30-share Sensex moved in a narrow range and mostly in negative terrain till afternoon, but buying in the last session pushed up the Sensex by 124.52, or 0.48 per cent, to end at 26,271.85. I…

NIFTY OUTLOOK FOR 25 & REVIEW

MID SESSION BETTER
Nifty continued its  gains for the Eighth day in a row . Nifty closed well above 7800 mark, a new record high for Nifty. Stop loss for long positions may be trailed to 7725. Nifty spot is expected to encounter resistance at 7865 7900 and find support at 7790 7755, for Friday.  While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be better during midsession and could experience profit booking towards close. Nifty 7831 +35 Review for Thursday :: Recovery in Second Half … !!! Market remained subdued to marginally in the forenoon and broke out of the narrow range to close with about 0.50% gain towards close. 36 of Nifty stocks gained but broader market was marginally negative with an Advance Decline ratio of 1:!.1. Metal, PSU Bank, IT, FMCG indices gained while Media, Energy, Pharma indices declined..Metal, PSU Bank, IT, FMCG indices gained while Media, E…

TCS CROSS Rs.5 LAKH CRORE MARKET CAPITALIZATION

Tata Consultancy Services (TCS), the country's largest software services exporter, today attained a market valuation of over Rs 5 lakh crore, becoming the first company in Indian markets to achieve this milestone.
At the end of today's trade, the market capitalisation (m-cap) of TCS soared to Rs 5,06,703.34 crore, the highest for the company since its listing in 2004.
Shares of the IT bellwether ended the day at Rs 2,586.90, up 2.21 per cent on the BSE. In intra-day, it gained 2.52 per cent to Rs 2,595 -- its 52-week high.
In dollar terms, TCS' market valuation rose to USD 84 billion.
Interestingly, TCS's current market capitalisation is higher than the combined valuation of other big IT players such as Infosys (Rs 1,92,196.84 crore), HCL Technologies (Rs 1,07,880.18 crore), Wipro (Rs 1,40,474.31 crore) and Tech Mahindra (Rs 50,374.76 crore).
TCS's stock has been in strong position, rallying more than 8 per cent in five consecutive sessions from last Thursday, after the…

ULTRA HIGH NET INDIVIDUALS ON RISE

The number of ultra-high networth individuals (UHNIs) having an investible surplus of over Rs 25 crore rose 16 per cent to 1.17 lakh last fiscal, and this is estimated to triple to 3.43 lakh in the next three years, says a report. As for the underlying wealth held by this uber rich grouping, which also includes professionals having an annual income of over Rs 3 crore, grew 21 per cent to Rs 104 trillion (Rs 104 lakh crore), and will grow four times to Rs 408 trillion in the next three years, says a wealth report by the Kotak group and Ernst & Young. "There has been an impressive rise in wealth creation and will only increase in the years ahead. Growth in the underlying wealth will outpace growth in the number of UHNIs," consultancy firm E&Y partner Murali Balaraman told reporters here. His colleague Abizer Diwanji said from the societal point of view, managing this growth in the number of the rich people will not cause any tensions as economic disparity is an "a…

NIFTY OUTLOOK FOR 24 & REVIEW

MID SESSION SUBDUED... RECOVERY @ CLOSE….!! 
Nifty continued its gains for the Seventh day in a row . Nifty is in the vicinity of 7800 and it could aim at 8000 mark in the near term. Stop loss for long positions may be trailed to 7700. Nifty spot is expected to encounter resistance at 7830, 7870 and find support at 7755 7720, for Thursday.  While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be volatile with subdued midsession and recovery towards close.
Nifty 7796 +28 Review for Wednesday :: Volatile Movements with Bullish Bias … !!! Market opened better and traded in a zigzag fashion with bullish bias and IT stocks helped broader indices to close at record high. 26 of Nifty stock declined and t broader market too was negative with   Advance Decline ratio at 1:1.3. IT, PSU Bank, Auto and FMCG indices gained while Media, Metal declined. Infy, ICICI Bank, TCS contribu…

INDIANS SMART PHONE MANIA

Smartphone users in the country are among the biggest consumers of data globally, spending over three hours on an average on their devices, a study by telecom equipment maker Ericsson today said. According to the study, Indian users spend three hours 18 minutes on average everyday with their smartphones, of which one-third time is spent on apps.
Also, there has been a 63 per cent increase in app usage in the past two years, the study added. Seventy-six per cent of existing mobile broadband users (respondents) said they are willing to pay more for guaranteed better mobile data experience. "India has higher smartphone usage compared to even the US, where the average is 132 minutes (2 hours 12 minutes). In some of the Asian countries, it ranges between 40-50 minutes," Ericsson India Vice President (Strategy and Marketing) Ajay Gupta told reporters here. The study found respondents saying they checked their phones 77 times a day on an average, with about 26 per cent saying they d…

INDIA's CONSUMER CONFIDENCE INCREASES

Consumer confidence level in India jumped by seven points during the second quarter of this year bringing India at the top position globally with the change in government at the Centre, global information and insights provider Nielsen has said.
As per a global consumer confidence index study by Nielsen, India which was ranked second in the first quarter of 2013 is now the most optimistic country, followed by Indonesia and the Philippines. Consumer confidence in India was indexed at 128 in Q2 2014, seven-point increase from Q1 2013 (121). "Consumers in India have indicated increased levels of confidence in the second quarter when the country's general elections were taking place," Nielsen India Region President Piyush Mathur said.
"This buoyancy is yet to translate into increased consumption across sectors. Despite the ongoing inflationary trend and expectations of a poor monsoon, consumers are likely to open their purse strings as we head into the festive season in re…

NIFTY OUTLOOK FOR 23 & REVIEW

SUBDUED SECOND HALF
Nifty continued its  gains for the Sixth day in a row . Nifty surpassed the resistance level with ease and closed above 7750. Stop loss for long positions may be trailed to 7670. Nifty spot is expected to encounter resistance at 7810, 7850 and find support at 7730 7690, for Wednesday.  While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be generally better in the forenoon and might encounter selling/ profit booking  in the second half of the day.

