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The question of whether state-led expansion of credit and savings facilities can reduce pov- erty has long been of interest to economists and policymakers. A large theoretical body of liter- ature identifies different mechanisms through which access to such facilities can enable indi- viduals to alter their production and employ- ment choices, and thereby exit poverty (Philippe Aghion and Patrick Bolton, 1997; Ab- hijit Banerjee and Andrew Newman, 1993; Banerjee, 2004). The belief that governments can use public policy to alleviate financing con- straints, and thereby engender development and reduce poverty, led to the widespread imple- mentation of state-led rural credit and savings schemes in low-income countries in the post- colonial period. In most cases this was accom- plished through government oversight of the banking sector, often aided by government ownership of banks. Today, these schemes remain important in

Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment