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.
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.
Recent initiatives of the government in financial inclusionMohit Jane
Recently there are too many steps taken to initiate the Financial Inclusion in India. Such steps helpful to inculcate every other single person via electronic means.
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.
Recent initiatives of the government in financial inclusionMohit Jane
Recently there are too many steps taken to initiate the Financial Inclusion in India. Such steps helpful to inculcate every other single person via electronic means.
Financial inclusion is a powerful enabler of inclusive economic growth. Studies show that access to finance and financial services empowers people in many ways -- they are better able to start and expand businesses, invest in education, manage risk, and absorb financial shocks. It also helps help reduce income inequality and thereby accelerate economic growth.
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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.
This presentation is based on Financial Inclusion, Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players.
The process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost” in a fair and transparent manner by mainstream institutional players”
The Committee on Financial Inclusion
(Chairman: Dr. C. Rangarajan, 2008)
In advanced economies, Financial Inclusion is more about the knowledge of fair and transparent financial products and a focus on financial literacy.
In emerging economies, it is a question of both access to financial products and knowledge about their fairness and transparency.
Financial inclusion is a powerful enabler of inclusive economic growth. Studies show that access to finance and financial services empowers people in many ways -- they are better able to start and expand businesses, invest in education, manage risk, and absorb financial shocks. It also helps help reduce income inequality and thereby accelerate economic growth.
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.
This presentation is based on Financial Inclusion, Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional players.
The process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost” in a fair and transparent manner by mainstream institutional players”
The Committee on Financial Inclusion
(Chairman: Dr. C. Rangarajan, 2008)
In advanced economies, Financial Inclusion is more about the knowledge of fair and transparent financial products and a focus on financial literacy.
In emerging economies, it is a question of both access to financial products and knowledge about their fairness and transparency.
History of Currency : Ancient Coinage, paper, Indian Rupee
Evolution Coins, to paper to Bank Money
Financial Inclusion
Reforms - Adhar cards,Jan Dhan Yojana, GST
Benefits of GST
Why demonetisation is needed?
Suggested by Dr. Ambedkar
Benefits - Unearthing Black Money, Revenue to Govt., Shift to Bank Money
welcomed globally.
Going Cash-Less
Lets learn and Teach Digital Cash
Digital Cash Transfers and Financial Inclusion in IndiaCGAP
Developing a digital payments architecture in India:
Creates efficiencies and lessens leakages in government, by building digital rails in some of the hardest to reach and poorest areas of India;
Saves India $20 billion a year, or 1% of its GDP;
Achieves financial inclusion for millions of beneficiaries who can receive payments on time, access basic financial services, and use technology to provide feedback to government on those services.
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.
Meaning, Features of RRBs, Objectives of Regional Rural Banks, Formation and Development of Regional Rural Banks, Reform process of RRBs, For Development/ Promotion/ & Effectiveness of RRBs., Working of RRBs, Functions of RRBs, Structure of Rural Credit
Indian model of financial inclusion: Will Mobile Payments lead the future?TechvibesKnowledgeCenter
The thought paper aims at exploring the Indian model of financial inclusion vis-a-vis potential in mobile payments. The study falls back on the trends in Indian ICT story to pitch a case for use of mobile payments technology in RBI's drive to achieve financial inclusion.
Huge thanks to Mr. Kyung Yang Park, CEO Moca Pay (moca.co.kr), on being a guiding force during the course of this study.
Also, thank you Manu Gupta for being the sounding board. Your brutally honest comments have given this study its final shape.
- Anshuman Chaturvedi
Consultant, Founder, Techvibes Global Services
The rise of digital financial inclusion is an important global phenomenon. Today, financial services is probably the most digitized industry, as well as the most globalized, in addition to being for at least the past two decades the single largest component of global technology spending. Financial Inclusion is a relatively new socio-economic concept in India that aims to change the position where a majority of the country’s population is unbanked. Developing country governments are exploring ways to encourage their populations to use the four key instruments of financial inclusion: payment system, credit, insurance, and investment. By creating such an ecosystem, they can help expand access to affordable financial services to the financially excluded. The emergence of new digital technology, including Fintech, can ensure financial inclusion and improve financial well-being.
