Banking and Capital MarketsMobile Banking and PaymentsGreater Mekong Mobile Payments &Banking SummitUse of the Mobile Chan...
Agenda/Contents/SectionLack of Financial Access – The Scale of the ChallengeRole of Mobile Devices in Increasing Financial...
Lack of Financial Access – The Scale of the ChallengeDefinitions of Financial Inclusion/Exclusion Institution/Author      ...
Lack of Financial Access – The Scale of the ChallengeWhy Financial Inclusion?  yExtremely important for India if it is tru...
Lack of Financial Access – The Scale of the ChallengeExtent of Financial Exclusion in India• Out of 600,000 habitations (v...
Lack of Financial Access – The Scale of the ChallengeFinancial Exclusion Is Directly Correlated with Low Income           ...
Financial Inclusion – Role of Mobile DevicesThe Market Opportunity for Mobiles           Approx. 400 M mobile accounts in ...
Financial Inclusion – Role of Mobile DevicesChannel Accessibility by Different Population Segments                    y y ...
Financial Inclusion – Role of Mobile DevicesMobile Devices - Another Option for Accessing Financial                       ...
Financial Inclusion – Role of Mobile DevicesThe Mobile Channel Offers Drastically Lower Cost of Withdrawal/               ...
Enabler Models for Financial AccessMobile Banking and Payments – Service ModelsMobile BankingM bil B ki                   ...
Enabler Models for Financial AccessThe Indian Mobile Banking Landscape Models            Provider                Basic Wor...
Enabler Models for Financial AccessA Little World – Snapshots of the Operation   Operators – Mostly SHG            Enrolme...
Enabler Models for Financial AccessThe Indian Mobile Banking Landscape    Models           Provider             Basic Work...
NgPay – A Mobile Commerce Provider    Models              Provider          Basic Working                             Bank...
Enabler Models for Financial AccessThe Indian Mobile Banking Landscape   Models           Provider          Basic Working ...
Financial Inclusion – RBI InitiativesKey RBI Policies, Circulars and Guidelines Issues to Promote   yFinancial Inclusion  ...
Financial Inclusion – RBI InitiativesRBI Initiatives for Financial Inclusion• Easier credit facility  − General Purpose Cr...
Barriers to Achieving Financial InclusionBarriers to Financial Inclusion Through Mobile Banking                           ...
Facilitators to Overcome BarriersFacilitators to Overcome the Barriers to Achieving Financial                             ...
Thank you                                                                                                               Pw...
About PricewaterhouseCoopersPricewaterhouseCoopers Pvt. Ltd. (www.pwc.com/india) provides industry - focused tax andadviso...
Appendix           PwC
Rural and Urban Teledensity in IndiaSource: TRAI Annual Report 2008-2009                                       PwC
Growth of wireless subscribers capable of AccessingData services/InternetSource: Telecom Regulatory Authority of India,(TR...
Mobile Phones Have Become the PCs of the Developing World                                                  gSource: Mobile...
The Rural Market is Moving Up the Value Chain                               Rural                           Urban         ...
Key Features of Relevant RBI Policies, Circulars and GuidelinesEngaging BC/BFs f Financial Inclusion          C/    for• B...
Key Features of Relevant RBI Policies, Circulars and Guidelines“No Frills” Account Directive  − Asked banks to offer a bas...
Key Features of Relevant RBI Policies, Circulars and GuidelinesMobile Banking Transactions Guidelines• Initially, only Ban...
Key Features of Relevant RBI Policies, Circulars and GuidelinesPrepaid Instrument Guidelines• Three broad categories – clo...
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Neel majumdar

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A presentation on the landscape for the use of mobile devices for financial inclusion in India. Presented at the 2010 Greater Mekong Mobile Payments & Banking Summit in Saigon, Vietnam.

