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Structure

Financial Inclusion - The Indian Model – Challenges & Prospects- Presentation at Center for international Development- Harvard Kennedy School, Cambridge. Structure. 2. India- Some facts. What numbers say?. Perspective. 6. THE EARLIER APPROACH. 7. THE NEW APPROACH. 8.

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Structure

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  1. Financial Inclusion - The Indian Model – Challenges & Prospects-Presentationat Center for international Development- Harvard Kennedy School, Cambridge

  2. Structure 2

  3. India- Some facts

  4. What numbers say?

  5. Perspective 6

  6. THE EARLIER APPROACH 7

  7. THE NEW APPROACH 8

  8. Financial Inclusion –our definition

  9. Our Strategy

  10. Adopted Bank led model

  11. Institutional Framework

  12. Integrated Approach

  13. implementation

  14. Financial Inclusion Plans 15

  15. FIP achievementsApril 2010- march 2013

  16. FIPs - Progress at a glance

  17. Penetration

  18. ATM PENETRATION

  19. BSBDA (No Frill accounts)

  20. Entrepreneurial Credit

  21. DBT Implementation

  22. DBT - RBI Guidelines

  23. DBT- progress

  24. National Strategy for financial Education

  25. Financial Literacy Material

  26. Mass Scale Awareness

  27. Self Help Groups • Started in 1992 • Major plank of the strategy for delivering financial services to the poor in a sustainable manner • Sustainable and scalable model Financial Inclusion • Women SHGs promoted

  28. RURAL CREDIT MARKET PENETRATION

  29. PAYMENT SYSTEM - INITIATIVES • National Payments Corporation of India (NPCI)- Umbrella organization for retail payments • NEFT facilitating one-to-one funds transfer • RTGS facilitating continues (real-time) fund transfer • Immediate Payment Service (IMPS) – Mobile based payment system initiative by NPCI • Aadhaar Bridge Payment System (ABPS) facilitating the credit transfers & Aadhaar Enabled Payment System facilitating withdrawal from account

  30. Mobile banking • Unique opportunity to leverage the mobile platform to meet the objectives and challenges of financial inclusion • 870 million subscribers • IMPS introduced in 2010 to facilitate immediate fund transfer • Mobile wallets for non-banks including MNOs • So far 69 banks approved to provide mobile banking • During Sept 13, ~ 71.69 lakh transactions amounting to approx. Rs. 1565 crore took place

  31. Payment System Initiatives in pipeline • Remittances • Fund transfer from bank-account holders to non- account holder through the use of ATMs • Cash-out by non-bank issued prepaid payment instruments with necessary safeguards

  32. Contd… • Mobile Banking • Technical Committee on Mobile Banking • Providing mobile banking services in a seamless and secure manner • MSME Financing • Scoping to leverage on technology and changed business processes, for the purpose of setting up a trade receivables exchange based on reverse factoring model

  33. Challenges

  34. The Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households – Dr. Nachiket Mor

  35. WAY FORWARD

  36. Trinity to make Financial Stability Possible – The ultimate objective Financial Inclusion Financial Literacy Consumer Protection

  37. THANK YOU !

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