India’s economic growth rates higher than most developed countries in recent years, a
majority of the country’s population still residue unbanked. Financial Inclusion is a relatively
new socio-economic concept in India that aspire to change this dynamic by providing
financial services at affordable costs to the underprivileged, who might not otherwise be
aware of or able to afford these services. Global trends have revealed that in order to achieve
inclusive development and growth, the expansion of financial services to all sections of society
is of utmost importance. As a whole, financial inclusion in the rural as well as financially
backward pockets of cities is a win-win opportunity for everybody involving – the
banks/NBFC’s intermediaries, and the left-out urban population. Banks will handle core
infrastructure and services while intermediaries known as Business Correspondents (BC’s)
will be the executors and act as the face of these banking & financial institutions in dealing
with end-users. Therefore, it is assumed that financial inclusion can initiate the next
revolution of growth and prosperity. In the 21st century, India has been pulling all the right
levers to advance financial inclusion and economic citizenship by channelling its own
transactions to lubricate the system. India’s journey towards economic ascension relies on
how the 65% unbanked population of India (conservative 2012 estimate by World Bank) is
enabled with financial infrastructure.
Financial inclusions a pavement towards the future growthTapasya123
India’s economic growth rates higher than most developed countries in recent years, a
majority of the country’s population still residue unbanked. Financial Inclusion is a relatively
new socio-economic concept in India that aspire to change this dynamic by providing
financial services at affordable costs to the underprivileged, who might not otherwise be
aware of or able to afford these services. Global trends have revealed that in order to achieve
inclusive development and growth, the expansion of financial services to all sections of society
is of utmost importance. As a whole, financial inclusion in the rural as well as financially
backward pockets of cities is a win-win opportunity for everybody involving – the
banks/NBFC’s intermediaries, and the left-out urban population. Banks will handle core
infrastructure and services while intermediaries known as Business Correspondents (BC’s)
will be the executors and act as the face of these banking & financial institutions in dealing
with end-users. Therefore, it is assumed that financial inclusion can initiate the next
revolution of growth and prosperity. In the 21st century, India has been pulling all the right
levers to advance financial inclusion and economic citizenship by channelling its own
transactions to lubricate the system. India’s journey towards economic ascension relies on
how the 65% unbanked population of India (conservative 2012 estimate by World Bank) is
enabled with financial infrastructure.
This presentation discusses the causes of Andhra Pradesh crisis, how it all started and the possible after-effects. It also examines how the Indian MFIs and the government should respond post this crisis. The presentation concludes with reactions from the clients.
The main purpose of the research paper is to demonstrate the effects of Microfinance as a part of Financial Inclusion in India.
Microfinance: One of the Key drivers of Financial Inclusion
April 2014 Edition of BEACON, A Monthly Newsletter by SIMCON.
Inside this issue:
INDUSTRY ANALYSIS : Non Banking Financial Company
COMPANY ANALYSIS : STFC Ltd.
Concept of the Month
Quiz
Did You Know?
Financial inclusions a pavement towards the future growthTapasya123
India’s economic growth rates higher than most developed countries in recent years, a
majority of the country’s population still residue unbanked. Financial Inclusion is a relatively
new socio-economic concept in India that aspire to change this dynamic by providing
financial services at affordable costs to the underprivileged, who might not otherwise be
aware of or able to afford these services. Global trends have revealed that in order to achieve
inclusive development and growth, the expansion of financial services to all sections of society
is of utmost importance. As a whole, financial inclusion in the rural as well as financially
backward pockets of cities is a win-win opportunity for everybody involving – the
banks/NBFC’s intermediaries, and the left-out urban population. Banks will handle core
infrastructure and services while intermediaries known as Business Correspondents (BC’s)
will be the executors and act as the face of these banking & financial institutions in dealing
with end-users. Therefore, it is assumed that financial inclusion can initiate the next
revolution of growth and prosperity. In the 21st century, India has been pulling all the right
levers to advance financial inclusion and economic citizenship by channelling its own
transactions to lubricate the system. India’s journey towards economic ascension relies on
how the 65% unbanked population of India (conservative 2012 estimate by World Bank) is
enabled with financial infrastructure.
