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Surendra Shetty President & Deputy Chief Information Officer, YES BANK

YES Sahaj Ultra low - cost mobile banking kit. Surendra Shetty President & Deputy Chief Information Officer, YES BANK. The Unbanked Indians. Financial Exclusion in India - The Biggest Failure of ‘India Shining’ 64% Indians lack access to saving account, 87% Indians lack access to ATMs

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Surendra Shetty President & Deputy Chief Information Officer, YES BANK

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  1. YES Sahaj Ultra low - cost mobile banking kit Surendra Shetty President & Deputy Chief Information Officer, YES BANK

  2. The Unbanked Indians • Financial Exclusion in India - The Biggest Failure of ‘India Shining’ • 64% Indians lack access to saving account, • 87% Indians lack access to ATMs • 73% farming household lack access to institutional credit • Lack of commercially viable & scalable business model to cater to the financially excluded • Conventional banking approach faces challenges such as huge infrastructure set-up cost, high operating cost and lack of risk mitigation measures • Mere ‘stripping down’ of conventional products also doesn’t work as banking needs of target segment are distinctively different • Lack of appropriate & enabling technology solutions to reach out to ‘The Next Billion’ customers • Meeting cost and outreach requirements is challenging • Lack of innovation in leveraging technology In its endeavors of Frugal Innovations for Financial Inclusion (FI4FI), YES Bank has developed a Mobile Banking Platform – YES Sahaj, in collaboration with DruvTech Systems

  3. YES Sahaj • The Kit • Low end mobile handset • Bluetooth thermal printer synchronized with the mobile handset • Technology • GPRS enabled mobile based online application • Real time data transfer to the intermediate Server • Advanced security features like IMEI number based pairing of all peripheral devices, SIM card validation, login password, default GPRS security check, HTTPS protocol enabled database • Usage • Doorstep collection of Savings and Loan repayment • In field cash withdrawal using the Magnetic Strip reading slot on the printer • Accounting module for Self Help Group (SHG) & record management • Platform for Remittance origination • Instantaneous printed receipt with SMS alert

  4. Contd… • Uniqueness of the solution • Cost Efficient • Real-time tracking of transaction • Complete Banking Solution • Risk Mitigation : highly secured platform • Multiple acknowledgement facility: Instantaneous OTP generation facility, printed receipt and SMS alert • System scores over other Hand Held Devices in all aspects – functional, operational and cost effectiveness • Transaction recorded • As of February 29, 2012, YES Bank has recorded 1,06,575 transactions with an aggregate value of Rs. 7.66 crores through YES Sahaj

  5. Schematic Presentation

  6. Transaction Flow

  7. 1. Login Transaction request Data Validation Telecom (GPRS) Back end Server Confirmation SMS Customer Service Officer

  8. 2. Transaction Telecom (GPRS) Data Sent to Mobile device Back end Server Transaction Kit Data sharing with back end Server Service Officer

  9. 3. Reconciliation EOD report generation Reconciliation

  10. Special Recognitions

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