http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
crafting behaviour for financial inclusion
In July 2015 a six-foot-tall octogenarian gentleman entered the bank branch with his wife and stood in front of the branch manager (BM), the only officer in the branch. After waiting for a couple of minutes the man requested the BM for some help, introducing himself as "Rashid." He then told the BM that he had come to deposit INR 150,000 in his account. Because he was illiterate, he was unable to complete the deposit slip. The BM started to fill out his form. After knowing that the BM applied for single ownership for the fixed deposit, Rashid asked the BM to change it to joint ownership with his wife. After filling out the form, his wife signed the deposit slip and Rashid placed his thumb impression. At that time he was holding total deposits of more than INR 250,000. Rashid took out his passbook and turned some pages and reached a particular debit entry for which he needed clarification. After turning some of the pages from the passbook he pointed to an entry where an amount of INR 115 was debited as account maintenance charges, which were generally waived for the type of savings account that Rashid held. After confirming the transaction, Rashid was promised that the money would be repaid, and he departed the branch. But after some time he returned to the BM and asked, "Does any future tax liability persist on the interest earned?"The BM is eager to know what made Rashid open a bank account; what made him learn about the importance of ownership of a fixed deposit account; and finally, despite his illiteracy, how did he distinguish between accounting entries and, more importantly, what caused him to remember tax consequences that would emerge on the interest portion?
Includes bibliographical references and index.