This presentation discusses the causes of Andhra Pradesh crisis, how it all started and the possible after-effects. It also examines how the Indian MFIs and the government should respond post this crisis. The presentation concludes with reactions from the clients.
The main purpose of the research paper is to demonstrate the effects of Microfinance as a part of Financial Inclusion in India.
Microfinance: One of the Key drivers of Financial Inclusion
April 2014 Edition of BEACON, A Monthly Newsletter by SIMCON.
Inside this issue:
INDUSTRY ANALYSIS : Non Banking Financial Company
COMPANY ANALYSIS : STFC Ltd.
Concept of the Month
Quiz
Did You Know?
Financial Inclusion Summit 2016 - Background & Current Status - Part - 1Resurgent India
Financial Inclusion is a key enabler to economic, social and transaction security of a country, thereby driving inclusive growth. It is for this reason that financial inclusion has been one of the key government priorities over the years, through various initiatives like Nationalization of Banks, Expansion of Banks branch network, Lead Bank Scheme, Business Correspondent Model, Mobile banking, Aadhaar enabled banking accounts, e-KYCs etc. Despite these various measures, poverty and exclusion continue to dominate socio-economic and political discourse in India even after six decades of post economic independence era.
Financial Inclusion: Landscape and ChallengesJohnnyRizq
There are 2.5 billion unbanked adults around the world, mainly in developing economies. Financial inclusion is important because the lack of access to formal financial services limits the ability of poor communities to thrive economically, and also entails greater risks of fraud and theft. This presentation gives an overview of the status of financial inclusion, what it means, and how new technologies such as mobile money services could help give poor people in remote areas better access to reliable financial services.
Role of Technology in driving Financial Inclusion 2016 - Part - 5Resurgent India
The banking sector has made rapid strides largely because of the rapid advancement of technology. Automated teller machines, internet and mobile banking, payment wallets, and other advancements have made significant improvements to consumer experience and have also helped banks widen their reach.
With the help of this presentation you will be able to know the financial inclusion status in india. Stats from RBI and Inclusix index also had been included in presentation.
This is a joint report focussing the impact of microfinance among the clients before and after the Andhra Pradesh crisis arising from the Andhra Pradesh Microfinance Institutions (Regulation of Money lending) Act, 2010. The report highlights the similar findings from quantitative study conducted by the Centre for Microfinance (CMF) at IFMR Research and qualitative study conducted by MicroSave. This paper features findings related to multiple borrowing, household indebtedness, loan purpose and client perspectives on availability of financing. Both studies validate the fact that the members of the community face issues raising credit in the absence of MFIs. Members of the community have reduced their spending on important aspects such as health, education and business because of non availability of adequate credit from alternative sources. Moneylenders are having a field day with the absence of MFIs. Members of the community are falling back to moneylenders who charge usurious rates of interest to meet their credit needs. The study also highlights the failure of MFIs when designing market led products and processes. MFIs, in the process of rapid scale up and single minded pursuit of exponential growth targets, ignored the needs of the clients. The study clearly shows the discomfort of the clients with inflexible repayments, interest rates and behaviour of the staff especially when it comes to repayment.
Research Inventy : International Journal of Engineering and Scienceresearchinventy
Research Inventy : International Journal of Engineering and Science is published by the group of young academic and industrial researchers with 12 Issues per year. It is an online as well as print version open access journal that provides rapid publication (monthly) of articles in all areas of the subject such as: civil, mechanical, chemical, electronic and computer engineering as well as production and information technology. The Journal welcomes the submission of manuscripts that meet the general criteria of significance and scientific excellence. Papers will be published by rapid process within 20 days after acceptance and peer review process takes only 7 days. All articles published in Research Inventy will be peer-reviewed.