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  1. 1. Banking and Capital MarketsMobile Banking and PaymentsGreater Mekong Mobile Payments &Banking SummitUse of the Mobile Channel to IncreaseFinancial Inclusion - the IndianExperienceExperience*April 2010By Neel Majumdar, Managing Consultant, PricewaterhouseCoopers Private Limited, India*connectedthinking PwC
  2. 2. Agenda/Contents/SectionLack of Financial Access – The Scale of the ChallengeRole of Mobile Devices in Increasing Financial AccessVarious Enabler Models for Financial AccessRBI InitiativesKey Barriers to Achieving Financial Inclusion through the Mobile DevicePossible Facilitators to Overcome the Barriers
  3. 3. Lack of Financial Access – The Scale of the ChallengeDefinitions of Financial Inclusion/Exclusion Institution/Author Definition Indicators ADB (2000) Provision of a broad range of financial Deposits, loans, payment services such as deposits, loans, p , , services, money transfer and , y payment services, money transfers and insurance. insurance to poor and low-income households and their micro-enterprises. United Nations (2006) A financial sector that provides ‘access’ to Access to credit, insurance, credit for all ‘bankable’ people and firms, savings, payment to insurance for all insurable services. people and firms and to savings and payments services for everyone. Inclusive finance does not require that everyone who is eligible use each of the services, but they should be able to choose to use them if desired. Report of the Committee on p The process of ensuring access to p g Access to financial services Financial financial services and timely and and timely and adequate Inclusion in India (Chairman: adequate credit where needed by credit. C.Rangarajan) (2008) vulnerable groups such as weaker sections and low income groups at an affordable cost. costSource: Chapter VII, Financial Inclusion, Report on Currency and FinanceUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 3
  4. 4. Lack of Financial Access – The Scale of the ChallengeWhy Financial Inclusion? yExtremely important for India if it is truly to emerge as a Global Power and totransform itself into a developed economy.• Transformation to post ind strial modern societ not possible without broad post-industrial society itho t broad- based financial access• Financial access provides economic opportunity and provides opportunities to build savings, make investments and avail credit• Makes it possible for government to make payments such as social security transfers, minimizing transaction costs including leakages g g g• At the macro-economic level, Financial Inclusion (FI) provides an avenue for bringing increasing liquidity and investment by releasing savings of the poor into the mainstream• Large number of low-cost deposits offer banks opportunity to reduce dependence on bulk deposits and better manage liquidity risks and asset- liability mismatchesUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 4
  5. 5. Lack of Financial Access – The Scale of the ChallengeExtent of Financial Exclusion in India• Out of 600,000 habitations (villages/towns/cities), only about 30,000 have a commercial bank branch• Onl about 40 percent of pop lation ha e bank acco nts Only abo t population have accounts• Many of the bank accounts opened are dormant without any evidence of banking transactions or receiving credit• Less than 10 percent of the population have any kind of life insurance cover• Only about 0.6 percent of the population have non-life insurance cover• 13 percent of the population have debit cards• 2 percent of the population has credit cards• National Sample survey data shows that in 2003 out of the 89 3 million 2003, 89.3 farmer households in the country, 51 percent did not seek credit from either institutional or non-institutional sources of any kindSource: Remarks by Dr. D. Subbarao, Governor, RBI, at the Bankers’ Club, 9th December 2009Use of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 5
  6. 6. Lack of Financial Access – The Scale of the ChallengeFinancial Exclusion Is Directly Correlated with Low Income y • Only 56% of Urban households have a savings account • Only 24 % of Rural households have a savings accountSource: Mobile Banking Business Models for Low Income Rural Markets, presentation by Amit Mehta, TCS, at Mobiles and MoneyConference, Mumbai, 2009Use of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 6