Nifty                               7768     +84
Review for Tuesday, :: Smart Rise in the Closing Hour … !!!
Market opened better and traded in a narrow range thereafter and surged higher in the last hour to close with a smart gain of 1% for the day., 34 of Nifty stock gained  but broader market was steady with  Advance Decline ratio at 1.05:1. Barring PSU Bank index all other sectoral indices gained led by …

MARUTI HOLDS TOP POSITION IN CAR MARKET

Country's largest carmaker Maruti Suzuki India continues its dominance on the Indian roads with its four models, led by entry level small car Alto heading the top ten best sellers list in April-June quarter this fiscal.
According to Society of Indian Automobile Manufacturers (SIAM) data, the company's Dzire, Swift and WagonR were the second, third and fourth biggest selling models in the quarter.
Rival Hyundai's Grand i10 is the fifth largest selling model in India during the period under review followed by Honda Cars India's sedan City at the sixth position.
Maruti Suzuki India's (MSI) Alto sold 64,573 units in the April-June quarter this fiscal as compared to 56,335 units sold in the same period of previous fiscal.
It is followed by compact sedan Dzire, with 50,951 units sold during the quarter. The company had sold 49,259 units of the sedan in the same period of previous fiscal.
Similarly, compact hatchback Swift continues to hold on to the third position during the …

NIFTY OUTLOOK FOR 21 & REVIEW

CHOPPY AND VOLATILE MOVEMENTS
Nifty continued its gains for the Fifth day in a row . Nifty is close to strong resistance of 7750. However, it becomes weak only if it closes below 7575. Nifty spot is expected to encounter resistance at 7725, 7760 and find support at 7645 7605, for Tuesday. While Global cues, Quarterly results and Funds flow are expected to broadly guide the market movement, based on the present market position, market can be expected to trade in a zigzag fashion with alternate bouts of bullishness and bearishness. profit booking after the opening and mild recovery thereafter. Nifty 7684 +20 Review for Monday, 21st July , 2014 :: Zigzag Movements with Bullish Bias … !!!
Market opened better and traded in a choppy manner with bullish bias through out the day and closed with a gain of about 0.25%. 25 of Nifty stock gained but broader market was better with Advance Decline ratio at 1.5:1. Media, FMCG, Energy indices gained while PSU Bank, Realty, Infra, IT and Metal indices…

SKILL GAP A BIG THREAT

More organisations globally are planning to go on a hiring spree over the next 12 months but are concerned that they will not be able to find qualified candidates, a PwC report says. As many as 63 per cent of the CEOs surveyed for the report said that availability of key skills is the biggest business threat to their organisation's growth. The global PwC survey of over 1,300 CEOs in 68 countries reveals that after a number of years of headcount cuts, half of organisations surveyed are looking to hire again.
Despite the positive outlook for jobs, PwC's research revealed that business leaders are more concerned than ever about being able to find the right people to fill these roles.
"The gap between the skills of the current workforce and the skills businesses need to achieve their growth plans is widening. Despite rising business confidence equating to more jobs, organisations are struggling to find the right people to fill these positions," PwC global HR consulting lea…

BRICS SHAKE UP ECONOMIC ARCHITECTURE

By creating their own multilateral financial institutions, the BRICS emerging-market powers are shaking up global economic governance but remain far from dismantling the post-war system dominated by the West. For the past 70 years, the International Monetary Fund and the World Bank have been the pillars of the world's economic system, coming to the rescue of countries in trouble and supporting development projects, respectively. But the Bretton Woods institutions are regularly criticised for their inability to reflect the growing and important contributions of the major emerging economies to the global economy. China, the world's second-largest economy, continues to have just slightly more voting power in the IMF than Italy, about five times smaller. And, since their creation in 1944, the IMF and the World Bank have only been led by Americans and Europeans. "Broader global governance reforms have become stalled, despite the many commitments made by advanced economies to e…

FACELIFT FOR FINANCIAL INCLUSION ON CARDS

Prime Minister Narendra Modi is set to give a big boost to the ongoing financial inclusion drive by unveiling a comprehensive programme, to be announced at the Red Fort in his address to the nation on the Independence Day. The proposed comprehensive financial inclusion programme envisaging insurance and pension cover, apart from a default cover for lenders is likely to envisage opening 15 crore more bank accounts, 12 crore of which will be in rural areas over next four years, according to a note sent to the Indian Banks Association (IBA) by financial services Secretary G S Sandhu. According to the note, Modi's new comprehensive financial inclusion programme has three major shifts from the one pursued by the previous government. First, the earlier efforts at financial inclusion had villages as the unit for coverage while the present plan focuses on coverage of households. Secondly, only rural areas have been the focus so far while both rural and urban areas have been included now, …