The Seventh Bharat Ratna Rajiv Gandhi Memorial Lecture was delivered by Dr. C. Rangarajan, the then Chairman of the Economic Advisory Council to the Prime Minister of India, on 20 August, 2008 at Hotel Bliss, Tirupati, Andhra Pradesh, under the aegis of the Academy of Grassroots Studies and Research of India (AGRASRI), Tirupati, Andhra Pradesh. Dr. D. Sundar Ram, Director of the AGRASRI, Co-ordinate the programme.
Financial Inclusion in India - FIIB Finance Conclave 2013Dhruv Mahajan
The presentation includes everything about Financial Inclusion in India, the history of Financial Inclusion, meaning and objectives of Financial Inclusion, reasons for financial exclusion, measures taken by the government and the road ahead.
Financial Inclusion Summit 2016 - Background & Current Status - Part - 1Resurgent India
Financial Inclusion is a key enabler to economic, social and transaction security of a country, thereby driving inclusive growth. It is for this reason that financial inclusion has been one of the key government priorities over the years, through various initiatives like Nationalization of Banks, Expansion of Banks branch network, Lead Bank Scheme, Business Correspondent Model, Mobile banking, Aadhaar enabled banking accounts, e-KYCs etc. Despite these various measures, poverty and exclusion continue to dominate socio-economic and political discourse in India even after six decades of post economic independence era.
Financial Inclusion: Landscape and ChallengesJohnnyRizq
There are 2.5 billion unbanked adults around the world, mainly in developing economies. Financial inclusion is important because the lack of access to formal financial services limits the ability of poor communities to thrive economically, and also entails greater risks of fraud and theft. This presentation gives an overview of the status of financial inclusion, what it means, and how new technologies such as mobile money services could help give poor people in remote areas better access to reliable financial services.
Role of Technology in driving Financial Inclusion 2016 - Part - 5Resurgent India
The banking sector has made rapid strides largely because of the rapid advancement of technology. Automated teller machines, internet and mobile banking, payment wallets, and other advancements have made significant improvements to consumer experience and have also helped banks widen their reach.
With the help of this presentation you will be able to know the financial inclusion status in india. Stats from RBI and Inclusix index also had been included in presentation.
This is a joint report focussing the impact of microfinance among the clients before and after the Andhra Pradesh crisis arising from the Andhra Pradesh Microfinance Institutions (Regulation of Money lending) Act, 2010. The report highlights the similar findings from quantitative study conducted by the Centre for Microfinance (CMF) at IFMR Research and qualitative study conducted by MicroSave. This paper features findings related to multiple borrowing, household indebtedness, loan purpose and client perspectives on availability of financing. Both studies validate the fact that the members of the community face issues raising credit in the absence of MFIs. Members of the community have reduced their spending on important aspects such as health, education and business because of non availability of adequate credit from alternative sources. Moneylenders are having a field day with the absence of MFIs. Members of the community are falling back to moneylenders who charge usurious rates of interest to meet their credit needs. The study also highlights the failure of MFIs when designing market led products and processes. MFIs, in the process of rapid scale up and single minded pursuit of exponential growth targets, ignored the needs of the clients. The study clearly shows the discomfort of the clients with inflexible repayments, interest rates and behaviour of the staff especially when it comes to repayment.
Research Inventy : International Journal of Engineering and Scienceresearchinventy
Research Inventy : International Journal of Engineering and Science is published by the group of young academic and industrial researchers with 12 Issues per year. It is an online as well as print version open access journal that provides rapid publication (monthly) of articles in all areas of the subject such as: civil, mechanical, chemical, electronic and computer engineering as well as production and information technology. The Journal welcomes the submission of manuscripts that meet the general criteria of significance and scientific excellence. Papers will be published by rapid process within 20 days after acceptance and peer review process takes only 7 days. All articles published in Research Inventy will be peer-reviewed.