FinTech will revolutionize investment banking in many ways. It uses innovation to dramatically increase efficiency and leverage advanced technologies like The Cloud and AI. As a result, investment institutions must adapt to technological advances to remain competitive.
Sustaining the development of the country will require current levels of growth to trickle down to the poorest and more excluded of society. A critical way to extend these benefits will be to bring people into the formal sector of finance, whereby they may have more reliable and cheaper access to their financial needs of remittances, savings, borrowings etc. Many models have been suggested as alternatives to traditional branch banking, the current penetration of which is abysmally low. Options include mobile banking, enlisting business correspondents, encouraging MFIs, etc., and each option has its strengths and weaknesses. The models with the greatest potential for the future should be able to leverage on existing retail networks and the rapidly expanding ICT (information and communication technology) platform. As such, the BC model, clubbed with m-banking technology, holds the greatest promise to achieving universal inclusion and steps must be taken to encourage its sustained proliferation
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ABSTRACT:Mobile banking is a newly added service in the banking sector that facilitates banking via mobile devices. With the tremendous growth in mobile phone usage, banks in the developed world have moved to utilize mobile banking, which makes banking easier, faster, and very cost-effective. Mobile phones have quickly emerged as a successful and popular means of communication in recent years and the researchers believe that growth of mobile banking in Bangladesh is inevitable, especially when banks do not have sufficient number of branches in the rural areas of Bangladesh. The purpose of this research is to assess the Opportunities and Challenges of mobile banking in this country. To accomplish this empirical study, multiple banks have been surveyed which either currently have an operational mobile banking in place or planning to introduce one in the near future. The research shows tremendous potential for mobile banking in Bangladesh and reveals some of the key barriers of progress as well. KEYWORDS:Banking Sector, Mobile banking, Mobile Phone, Rural Areas, Telecommunication.
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- future predictions for the retail banks in India in terms of Technological advancement and Customer Engagement
- Top 10 Predictions from the World of Retail Banking.
This report was submitted as a course project for "ECO301- Introduction to Economics" at IIIT-Delhi in collaboration with Shubham Singhal.
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A digital shift is taking place globally over wide range of sectors to stay ahead in the competition in their respective fields to which banking industry is no exception. Digitalization is inevitable for banking industry and hence "Hop on the digitalisation express" should be the goal of every bank in the world. The financial landscape is on the verge of change and has essentially revolutionised the business model of banking industry. In the new digital era, increasing expectations of the customers across all delivery channels, be it ATM, Internet banking or mobile banking is a standard requirement. Customer centric digitalised operations will increase the efficiency and effectiveness in banking services in the challenging, dynamic environment. Millenials are more eager to do their banking transactions and financial planning via e-banking and hence a key to success of banks is offering everything on electronic media. Projecting the banks offerings on third-party sites and providing value added services on mobile application using the open API economy will be crucial too. Not only are the Customers, the key players of digitalisation as the banks are constantly striving hard to remain one step ahead of customers but also the competitors and the regulatory agencies are acting as drivers to digitalisation. Customers expect a seamless multichannel experience and a consistent, global service from banking sector. Samita V. Dalvi "Digitisation in Banking" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | International Conference on Digital Economy and its Impact on Business and Industry , October 2018, URL: http://www.ijtsrd.com/papers/ijtsrd18704.pdf
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The goal of the demonetization move in India is to make the economy stronger and eliminate the parallel cash economy which is unaccounted and untaxed. While this can impact the GDP negatively in the short term, it should have positive long term consequences. For e-commerce companies, which already have a digital payments system in place, it should lead to higher online payment and eventually eliminate the painful cash on delivery option. However, in the short term, witness a decline in GMV from India as the economy adjusts to the “new normal”.
