Extending Banking and Financial Services Through IT-enabled Kiosks: Challenges and Opportunities
|
|
- Deborah Merritt
- 7 years ago
- Views:
Transcription
1 Extending Banking and Financial Services Through IT-enabled Kiosks: Challenges and Opportunities Alok Bhargava* Research on rural banking reveals that over 58 per cent of the rural households do not have a bank account and only 21 per cent have access to credit from a formal source. Further, over 70 per cent of marginal farmers have no deposit account and 87 per cent have no formal credit facility. Non-formal credit channels like local moneylenders, chit funds, bhishis and so on have been prevalent in rural India and provide an immediate source for credit, albeit at higher interest rates, sometimes even going up to 10 percent per month. Reports have shown that the dependence of low-income households on informal sources is as high as 78 per cent. Branch banking in rural India has not been profit oriented and strict regulations had prevented the entry of agents in mobilizing deposits or selling loans. However, with some new regulatory changes, especially in extension banking, the combination of the internet kiosk and a local language ATM can revolutionize the landscape of rural banking and financial services. The Reserve Bank of India has been at the forefront of leading a credit revival in rural India. Appropriate policy level changes have been initiated in the past few years to facilitate the financial inclusion of the large cross-section of rural populace. The Business Correspondent and Business Facilitator Model proposed by the RBI in this regard is a landmark policy level intervention that can accelerate this process in rural India. The Common Services Centres (CSCs) scheme launched by Ministry of Information and Technology, Government of India aims to set up 100,000 kiosks in rural India. To be set up within the next 18 months, the CSCs would be designed as ICT-enabled kiosks having a PC along with basic support equipments like printer, scanner, UPS, with wireless connectivity as the backbone and additional equipment in the form of projection systems, telemedicine, etc. as the case may be. An IT-enabled CSC can: a) provide citizen-centric services of the State and Central Government in a convenient and efficient manner through the CSCs across rural India, * Executive Director, IL&FS Financial Services Ltd, Mumbai. 58
2 b) enhance the accountability, transparency and responsiveness of the Government to citizen s needs, c) provide efficient and cost effective methods of service delivery to departments and agencies, d) allow private and social sector to collaborate with the Government to offer world-class services in rural India, e) train village level youth to become entrepreneurs with focused training in business and IT management skills, f) empower the rural citizen through information dissemination and market linkages More importantly, the CSCs have been positioned as 100,000+ organized distribution outlets for delivery of government as well as private sector services. If correctly implemented, the scheme would serve to reduce costs, improve efficiencies, and significantly broaden the bouquet of services currently available to the rural population in our country. The scheme proposes a structure wherein the state will select franchisees (Service Centre Agency - SCA) for designated locations through a competitive bid process. The selected SCAs would then set up the necessary IT infrastructure and appoint Village Level Entrepreneurs (VLE) or Kiosk Operators to manage the CSCs for delivery of government and private sector services to a cluster of 6 villages. 100,000 such CSCs, manned by local entrepreneurs and operated by qualified private franchisees, can act as the catalysts for extending banking services at the last mile. For banks, the CSC scheme represents a huge retail extension opportunity in an organized form to fulfill their goals of financial inclusion in rural India. As per the RBI guidelines, Business Facilitators can undertake (a) identification of borrowers and fitment of activities, (b) collection, preliminary processing and verification of loan applications, (c) creating awareness and education and advice on managing money and debt counseling, (d) processing and submission of applications to banks, (e) promotion and nurturing Self Help Groups/ Joint Liability Groups, (f) post-sanction monitoring, (g) monitoring and handholding, and (h) follow-up for recovery. The Business Correspondents can undertake (a) all activities of Business Facilitators, (b) disbursal of small value credit, (c) recovery of principal / collection of interest, (d) collection of small value deposits, (e) sale of micro insurance/ mutual fund products/ pension products/ other third party products, and (f) receipt and delivery of small value remittances/ other payment instruments. Such a model offers a perfect fit for banks to integrate and extend their outreach through the CSCs as can be seen below: DIT National Level Service Agency (IL&FS) Business Correspondent -SCA Business Facilitator -VLE State Government G2C Services Rural Households Bank Regional HQ Bank Branch A pilot to this effect has been launched by the Department of IT and IL&FS in Baramati, Maharashtra as well as Myiladuthurai, Tamil Nadu. The aim of the pilot is to develop transaction models for various services that could help service providers to scale up their offerings across a large numbers of CSCs as they come up in the next 18 months. Currently, financial inclusion activities are being developed and piloted in association with large public sector banks like Union Bank of India and State Bank of India. 59