The Seventh Bharat Ratna Rajiv Gandhi Memorial Lecture was delivered by Dr. C. Rangarajan, the then Chairman of the Economic Advisory Council to the Prime Minister of India, on 20 August, 2008 at Hotel Bliss, Tirupati, Andhra Pradesh, under the aegis of the Academy of Grassroots Studies and Research of India (AGRASRI), Tirupati, Andhra Pradesh. Dr. D. Sundar Ram, Director of the AGRASRI, Co-ordinate the programme.
Financial Inclusion in India - FIIB Finance Conclave 2013Dhruv Mahajan
The presentation includes everything about Financial Inclusion in India, the history of Financial Inclusion, meaning and objectives of Financial Inclusion, reasons for financial exclusion, measures taken by the government and the road ahead.
Impact of Liberalization on Rural Banking in IndiaNimit Jain
This presentation analyses the impact of financial liberalization policies adopted by India post 1991 on the Rural Banking Sector. This presentation was originally submitted as a project in Economics in BFIA, Shaheed Sukhdev College of Business Studies, University of Delhi.
Implementing the aspects of financial inclusion in the phase of demonetisatio...IJLT EMAS
The concept of ‘financial inclusion’ was introduced by
the reserve bank of India in April 2005 with an objective of
delivering financial services to the economically challenged and
underdeveloped segment of the society at an affordable rate. RBI
encouraged the formal banking sector as well as the microfinance
sector to provide soft loans and savings facilities especially to the
poor with a flexible documentation process to attract them under
the umbrella of RBI. This will not only improve the financial
stake of the low-income group of the country, but also ensure
them a safe investment and will increase the portfolio size of the
bank and NBFCs. In 2014, The Government of India announced
‘Pradhan Mantri Jan Dhan Yojna” to expand the financial
inclusion project by bringing more people under banking and
banking spread sector. On 8th November 2016, Mr Narendra
Modi, Prime minister of India ceased 500 and 1000 rupee notes
as legal tender which can be termed as demonetization. Although
the immediate mission was to eradicate black money, fake money
and terror financing; it can be considered as a way forward to
the ‘Jan Dhan Yojna” and hence can be used as a strategy
instrument of imposing financial inclusion across the country.
This paper examines the advantages and disadvantages of
demonetization in implementing financial inclusion in India. In
spite of the fact that demonetization will force the people to make
their transaction through bank and NBFCs , there are serious
challenges like the liquidity crunch of the cash based segment of
the economy, the bank and digital literacy issues etc. In this
paper the challenging issues have been addressed as well as the
bottleneck of financial inclusion in post-demonetization period
has been discussed by identifying the crucial parameters like
percentage of people having bank account, the percentage of
people uses mobile and /or internet, the literacy percentage of the
country, the policy of the banks, the documentation requirement
of the bank and feasibility of the poor section etc.
FINANCIAL INCLUSION THROUGH BUSINESS CORRESPONDENT MODELIAEME Publication
In recent years, India has witnessed a high rate of economic growth, which has resulted in greater personal wealth for many Indians. However, a majority section of the society is still financially uncovered, meaning it does not have access to formal financial institutions. In light of recent research that shows a strong correlation between financial exclusion and poverty and inequality, the Indian government has made financial inclusion an integral part of its planning strategy. The spreading of banking network to the vast rural areas of the country at an affordable cost remains as a challenge to all those who are involved. In India, an effort has been made to achieve financial inclusion by using information and communication technology through a Business Correspondent model.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Financial Inclusions: A Pavement towards the Future Growth
1. Financial Inclusions: A Pavement towards the Future Growth
Financial Inclusions: A Pavement towards the Future Growth
Dr. Chitra Rathore*
Abstract:
India’s economic growth rates higher than most developed countries in recent years, a
majority of the country’s population still residue unbanked. Financial Inclusion is a relatively
new socio-economic concept in India that aspire to change this dynamic by providing
financial services at affordable costs to the underprivileged, who might not otherwise be
aware of or able to afford these services. Global trends have revealed that in order to achieve
inclusive development and growth, the expansion of financial services to all sections of society
is of utmost importance. As a whole, financial inclusion in the rural as well as financially
backward pockets of cities is a win-win opportunity for everybody involving – the
banks/NBFC’s intermediaries, and the left-out urban population. Banks will handle core
infrastructure and services while intermediaries known as Business Correspondents (BC’s)
will be the executors and act as the face of these banking & financial institutions in dealing
with end-users. Therefore, it is assumed that financial inclusion can initiate the next
revolution of growth and prosperity. In the 21st century, India has been pulling all the right
levers to advance financial inclusion and economic citizenship by channelling its own
transactions to lubricate the system. India’s journey towards economic ascension relies on
how the 65% unbanked population of India (conservative 2012 estimate by World Bank) is
enabled with financial infrastructure.
