Banking

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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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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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