3 In the pilot, the kiosk operator is undertaking the following: a) Identify potential customers b) Build awareness about bank s schemes and product offerings c) Understand the customer requirements d) Undertake site visits and click digital pictures of the site e) Undertake the necessary paperwork (KYC) f) Make a loan document file and forward the same to the local branch manager g) Follow up with the branch for loan approval To ensure that the kiosk operator is able to fulfill his functions effectively, formal training sessions were undertaken by the bank branches for the kiosk operators. In addition, kiosk operators also visited the local bank branches to understand how the entire banking and financial processes work in an organized environment. The response to the banking and financial products and services offered by UBI and SBI has been extremely positive. The following table showcases the status of loan proposals from just one pilot CSC in Katewadi village around Baramati: Loans over Rs.75 lakh are being processed through just one CSC in the past 3 months. The banking services have not even been publicized in the village, but just word-ofmouth recommendations are driving customers to the CSC in large numbers. The reasons are multifold as under: a) Katewadi village, where the CSC is located has a population of farmers with large land holdings b) These farmers have been borrowing from co-operative banks at rates between 13-18% p.a. c) The nationalized banks have been charging interest rates between 6-12% d) However, the farmers feel that the cooperative banks are more forthcoming and interested in their needs and requirements e) The CSC operator tends to be friendlier and approachable to the farmers. They A B C D E F G H I J K L M N O P Q R S T U V 60
4 can discuss their issues and problems with the operator and get a customized solution from him. They are unable to seek this comfort in a nationalized bank f) The CSC operator also undertakes all the paperwork for the farmer, forwards it to the bank branch and even follows up for cheque disbursals, thereby, making the entire process of borrowing an effortless experience The banking services are now being rolled out in two more CSCs since March Already loan proposals worth 20 lakh are under process through the two CSCs, which are incidentally run by women entrepreneurs. The CSCs present a huge opportunity for the formal banking sector to rollout their products and services through the Business Correspondent and Business Facilitator models. However, while such opportunities exist, there are challenges to be met at the local level as well as regional and national level both by the banks as well as financial policy makers. Some of the challenges are: a) CSCs need to be a part of the banks business plans as well as yearly targets. This would allow local branches to service the CSCs in an organized way b) Issues like limited staff at the rural bank branch to service additional business from CSCs need to be addressed c) Better communication channels between the branch and the CSCs to provide faster facilitation to the SCAs and VLEs d) The IT infrastructure of the CSCs can provide opportunities for banks to use advanced ICT tools like mobile phones, smartcards, net-banking, etc. for faster processing and delivery of banking and financial services e) A structured supply chain needs to be developed and integrated in the banking processes and activities f) Status for SCAs/VLEs under the RBI guidelines should be more pronounced. For examples, SCAs under the CSC scheme need to be recognized as Business Correspondents and VLEs as Business Facilitators. The CSC implementation process has begun in eight states. A large number of CSCs are expected to be operational by June It is, therefore, critical for the banking sector to undertake appropriate steps to ensure that they are ready to deliver their products and services in the next few months as the rollout begins. More than IT, the challenges will be in the areas of supply chain and distribution. Banks will have to cater to these challenges in positive ways through effective use of ICT tools to enable their vision of financial inclusion of the underserved in rural India. n Technology can play a vital role in addressing the following concerns: Concerns Technology Solutions Fraud-proof Biometric based systems can help in customer Identification authentication without any requirement for a PIN / password as in traditional channel delivery systems Foolproof Identity Biometric de-duping can ensure that there are no duplicate identities created for the same customer Offline Transaction Smart card based systems can provide a highly secure offline transaction platform to run any application thereby saving on the costs associated with online systems Shared Infrastructure Technology systems can be integrated easily with existing online channel delivery systems like ATMS, Kiosks, Point of sale, etc Shared Demographic Technology based processes ensure that there is one Data time collection of demographic data for a particular customer. Low Cycle Times Electronic infrastructure cycle times associated with product features like fund transfers, cheque/demand draft clearing and settlement are greatly reduced Role of Technology in Rural Microfinance FINO Value Proposition Financial Information Network and Operations (FINO) systems have been developed with a perspective of being an independent sectoral resource offering low cost last mile distribution model. The solutions are on offer on a utility model based on Pay as you use concept. FINO s solution is a comprehensive solution which encompasses three key components: 61