  7. 7. Financial Inclusion – Role of Mobile DevicesThe Market Opportunity for Mobiles Approx. 400 M mobile accounts in India of which 187 million (46%) do not have a bank account Between 15 and 17 million new accounts being added every month 17 GSM & CDMA Operators Over 80% of the market is prepaid Over 135M financially excluded households – 2nd highest in the worldSource: TRAI Data Presentation by Amit Mehta at Mobiiles & Money Summit in Mumbai, e-Financial Inclusion “Towards Data, Mumbai e Financial TowardsAccelerating Society Goals using ICT” by Dr. A.K. Chakravarti, former advisor and Group Coordinator, DIT, Set 7 2009Use of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 7
  8. 8. Financial Inclusion – Role of Mobile DevicesChannel Accessibility by Different Population Segments y y g Channel Primary Accessibility Segments Attribute Internet Affluent, Mass - Dependency on Affluent access to Computers - ICT network Affluent ATM Affluent, Mass , - Regulatory g y Affluent Restrictions Mass Affluent - Infrastructure Costs Branch Affluent, Mass - Regulatory Affluent, Mass Restrictions Market - Infrastructure Costs Mass Market Mobile Affluent, Mass - Accessible to low Affluent, Mass income Group Low Income + Unbanked Market, Low M k t L - C t effective Cost ff ti Income + - Anytime, anywhere UnbankedUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 8
  9. 9. Financial Inclusion – Role of Mobile DevicesMobile Devices - Another Option for Accessing Financial gServices Mobile DeviceBank + + Chip (SIM /card NFC)POS Mobile DeviceDevice + + Card ReaderATM Mobile Device + + Cash Till Mobile Device +Net + GPRS/SMS/Banking USSDUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 9
  10. 10. Financial Inclusion – Role of Mobile DevicesThe Mobile Channel Offers Drastically Lower Cost of Withdrawal/ yDeposit MethodsSource: Mint NewspaperUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 10
  11. 11. Enabler Models for Financial AccessMobile Banking and Payments – Service ModelsMobile BankingM bil B ki Mobile as payment instrument • PUSH Services (Alerts) to • Transaction-based Banking send information to the customer’s mobile on the • Application based service occurrence of certain events • IVR based service in their accounts • Information Banking • WAP-based banking −SMS-based • USSD platform based (Yes Bank) −IVR based service • Mobile Payment Aggregator• Branchless Banking* – BCs • Mobile Commerce Aggregator gg g using the mobile as one of the • Mobile Based Prepaid Cards facilitators of end-to-end banking serviceUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 11
  12. 12. Enabler Models for Financial AccessThe Indian Mobile Banking Landscape Models Provider Basic Working Relevant Information Name Branchless A Little World/ • ZMF acts as a Business Correspondent • 9,400 outlets are now Banking Zero to 22 Banks under RBI guidelines. live, for 22 Banks Microfinance* • Technology platform provided by A Little • 3.8 million customers ( (Business World have registered g Correspondent/ • No-frills zero-balance bank accounts are • Operations extend to Microfinance opened for every villager. most parts of India Concept) • Fingerprint authentication used to operate the account. • Entire village gets a full suite of banking banking, insurance and utility services at the doorstep. • Platform built around a low-cost NFC mobile phone, used as Bank branch, which securely stores the entire general ledger and the ID profile of all customers in and around the village.* FINO, Eko are two other solution providers that works on a similar modelUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 12
  13. 13. Enabler Models for Financial AccessA Little World – Snapshots of the Operation Operators – Mostly SHG Enrolment - Fingerprint Enrolment - Photo women Capture Capture Payment to Beneficiary Getting ready for the day – Check Mobile equipment Printing of the receipt and cash – FP verification Mobile Charged, Registers, forms, etcSource: Financially Connecting India through Mobiles - Low Cost Operation Using Mobile Phones + Biometrics by Sonjoy Mohanty CEO Biometrics, Mohanty, CEO,A Little WorldUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 13
