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The I in the brIc: Vision for Financial Inclusion

India is shaping up for the new growth phase under the new government.

The opportunity:

1. The Country has opened the floodgates for vendors in digital banking in the realm of Financial inclusion and to telecos . 

2. Given the penchant for mobility devices by the population, mobile banking, in all likelihood will mushroom with the stage being set for competition between banks and telcos.

3. India once again throws open the market for new mobile players, new apps 

4. Employment opportunity to 60, 000 people and

4. Oh! how can I forget the payment systems, debit cards etc that will be required for processing millions, nay billions of transcations. 

The Catalyst

The government has given a mandate to open 200 million bank accounts in one year starting August 15, 2014. (About 5 times the population of Canada (estimated at  35 million) and 8 times that of Australia (estimated at 23 million)). This is the foundation to give access to more financial services to the poulation. To get the reach and give momentum to this initiative about 60000 correspondents will spread around the country opening accounts.

Perhaps the first move towards a cashless economy?

Let us raise a toast to this magnificient nation and vision.

 

Read:

http://www.business-standard.com/article/economy-policy/govt-eyes-200-mn-new-bank-accounts-in-a-year-114070900006_1.html

 

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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