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www.seribangash.com
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
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Role of Technology in driving Financial Inclusion 2016 - Part - 5
1. Role of Technology in
driving Financial Inclusion
Financial Inclusion Summit 2016
Part - 5
2. Role of Technology in driving
Financial Inclusion
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.
Technology not only enhances the competitive efficiency of the banking sector by
strengthening back-end administrative processes, it also improves the front-end
operations and helps in bringing down the transaction costs for the customers.
Besides this, technology plays an important role in reducing cost of providing
banking services, particularly in the rural and unbanked areas.
3. Role of Technology in driving
Financial Inclusion
RBI has been actively involved in harnessing technology for the development of
the Indian banking sector over the years. The Information Technology (IT) saga
in Indian Banking sector commenced from the mid-eighties when the Reserve
Bank of India (RBI) took upon itself the task of promoting computerization in
banking to improve customer services, book keeping and Management
Information System (MIS) to enhance productivity. RBI has played a pivotal role
which has helped banks in achieving various objectives such as the introduction
of MICR based cheque processing, Implementation of the electronic payment
system such as RTGS (Real Time Gross Settlement), Electronic Clearing Service
(ECS), Electronic Funds Transfer (NEFT), Cheque Truncation System (CTS),
Mobile Banking System etc.
4. Role of Technology in driving
Financial Inclusion
A major technological development witnessed in banking sector is the adoption
of the Core Banking Solutions (CBS). CBS is networking of branches, which
enables customers to operate their accounts and avail of banking services from
any branch of the Bank on CBS network, regardless of where the customer
maintains his/her account. Adoption of CBS was seen as a step towards
enhancing, customer convenience through, Any-Where, Anytime Banking.
Another major technological development, which has revolutionized the delivery
channel in the banking sector, has been the growth of Automated Teller
Machines (ATMs).
5. Role of Technology in driving
Financial Inclusion
Technology has also proved to be an effective tool to intensify financial inclusion.
It has the potential of furthering financial inclusion by making small ticket retail
transactions cheaper, easier and faster for the banking sector as well as for the
small customers.
The government’s financial inclusion drive is likely to improve through
technological interventions as brick and mortar businesses are proving to be an
uneconomical proposition for banks in rural or remote areas and conventional
banking models prove to be unfeasible for low ticket size of transactions,
deposits, loans, etc. in such regions. Against this backdrop, banks are expected to
leverage technology solution such as digital financial services to expand presence
in unbanked regions.
6. Role of Technology in driving
Financial Inclusion
Digital financial servicesare expected to play a crucial role in driving GOIs financial
inclusion agenda. Digital financial services is not only becoming popular in urban
centers but is also gaining acceptance in rural geographies, which is clearly evident
from the surge witnessed in the number of digital transactions in the last few years.
7. Role of Technology in driving
Financial Inclusion
In a country where there are more mobile phone owners than bank account holders,
digital financial servicesare expected to receive significant traction. Banks are
increasingly using digital platforms for serving both the unbanked and the
underbanked population, especially in rural/remote regions, as the costs are
significantly lower as compared to traditional banking channels. Digital financial
services offeringhelps banks operate on low cost models and thereby positively
impacts their overall profitability of banks. Furthermore, with an increase in financial
inclusion and digitalization of banking, requirement of cash in the economy will
reduce, thereby helping in controlling unaccounted money in the economy.
8. Role of Technology in driving
Financial Inclusion
The use of technology in offering financial services has been successful in several
markets, especially Africa.In Kenya, nearly two-thirds of all adults are active
customers of a mobile based money transfer and payments service and nearly
50 per cent of mobile phone owners in Tanzania actively use mobile money
systems. In comparison, India, with its unbanked/bank-inactive population of
over 45 per cent and 900 million mobile subscriber base, sees only 1 to 1.5 per
cent of mobile subscribers using mobile money actively.