Key words: Pavement, Financial inclusion, Population, Infrastructure.
Financial inclusion is the delivery of financial services at affordable costs to vast deprived
sections and low income groups. Nicholson report (1895) was the first to highlight the
need to establish “LAND BANKS” as an alternative to dominance of money lenders.
Resulting, the cooperative credit societies Act, 1904 was passed to provide, amongst other
things, a legal basis for cooperative credit societies.
*
Assistant Professor, Department of EAFM, S.S.Jain Subodh P.G.(Autonomous) College, Jaipur
2. Professional Panorama: An International Journal of Management & Technology
Financial Inclusions: A Pavement towards the Future Growth 92
Even after 70 years of independence, a large section of Indian population still remains
unbanked. This has led generation of financial instability and pauperism among the lower
income group who do not have access to financial products and services. Financial
inclusion is expected to make noteworthy alterations in the economy; especially the rural
economy which will operate through the banking system will also ensure regularity of flow
of liquidity in households and thus opportunities for investment.
Significance of Financial Inclusion
The policy makers have been concentrating on financial inclusion of Indian rural and semi-
rural areas primarily for three most important pressing needs:
· Generating a platform for inculcating the habit to save money – The lower income
category has been living under the constant shadow of financial duress primarily
because of the absence of savings. The absence of savings makes them a vulnerable lot.
Presence of banking services and products intends to provide a critical tool to inculcate
the habit to save. Capital formation in the country is also expected to be boosted
once financial inclusion measures materialize, as people move away from traditional
modes of parking their savings in land, buildings, bullion, etc.
· Providing formal credit avenues – As far as the unbanked population has been
vulnerably dependent on informal channels of credit like family, friends and
moneylenders. Accessibility of adequate and transparent credit from formal banking
channels shall permit the entrepreneurial spirit of the masses to increase outputs and
prosperity in the countryside. A classic example of how easy and affordable availability
of credit can do for the poor is the micro-finance sector.
· Plug gaps and leaks in public subsidies and welfare programmes – A substantial
sum of money that is meant for the poor do not actually reach them. While this money
meanders through large system of government bureaucracy much of it is widely
believed to leak and is unable to reach the intended parties. Government is therefore,
pushing for direct cash transfers to beneficiaries through their bank accounts rather
than subsidizing products and making cash payments. This commendable effort is
expected to reduce government’s subsidy bill (as it shall save that part of the subsidy
that is leaked) and offered relief only to the real beneficiaries. All these efforts require
3. Professional Panorama: An International Journal of Management & Technology
Financial Inclusions: A Pavement towards the Future Growth 93
an efficient and affordable banking system that can reach out to all. Therefore, there
has been a push for financial inclusion.