  14. 14. Enabler Models for Financial AccessThe Indian Mobile Banking Landscape Models Provider Basic Working Bank Partners Merchant Name network PayMate Links with partner Bank State Bank of India, Online merchants, (IVR accounts or debit and credit IDBI, Cosmos retail outlets, mobile Technology + cards to process payments Bank, Canara Bank, recharge, utility SMS, mobile to merchants in the network. Lakshmi Bank, billers, tickets mall for Corporation Bank, (flight, rail, movie, ecommerce Can also link to prepaid HDFC Bank, bus), Direct to transactions). account which is only Standard Bank, Home (DTH) Operator reloadable through AMEX, RBS, South Indian providers (Tata Sky, Mobile independent. MC, Visa or CitiBank debit or Bank, Karnataka Sun Direct, Dish TV Payment credit card Bank, Bank Bank of India, India Aggregator CitiGroup mCheck Links with partner Bank HDFC Bank / ICICI Telecom Operators, (SIM toolkit- accounts or debit and credit Bank / Standard Utility Bills, based cards to process payments Chartered Bank & Insurance, Insurance Online application, to merchants in the network. Corporation Bank Travel Portals . GPRS based issuing Debt Cards Movie tickets, download to on mcheck. online shopping, phone ) DTH pm mobile mall.Use of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 14
  15. 15. NgPay – A Mobile Commerce Provider Models Provider Basic Working Bank Merchant network Name Partners ngpay Links with partner Bank HDFC Bank / More than 120 partners (Mall on accounts and execute direct AXIS Bank across 10 sectors. Shop, Mobile) debit transactions (NEFT) send gifts, buy books, over mobile. buy movie tickets, book (Application all travel tickets, recharge Mobile based Direct debit is an established mobile & DTH, bank and Commerce technology) mechanism to make online payment Aggregator to merchant or to a person. more - easily and securely - from your Can also link to prepaid mobile handset. account of the bank. Note: largest mobile channel for Indian RailwaysUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 15
  16. 16. Enabler Models for Financial AccessThe Indian Mobile Banking Landscape Models Provider Basic Working Merchant network Relevant Information Name Prepaid ItzCash* Can be obtained from Electricity billers, • Launched in the year 2005 Cash (Prepaid approx 180,000 outlets Telephone Landline, • More than 7 million unique Card/Prep Card by across approx 1800 Mobile Postpaid, active users and rapidly aid Card non-bank)) Tier I & II towns in Mobile Prepaid, p , increasing g India. Also available at Cooking gas, • Processes more than one approx 15, 000 ItzCash Insurance companies, lakh transactions daily franchisees. Option to ISP, Railway tickets, • Processes more than Rs. have card home Travel Agencies, 80 mn ~ Rs. 100 mn worth delivered. delivered Cable/DTH, Cable/DTH Citizen transactions daily Services by • Have won various awards Has 12 digit account Government or including "Innovative Use number and a 4-digit Government bodies of Technology" password at the back of the card that are necessary for online, mobile and IVR transactions.* ZipCash is another provider that works on a similar modelUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 16
  17. 17. Financial Inclusion – RBI InitiativesKey RBI Policies, Circulars and Guidelines Issues to Promote yFinancial Inclusion RBI Payments Final Policy Directive to and Gu de es Guidelines Banks B k to Settlements for issuance make “No Act Passed and Frills” operation of Accounts Prepaid available Payment Final RBI Annual Instruments RBI Operating Policy Guideline Guidelines Statement allowing for Mobile stressing Banks to use Banking need for Prepaid BCs/BFs transactions Financial Policy for Banks Inclusion Guidelines Amended Dec, ’07 D Oct, O t ’08 Apr, Apr ’09 Aug A ’09 Nov, ‘05 2005 2006 2007 2008 2009 2010Use of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 17
