ICT in Financial Inclusion- Leveraging Technology- Sajadwani


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ICT in Financial Inclusion- Leveraging Technology- Sajadwani

  1. 1. CSC Project Jammu & Kashmir State• The implementation of the scheme in the state was entrusted to J&K Bank as a special case by DIT on recommendations of State Government.• To implement the CSC scheme, a Master Service Agreement was signed between J&K Bank as Service Centre Agency(SCA) and State Government in February 2009.• Under the CSC Scheme 1109 centres are to be set up in J&K State. eindia.eletsonline.com
  2. 2. J&K Bank CSC Project Implementation Process• Clustering of villages.• Selection of candidates as VLEs.• Identification of a suitable CSC location (Khidmat Centre) within the identified clusters.• Site development and branding.• Tie up with civil, IT and telecom vendors to make the CSC a branded, IT enabled and fully equipped retail outlet• VLE induction trainings.• Identification and Tie-ups with various services providers for roll out of services eindia.eletsonline.com
  3. 3. Common Service Center ‘Khidmat Center’ InfrastructurePeripherals Laptops- 2 Nos Laser Printers Printer MFDConnectivity VSAT/BSNL-BB/ WLL LAN SwitchFurniture Tables- 3 Nos Chairs- 3 NosPower Backup Generator InverterCamera Digital Camera eindia.eletsonline.com
  4. 4. J&K Bank,Common Service Centre ‘Khidmat Center’ eindia.eletsonline.com
  5. 5. Financial Assistance to VLEs of Common Service Centers ‘Khidmat Centers’The Bank has designed special product named JKBank CSC Finance to provide financial assistance toVLEs for setting up the centre.Under this scheme loan amounting to Rs.1.80 Lacs(approx) is provided to VLEs on Base RateAt present 650 centers are operational eindia.eletsonline.com
  6. 6. Khidmat Centers Services AvailableBank Loan documentation •Diploma/Certificate programmes J&K Bank has designated of select IGNOU courses Khidmat Centres as authorized •Online - Examination results Loan Documentation Centers for Utility preparation of legal documents •Air/Railway Ticketing for specified set of advance products, which is presently the •Mobile re-charges major revenue generating service •DISH TV and other DTH available with VLEs. recharges Payment of Insurance premiums.Financial Inclusion Other Services VLEs engaged as Business Correspondents (BCs) for •Internet, E-mail and downloads Financial Inclusion in the State. •Desktop Publishing (DTP)Educational Services. •Digital Photography •DOEACC ‘CCC’ certification •Scanning/CD Burning eindia.eletsonline.com
  7. 7. Banks Financial Inclusion Plan J&K Banks FI Plan envisages coverage of 1260 unbanked villages comprising of 535 SLBC allocated villages and 725 Non-SLBC villages for providing banking outlets and financial inclusion by 31/03/2012 and 31/03/2013 respectively. As on date 423 VLE’s have been engaged by the Bank as BC’s for providing ICT enabled financial services to reach out 805 unbanked villages comprising of 437 SLBC and 368 Non- SLBC villages. IN J&K State 8 model Villages were adopted by RBI for 100% financial inclusion under Diamond Jubilee Celebration where J&K Bank engaged VLEs as BCs for providing Banking services. eindia.eletsonline.com
  8. 8. J&K Bank ICT Model for FI• The Bank has appointed Financial Information Network and Operations Ltd (FINO) as a technology partner for providing ICT based solution.• Bio-metric fingerprint enabled smart card platform is used which is highly secure, efficient and effective. Customers use smart cards for deposit and withdrawal of cash at point of transaction (POT) devices.• Each smart card can hold up to fifteen (15) accounts of the customer and up to ten (10) latest transaction records for each account on the card in addition to the biometric and personal details of the customer.• The transaction data maintained on the smart cards is exchanged between the FINO server and the Banks CBS on daily basis. eindia.eletsonline.com
  9. 9. FI Services by Khidmat Centres• Saving Bank/ Deposit Accounts• No-Frills Account• MNREGA and Social Security payment Accounts.• DRI LoansVLEs are provided a monthly fixed incentive ofRs. 2200/- and variable incentive based on theno of accounts opened and or amount of cashreceived/disbursed. eindia.eletsonline.com
  10. 10. Revenue generated by VLEs Average Income Average Expenditure (per month) (per month) Service Income Item Amount JK Bank Loan 1500/- Rent 500/- Documentation Business 2200/- Electricity 250/- CorrespondentNet Average Education 400/- Stationery 300/- Income Utility 700/- Misc. 200/- (per month) Other Services 500/-Rs.4250/- Total 5500/- Total 1250/- eindia.eletsonline.com
  11. 11. Thank You eindia.eletsonline.com