Committees Framed on Financial Inclusion by RBI
Khan Commission: RBI set up in 2004 to look into financial inclusion and the
recommendations of the commission were incorporated into the mid-term review of the
policy (2005–06) and urged banks to review their existing practices to align them with the
objective of financial inclusion. RBI also exhorted the banks and stressed the need to make
available a basic banking ‘no frills’ account either with ‘NIL’ or very minimum balances as
well as charges that would make such accounts accessible to wide sections of the
population of the many schemes and programmes pushed forward by RBI the following
need special mention.
Rangarajan Committee
There are four major reasons for lack of financial inclusion
· Inability to provide collateral security
· Poor credit absorption capacity,
· Inadequate reach of the institutions
· Weak community network
There is need to systematize Urban/Semi-Urban poor people into Neighbourhood Groups
(NHGs) on the same pattern as has been adopted for the rural poor.(Need to extend the
mandate of NABARD to cover beyond rural areas)
2nd ARC (Administrative Reforms Commission) on Financial Inclusion
· Innovation is critical for financial inclusion. This would mean developing newer
financial products in terms of loans, savings, and insurance services etc. which are
tailored to the needs of the poor.
· Currently, most public sector Banks and micro-finance institutions have a limited
product offering, which limits the choice of the SHGs and also constrains them in terms
of utilizing the loans productively.
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· Extension of the RRB network to the remaining non-financed areas would considerably
speed up the process of inclusive banking and assist in extending micro-finance to local
SHGs.
· High saturation of telecom connectivity in India, together with the latest mobile
technology could be used to enhance financial inclusion in the country.
· MFIs should handle thrift /saving and money transfer only as business correspondents
of Scheduled Banks, but not in their individual capacity as a micro-finance lender as it
involves hard earned savings of the poorest of the society
4 Models of SHG-Bank Linkage
· SHG-Bank linkage promoted by a mentor institute (eg. Self-Help Promotion Agencies
& NGOs) – SHPAs provide the seed money. 2nd ARC believed that this is an appropriate
model to be replicated on large scale.
· SHG-Bank direct linkage – Very less frequent because of meagre initial savings of SHGs
· SHG-Mentor Institution linkage (indirect linkage) – SHPAs act as financial
intermediaries. SHPI accepts the contractual responsibility for repayment of the loan
to the Bank unlike in case 1
· SHG-Federation model – Cluster of SHGs forming a federation to attain economic
sustainability. This federation acts as an intermediary. Some federation are even
capable of accessing credit from large MFIs.
Nachiket Mor Commitee
Committee on Comprehensive Financial Services for Small Businesses and Low Income
Households” was set up by the RBI in Sep 2013 under the chairmanship of Nachiket Mor,
an RBI board member.
Key Recommendations
1. Providing a universal bank account to all Indians above the age of 18 years by
January 1, 2016. To achieve this, a vertically differentiated banking system with
payments banks for deposits and payments.
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2. Wholesale banks for credit outreach: These banks need to have Rs.50 crore by way
of capital, which is a tenth of what is applicable for new banks that are to be
licensed.
3. Aadhaar will be the prime driver towards rapid expansion in the number of bank
accounts. Monitoring at the district level such as deposits and advances as a
percentage of gross domestic product (GDP).
4. Adjusted 50 per cent priority sector lending target with adjustments for sectors and
regions based on difficulty in lending.
5. Increase the Priority Sector Lending Mandate: The Mor committee has
recommended that the priority sector lending mandate for banks should be raised
from the current 40 per cent to 50 per cent. At the same time, the banks must be
freed from all pricing and other restrictions.
6. Allow differentiated Licenses: The committee has taken ahead the case of
differentiated banking licences. It has proposed that three new categories of banks
viz. payment, wholesale investment and wholesale consumer should be allowed. At
the same time, the regulations for non-banking financial companies, or NBFCs
should be streamlined. The biggest problem here would be the business viability of
such banks. One example of differentiated banking license is Regional Rural Banks,
which were started off with great promises but ultimately broke down.