  18. 18. Financial Inclusion – RBI InitiativesRBI Initiatives for Financial Inclusion• Easier credit facility − General Purpose Credit Card (GPCC) facility up to Rs. 25,000 − SHG-Bank Linkage Programme SHG Bank − Introduction of Kisan Credit Card and doubling of agriculture credit over 2004-05 to 2006-07- transform rural credit.• Simpler KYC norms, Business Correspondent (BC) model• Use of information technology (mobile device, smart cards)• Facilitation of new products (Prepaid accounts)• EBT Through Banks• 100% Financial Inclusion drive & Financial Literacy, Credit Counselling and y, g Project Financial Literacy• Liberalization of Bank branches and ATM expansion; expansion of banks in north east north-eastSource: Remarks by Dr. D. Subbarao, Governor, RBI, at the Bankers’ Club, 9th December 2009Use of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 18
  19. 19. Barriers to Achieving Financial InclusionBarriers to Financial Inclusion Through Mobile Banking g g Difficulty in Reading Most important & Writing SMS Challenge Is trust and security Illiteracy Security Lack of Low Awareness Penetration of M-Banking of GPRS services Awareness Limited Handset Capabilities Can we make the solutions affordable to Still many the masses Affordability Regulatory h dl R l t hurdles Regulatory EnvironmentUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 19
  20. 20. Facilitators to Overcome BarriersFacilitators to Overcome the Barriers to Achieving Financial gInclusion• Allow telecom companies to take part in payment and settlement cycle; greater compatibility between RBI and TRAI• Greater flexibility in RBI regulations without compromising on security• Technolog infrastr ct re and special incenti es to Technolog pla ers Technology infrastructure incentives Technology players including Telcos and handset manufacturers and third party aggregators• Increasing financial awareness in unbanked population through outreach programmes supported jointly by the Government and mobile banking stakeholders (Banks and non-banking FIs, telcos, handset manufacturers non banking and third party aggregators)• Introduction of Technology Enabled (For ex. Java based) Mobile handsets at minimal costUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 20
  21. 21. Thank you PwC© 2010 PricewaterhouseCoopers. All rights reserved. “PricewaterhouseCoopers” refers to the networkof member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independentlegal entity.
  22. 22. About PricewaterhouseCoopersPricewaterhouseCoopers Pvt. Ltd. (www.pwc.com/india) provides industry - focused tax andadvisory services to build public trust and enhance value for its clients and their stakeholders.PwC professionals work collaboratively using connected thinking to develop fresh perspectivesand practical advice.Complementing our depth of industry expertise and breadth of skills is our sound knowledge ofthe local business environment in India PricewaterhouseCoopers is committed to working with India.our clients to deliver the solutions that help them take on the challenges of the ever-changingbusiness environment.PwC has offices in Ahmedabad Bangalore Bhubaneshwar Chennai Delhi NCR, Hyderabad Ahmedabad, Bangalore, Bhubaneshwar, Chennai, NCR Hyderabad,Kolkata, Mumbai and Pune. Contact: Neel Majumdar Managing Consultant Performance Improvement Practice Tel: +91 33 4404 3196 Cell: +91 9830381643 Email: E il neel.majumdar@in.pwc.com l j d @i PwC
  23. 23. Appendix PwC
  24. 24. Rural and Urban Teledensity in IndiaSource: TRAI Annual Report 2008-2009 PwC
  25. 25. Growth of wireless subscribers capable of AccessingData services/InternetSource: Telecom Regulatory Authority of India,(TRAI) The Indian Telecom Services Performance Indicators, July - September 2009 PwC
  26. 26. Mobile Phones Have Become the PCs of the Developing World gSource: Mobile Banking Business Models for Low Income Rural Markets, presentation by Amit Mehta, TCS, at Mobiles and MoneyConference, Mumbai, 2009Use of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 26
  27. 27. The Rural Market is Moving Up the Value Chain Rural Urban 3 6 11 25 H 4 6 12 22 UM 10 18 23 26 M LM 36 46 35 24 L 47 24 18 3 1998 – 99 2006 – 07 1998 – 99 2006 – 07 Source : NCAER PwC
