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With the launch of the new financial inclusion programme in 2015, the government of India claimed that more than 90 per cent of households now have access to bank accounts. The programme sought not only to link the poor in India to financial services such as credit and savings, but also to insurance-based welfare payments. This article examines how the expansion of welfare programmes - a seeming alternative to austerity - in India has simultaneously hinged on arguments of fiscal conservatism. In other words, financial inclusion has also served to curtail government expenditure through payment systems and financial infrastructures. However, as the poor are drawn into new financial products, it raises the question of 'who benefits' when welfare systems are streamlined through the banking system. [ABSTRACT FROM AUTHOR]