7. Meaningful Financial Inclusion: The Nachiket Mor committee has suggested two
specific district-level penetration metrics viz. the credit- GDP and life cover-GDP
ratios to monitor the meaningful financial inclusion. This is a slight departure from
the number of accounts formula of financial inclusion. It is a meaningful
recommendation and must be taken ahead.
Deepak Mohanty Committee
The Reserve Bank of India (RBI) on 15 July 2015 constituted a committee to work out a
five-year (medium-term) action plan for financial inclusion. The 14-member panel will be
headed by RBI executive director Deepak Mohanty.
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1. The Committee will work to spread the reach of financial services to unbanked
population.
2. To review the existing policy of financial inclusion including supportive payment
system and customer protection framework taking into account the
recommendations made by various committees set up earlier.
3. To study cross country experiences in financial inclusion to identify key learnings,
particularly in the area of technology-based delivery models, that could inform our
policies and practices.
4. To articulate the underlying policy and institutional framework, also covering
consumer protection and financial literacy, as well as delivery mechanism of
financial inclusion encompassing both households and small businesses, with
particular emphasis on rural inclusion including group-based credit delivery
mechanisms.
5. To suggest a monitorable medium-term action plan for financial inclusion in terms
of its various components like payments, deposit, credit, social security transfers,
pension and insurance.
Other Efforts
A. BCs — 110,000 business correspondents employed through the business facilitator and
business correspondent (BC) models and set up goals for banks to provide access to formal
banking to all 74,414 villages with population over 2000.RBI also adopted the information,
communication, technology-based agent bank model through BCs for door-step delivery of
financial products and services since 2006.Minimum infrastructure for operating small
customer transactions and supporting up to 8-10 BCs at a reasonable distance of 2-3 km.
B. Initiation of no-frills account – These accounts provide basic facilities of deposit and
withdrawal to accountholders makes banking affordable by cutting down on extra frills
that are no use for the lower section of the society. These accounts are expected to provide
a low-cost mode to access bank accounts. RBI also eased KYC (Know Your Customer)
norms for opening of such accounts.
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C. Banking service reaches homes through business correspondents – The banking
systems have started to adopt the business correspondent mechanism to facilitate banking
services in those areas where banks are unable to open brick and mortar branches for cost
considerations. Business Correspondents provide affordability and easy accessibility to
this unbanked population. Armed with suitable technology, the business correspondents
help in taking the banks to the doorsteps of rural households.
D. EBT – Electronic Benefits Transfer – To plug the leakages that are present in transfer of
payments through the various levels of bureaucracy, government has begun the procedure
of transferring payment directly to accounts of the beneficiaries. This “human-less”
transfer of payment is expected to provide better benefits and relief to the beneficiaries
while reducing government’s cost of transfer and monitoring. Once, the benefits starts to
accrue to the masses, those who remain unbanked shall start looking to enter the formal
financial sector.
India had scored poorly on financial inclusion parameters when compared with the global
average as per Reserve Bank of India in its annual report. The report quoted a World Bank
study in April 2012, which had shown half of the world’s population held accounts with
formal financial institutions. The study said only nine per cent of the population had taken
new loans from a bank, Credit Union or microfinance institution in the past year. In India,
only 35 per cent have formal accounts versus an average of 41 per cent in developing
economies. In the past five years, RBI has worked harder than many central banks in
developing countries to offer at least limited financial services, especially in rural villages,
and to coerce retail banks to comply with financial inclusion directives. Nevertheless, RBI’s
recently released Mor Committee Report referred to above, reveals new and worrisome
realities:
· Almost 90 percent of small businesses in India still have no links with formal
financial institutions.
· 60 percent of the rural and urban population do not have a functional bank account.
· Bank credit to GDP ratio in the country as a whole is 70 percent, but in a large, very
poor state such as Bihar, it is dramatically less at 16 percent.
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· Savings, even for the not so very poor, are declining and, in certain areas, moving away
from financial to physical assets. And less than fully regulated savings often include less
than fully scrupulous providers.
