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Case study: Financial Inclusion in India

Team GENESIS
- Mayank Sidana - Pragya Bang

Current Scenario in the West Zone


Maharashtra
Current Accounts per 100 people : 2.2 Savings Accounts per 100 people : 32 Total Accounts per 100 people Total Accounts per 100 Adults : 34.2 : 60

Gujarat
Current Accounts per 100 people : 1.9 Savings Accounts per 100 people : 32 Total Accounts per 100 people Total Accounts per 100 Adults : 33.9 : 59.5

Goa
Current Accounts per 100 people : 6

All India
Current Accounts per 100 people : 1.6

Savings Accounts per 100 people : 117


Total Accounts per 100 people Total Accounts per 100 Adults : 123 : 186

Savings Accounts per 100 people : 30


Total Accounts per 100 people Total Accounts per 100 Adults : 31.6 : 59.3

Methods to Penetrate Rural Markets


Metric
1. Establishing an appropriate Business Delivery Model through the involvement of all stakeholders 2. Universal KYC across regulators banking on Aadhaar 3. Physical capacity of banks including RRBs need to be enhanced 4. Access to financial services and Financial Education must happen simultaneously 5. Advising Banks to setup Financial Literacy & Credit Counseling Centers in all districts

Expected outcome
Governments; RBI, IRDA, Banks, Insurance Companies, MFs , Industry Associations ; NGOs all come together and ensure the success of the Inclusion Strategy Every citizen will have an identity proof required for allowing them access to the banking services This will serve as the support mechanism for the whole strategy To cater to the demand side of the financial inclusion process Inclusion must be continuous and must target all sections of the population simultaneously

What are RBIs initiatives in tackling the demand side issues?


Persuading State Governments for including Financial
Education in the school curriculum Advising Banks to setup Financial Literacy & Credit Counseling Centers in all districts 160 remote unbanked villages selected by RBI for transformation into Model Villages characterized by 100% Financial Inclusion through ICT initiatives, leveraging on BCs and BFs Project Financial Literacy- Publication of Comic Books, Setting up Multi-lingual Financial Education Website Organizing Town Hall Events and release of films on Financial Literacy

What has been done so far?


ICT based Business Correspondent (BC) Model for low cost door step banking services in remote villages Board approved Financial Inclusion Plans (FIPs) of banks for 3 years, starting April 2010 Roadmap to cover villages of above 2000 population by march 2012 Availability of minimum four banking products through ICT model has been ensured

Mandatory opening of 25 % of new branches in unbanked rural centers


KYC documentation requirements significantly simplified for small accounts

Challenges Ahead & Future Action


Physical capacity of banks including RRBs need to be enhanced

Delivery Model - right mix of low cost Brick and Mortar Structures & BCs
Need for Intermediate Structure Appropriate Business Model for FI activity for Banks, Technology Providers and BCs For Profit Corporate BCs- though permittedyet to take off

Digital and Physical Connectivity


Extension from banking products to other financial products

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