  28. 28. Key Features of Relevant RBI Policies, Circulars and GuidelinesEngaging BC/BFs f Financial Inclusion C/ for• Business Facilitators (BFs) − BFs to facilitate through collection and preliminary processing of loan applications, creating awareness about savings, nurturing SHGs, monitoring and recovering payments post disbursal• Business Correspondents (BCs) − BCs have greater systemic importance, responsible for disbursal of small value credits, recovery of principal and interest on loans disbursed, collection of small value deposits, selling micro insurance/MFs/pension products and receipt and delivery of small value remittances − Strict due diligence norms to be followed before banks engage BCs, strict norms on cash holding limits and requirement that funds collected to be transferred to bank’s books within one working day• Banks allowed to pay reasonable fees to BC/BFs• Reputational, legal and operational risks involved; hence banks required to implement technology based risk mitigation solutions• Compliance with KYC norms continues to be bank’s responsibilitiesUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 28
  29. 29. Key Features of Relevant RBI Policies, Circulars and Guidelines“No Frills” Account Directive − Asked banks to offer a basic banking “no-frills” account with low or zero minimum balances and minimum charges to expand the outreach of such accounts to low income groupsPayments and Settlements Act − Provided authority to the Reserve Bank of India (RBI) to regulate Payments and Settlement Systems in the country − Under this Act, two Regulations have been made by the Reserve Bank of India, namely, the Board for Regulation and Supervision of Payment and Settlement Systems Regulation 2008 and the Payment and Settlement Systems Regulations Regulation, Regulations, 2008. Both these Regulations came into force along with this Act on 12th August 2008. − The Act defines “payment obligation”, “payment instruction”, “payment system” and other commonly used terms like “electronic fund transfer”, “gross settlement system”, “netting”, “settlement”, “systemic risk”, “system participant” and “system provider” − The Act also provides the legal basis for “netting” and “settlement finality”. This is of great importance, as in India, other than the Real Time Gross Settlement (RTGS) system, all other payment systems f t ll th t t function on a net settlement b i ti t ttl t basis.Use of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 29
  30. 30. Key Features of Relevant RBI Policies, Circulars and GuidelinesMobile Banking Transactions Guidelines• Initially, only Banks with Core Banking Systems can provide Mobile Banking services• Daily transaction limit of INR 50 000 for P2P and P2B transfers 50,000• Per transaction limit of INR 5,000 (and monthly cap of INR 25,000 per customer) for remittance of funds for disbursement of cash through ATMs or BCs• C Compulsory two-factor authentication, one of the f f f factors need to be mPIN or any higher standard; transactions up to Rs. 1,000 can be facilitated by banks without end-to-end encryption• I t Interoperability must b t bilit t between b k and all mobile b ki service operators; h banks d ll bil banking i t hence message formats like ISO 8583 mandated• Bilateral or multi-lateral agreements between banks for clearing and settlement• Long term goal of mobile banking is to ensure 24*7 clearing and settlement through nationwide infrastructure, enabling real-time fund transfer between two accounts held in any bank and operated by users using mobile banking services of any operatorUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 30
  31. 31. Key Features of Relevant RBI Policies, Circulars and GuidelinesPrepaid Instrument Guidelines• Three broad categories – closed, semi-closed and open system payment instruments• Only banks allowed to offer mobile banking services are eligible to offer mobile based pre-paid payment instruments (mobile wallets & mobile accounts)• Non-banks allowed to offer only semi-closed prepaid instruments Non banks semi closed• Non-banks not allowed to offer Person-to-Person transfer of value• Maximum value not to exceed INR 50,000, validity period can be a maximum of 6 months th• Semi-closed prepaid instruments for utility payments can be offered without KYC up to a limit of INR 10,000• Reload of such payment instruments allowed against payment by cash/debit to bank account/credit card either by bank or by agent appointed by bank/non-bankUse of the Mobile Channel to Increase Financial Inclusion - the Indian Experience April 2010PricewaterhouseCoopers Slide 31
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