· Reasons cited for this trend include lack of positive real return and difficulties in quick,
direct access to savings accounts.
· Savings as a proportion to GDP have fallen from 36.8 percent in 2007-08 to 30.8 percent
in 2011-12 (most recent figures available) and household financial savings declined
from 11.6 percent of GDP to 8 percent during the same period.
· Credit and access to equitable financing for low-income households and small
businesses is, in very poor areas, even less encouraging.
· Many retail banks fail to comply with RBI’s Priority Sector Lending (PSL) guidelines,
which require a full 40 percent of their lending to these sectors, for the simple reason
that their non-performing assets (NPAs) are almost double
· Independent, external sources fail to paint a rosier picture. The World Bank’s research
says that only 65% population is using banking services, and note that only 4 percent
use formal bank accounts to receive welfare payments. In theory, all beneficiaries of
India’s many, various welfare and pension must have a basic savings account. The
reality is that many districts still use CICO (cash in/cash out) agents for distribution.
A MicroSave overview explains some of the reasons why.
· Of the 182 million-plus such accounts that are on RBI’s books, at least half- possibly far
more—are either dormant or “pass-through” accounts only. (Beneficiaries pull out their
full government disbursement each month and fail to save in small increments or invest
in micro-insurance policies).
· So, if full financial inclusion is NOT happening in India, and probably not even
progressing by most important metrics, why is this case and how might things
improve?
· Micro Save has spent the last several years trying to answer these questions by talking
directly to the financially excluded all over India, to the bankers required by RBI to
serve their needs, to the “business correspondent” managers and agents in both urban
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and rural locations who actually do serve their needs, and to the RBI and other policy-
makers who are in fact trying hard to make this work.
In a survey of 2,932 villages with a population of greater than 1,000, only 39% are covered
through customer service points (CSPs) according to State Level Bankers’ Committee
(SLBC). Field work reveals that only 7% of the villages have transaction ready CSPs; only
4% have CSPs available to transact every day.1, 2 A little over 2% of the appointed CSPs are
doing more than 10 transactions a day, and less than 4% are earning more than Rs. 2,000 a
month; with a median monthly income as low at Rs.1,500 – and so quite likely to quit the
business soon.
What more is to be done for Financial inclusions?
Financial inclusion of the unbanked masses is a critical step that requires political will,
bureaucratic support and dogged persuasion by RBI. It is expected to unleash the hugely
untapped potential of the bottom of pyramid section of Indian economy. Perhaps, financial
inclusion can begin the next revolution of growth and prosperity
THE need of the hour is to involve the small savings of the rural mob and mobilize it
towards the development of the nation. It’s a kind of dual development, development of the
nation as well as of the people. The trust in the Indian Banking system has to be developed
so that people may prefer to keep their savings with the banks instead of their lockers.
The approach and the reach of the banking network has to be extended up to the extreme
rural areas. India is the country of villages and without involvement of rural and villagers
the development of Indian Economy cannot take place in real sense.
India is not alone in needing to address these and related problems—and, no, technology,
mobile operators, and global credit-card brands are not the all-purpose solutions some
would have us believe. As the world’s largest democracy and second most-populous nation,
India has a certain responsibility to think more creatively and implement more effectively
for full financial inclusion. If and when it does, the rewards will also be that much more
noteworthy and gratifying for all involved.
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Reference
1. Kochar Sameer; Speeding Financial Inclusion Dutt, Sundaram; Indian Economy.
2. RBI Bulletin.
3. Teki S, Mishra R.K.; Microfinance and Financial Inclusion.
4. Thingalaya N.K , Moodithaya M.S Financial Inclusion and Beyond; Issues and Challenges.
5. Prasad M.S.V.; Financial Inclusion in India; Challenges and Strategies.
6. Mishra Padmaja, Kapila Uma; Indian Economy by Financial Inclusion, Inclusive Growth &
the Poor.