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Making India a Cashless Economy is now a reality

By | December 13th, 2016|Categories: Banking, Technology|

One of the issues we have all experienced first hand after the demonetization of high-value currency is that certain segments of the population struggle more than others in a cashless scenario. Small traders do not accept plastic – poor people do not have bank accounts or do not use them much – rural India requires credit [...]

Bringing M-Banking services to the fingertips of rural India

By | October 28th, 2016|Categories: Banking|

Mobile banking services emerged as a tool to facilitate transaction of money for bank customers in developed countries involving domestic and international remittances, mobile payments such as merchant payments or payment of utility bills. However, in recent years, its scope and coverage has widened quite significantly. Mobile banking today has become very popular in developing world [...]

The Digital Solution to Problems of Micro Finance Institutions

By | October 28th, 2016|Categories: Banking|

Micro finance is a fragmented but huge industry, close to $70 billion in terms of aggregated loan, serving about 150 million people globally and consisting of not less than 10,000 micro finance institutions. These are indeed impressive figures, but ground realities are much less rosy, and the industry suffers from some fundamental problems. The industry suffers [...]

Tapping the Power of Vernacular Microfinance Apps

By | September 19th, 2016|Categories: Banking|Tags: |

Digital technology has the potential to help microfinance institutes become more effective and efficient. In today’s digital world, carrying a laptop in the field has become a passé, and the in-thing is to carry whatever you need in your mobile. There are mobile apps that can help loan officers of these companies working in the field [...]

Microfinance apps: Getting the last mile connectivity of the market

By | September 18th, 2016|Categories: Banking|Tags: |

Microfinance Institutes or MFIs tap entrepreneurial resources at the lowest level of economic stratum and create opportunities for those with limited pocket size. They may have limited money in their pocket to execute their entrepreneurial ideas, but taken together they constitute a huge market for microfinance companies through microcredit. They empower unbanked entrepreneurs with adequate funding [...]

The low-income group can now use mobile apps for banking in Digital India

By | August 3rd, 2016|Categories: Banking, Digital Inclusion|Tags: , , , , , |

In India, Pradhan Mantri Jan Dhan Yojana, our government’s national mission for financial inclusion’ has a good looking scorecard, two years after it was launched. With 22.6 Crore Accounts opened till date, 75% of the accounts being active, and a total balance of more than Rs. 40,000 Crore accumulated in banks under the scheme, we can [...]

Why the future of banking depends on Digital Inclusion

By | April 1st, 2015|Categories: Banking, Digital Inclusion|Tags: , |

Financial inclusion is the need of the hour in India – according to World Bank data, only 35% of Indians have an account with a formal financial institution. Less than 8% have debit cards, and less than 2% have credit cards. As per the 2011 Census, only 58.7% of households utilise formal banking services. The Indian [...]

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Expanding Mobile Payment services- the role of vernacular language applications

By | March 31st, 2015|Categories: Banking, Technology|Tags: , |

With 90% of India’s 250 million internet subscribers accessing the mobile internet (Source : TRAI Data, June 2014) it is inevitable that the mobile payments landscape in the country is heating up. There are currently more than 20 mobile wallet services in the market, as per the RBI website. Typically, such services allow a registered customer [...]

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The Role of Vernacular Mobile Technologies in Financial Inclusion

By | March 10th, 2015|Categories: Banking, Digital Inclusion|Tags: , , |

With the launch of the Pradhan Mantri Jan-Dhan Yojana, the Indian government has signaled its determination to make financial inclusion a reality in India. The attractive incentives to open accounts, easing of paperwork and initiatives by bank branches are ensuring that the targets are being met, in terms of numbers. However, there are certain setbacks in [...]

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Digital India, Missing in action – the sad state of mobile money in India

By | March 4th, 2015|Categories: Banking, Digital Inclusion|Tags: , , , , , , , |

We are so used to thinking of ‘New India’ as a vibrant, progressive economic giant, that we would find it hard to believe there are areas where we under-perform, compared to countries that are more financially and politically challenged than us. Mobile money plays an important role in financial inclusion. Bankers favour mobile transactions over cash [...]

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