9. Role of Technology in driving
Financial Inclusion
However, the situation is expected to change going forward with the
emergence of a digital ecosystem promoting greater use of digital channels to
promote financial inclusion. New digital channels including mobiles will
provide a cost-effective model for the last mile access by leveraging new
digital interfaces, e-KYC and Aadhaar enabled payment infrastructure for cost
effective delivery of financial services.
10. Leveraging Mobile Phone
Penetration
Financial institutions and mobile phone service providers are introducing
innovative methods of bringing the unbanked populations into the formal
economy using mobile phones. For banks, the main advantage of the mobile
phone technology lies in its capabilities to reach everywhere and be reached
from everywhere. Mobile banking is a powerful way to deliver banking
services to a large population base who own a mobile phone. It has a number
of advantages over traditional banking methods because it breaks down
geographical constraints. It also offers other advantages such as immediacy,
security and efficiency. Further, mobile banking also reduces the costs of
financial transactions as it involves little or no infrastructure cost to the bank
and no additional investment from the customers.
11. Leveraging Mobile Phone
Penetration
As a country, India has witnessed rapid growth in mobile adoption and today
more than 70 % of the population (~920 million subscribers) hold a mobile
phone. The extensive reach of mobile phones offers an innovative low-cost
channel to expand the reach of banking and payment services especially to
the large section of rural mobile subscribers.
12. Trend of Zero Balance Accounts
under PMJDY
It is felt, that the government’s DBT commission rate in rural areas (currently
1 per cent subject to an upper limit of Rs 10 per transaction) is too low to
ensure the support of these agents in rural areas. As per the MicroSave
report, ~ 22-35 per cent of Business Correspondents appointed to deliver
financial services have become dormant. Other issues pertaining to the BC
model include – a) inadequate and inconsistent customer service by BCs
poses a reputational risk to the banking institution b) Absence of proper
training to a BC regarding financial products and ability to handle customer
complaints.
13. Leveraging Mobile Phone
Penetration
The increasing mobile penetration and growing use of mobile internet has
positively impacted the financial inclusion agenda of the government. The
banking sector space has recently witnessed several movements aimed at
driving financial inclusion. Some of them are –
a) Multiple models and partnerships have been formed between banks,
telecom operators and technology players to drive growth in mobile banking.
In India, mobile banking has seen rapid growth over last few years with
number of transactions rising from 4.72 million in November 2012 to 27.11
million in September 2015.
14. Leveraging Mobile Phone
Penetration
The number of bank accounts that are mobile number seeded are expected
to grow in the next few years. Since a huge segment of the population has
been added to the formal banking system under the PMJDY, banks can
provide them with ease of banking by introducing mobile banking
applications that are non-smart phone-based for simple financial
transactions. One example is the *99# NUUP channel that operates on a
USSD platform; it offers a non-network, non-device-specific, mobile phone-
based banking alternative for customers. This has huge potential for reducing
the dependence on cash as well as brick-and-mortar branches.
15. Leveraging Mobile Phone
Penetration
b) Mobile-based pre-paid instruments (wallets) is driving adoption of cashless
transactions - remittances and commerce for the un/under banked. In India,
m-wallet constitutes a significant proportion of the PPIs issued, accounting for
49 million transactions of a 58 million PPI transactions during the month of
September 2015. To achieve faster financial inclusion through PPIs, the
players will have to bring innovations that leverage the universal availability of
mobile phones and the rapid growth witnessed in this segment.
16. Leveraging Mobile Phone
Penetration
Given the enormous population and the demographic and geographical
diversity of the country, the banks will be required to adopt innovative ways
to reach out to the unbanked population. Banks will have to seek and develop
new ways to leverage the high mobile density and mobile technology to offer
banking and payment services to the vast unbanked population.
17. THANK YOU
Read full report on: http://blog.resurgentindia.com/financial-inclusion-summit-2016/
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