5 l Core Banking System (CBS) component, which is built as a shared back-end-banking engine that provides accounting, MIS, reporting and monitoring facility for all asset and liability products that the micro sector requires. The core component comprises of three sub units viz. channel interfaces, product engine and data repository, enabling centralized data processing and data management of remotely captured transactions in the field. l Distribution component that enables offline data capture from end-user specific, unique, biometric enabled hybrid multi-application smart cards. These smart cards can hold up to 15 different types of end-consumer relationships (savings, loans, RD, FD, and non financial relationships, such as, health and life insurance products, etc.) on a single card. In the field, these cards can interact with various offline channel enablers like biometric enabled point of transaction devices (POT), Mobile POS/PDAs, etc. and existing mag-stripe based on-line networks of ATMs, PCs, POS and kiosks. Captured end-consumer field data is periodically transferred to a centralised location using connectivity options like PSTN (GSM/CDMA options are being planned). l Credit Bureau component which enables creation of knowledge base, financial credit worthiness, and credit rating profile of the end user. Effort Head Data Recording / Transfer record General Management of MFI Oversight Portfolio Management Credit Bureau Effects Customer Satisfaction Reporting Scalability Benefits from FINCO Systems for a Conventional MFI Benefit Loan officer, no longer,is forced to record each transaction Information manually Branch, no longer, is forced to store, compile and send paper of transactions Head / branch office, no longer, is forced to computerize forms Fewer errors in records due to mistaken identities Clearer identification of organization-wide cost drivers Improved cash management through better cash flow forecasting More easy to compare loan officer / branch performance More efficient distribution of internal resources Reduced need for internal audits Reduced risk of fraud Quick identification of trends in portfolio Quick and accurate identification of problem borrowers Improved ability to spot past bad borrowers who attempt to borrow using a different identity Ability to identify which applicants have applied for loans with other MFIs using the FINO solution Potential for much greater cooperation among the MFIs using the FINO solution in the future Reduced transaction time Reduced turnaround times for loan applications Increased customer understanding of MFI products End-of-day process of closing books much simpler Reduced effort to report performance to donors / government Decreased cost of funds as banks become more comfortable with the MFI s record keeping system Increased ease of complying with regulations Guaranteed future MIS support Ability to cross-sell other products in future Conclusions I. Technology helps in developing low cost platform to enable last mile distribution. Local financial Insticution (LFI) have access to application service provider based model and hence majority of capital expenditure is converted into affordable operational expense. II. Credit analysis based on past records would differentiate various customers and their needs so as to offer them distinct financial products for their benefits. III. Ensuring that LFI comply with regulatory norms and scale their operations. IV. Technology provides easy access and quick response to the customers through the available offline on the field transactions. (Source: Manish Khera, Chief Executive Officer, FINO) n 62
How To Promote Financial Inclusion
Traditional versus Innovative G2P Payment Solutions Hemant Baijal Payment Systems Development Group The World Bank Discussion Points Importance of G2P payments to national economy A framework for G2P payments
More informationACCESS TO FINANCIAL SERVICES IN MALAWI: POLICIES AND CHALLENGES
UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Expert Meeting on THE IMPACT OF ACCESS TO FINANCIAL SERVICES, INCLUDING BY HIGHLIGHTING THE IMPACT ON REMITTANCES ON DEVELOPMENT: ECONOMIC EMPOWERMENT
More informationFROM SOCIAL PERFORMANCE ASSESSMENT TO MANAGEMENT: CASE OF ESAF MICROFINANCE AND INVESTMENTS PRIVATE LTD., INDIA
FROM SOCIAL PERFORMANCE ASSESSMENT TO MANAGEMENT: CASE OF ESAF MICROFINANCE AND INVESTMENTS PRIVATE LTD., INDIA Thrissur, June 2010 - Noémie Renier wrote this case study in the course of her Complementary
More informationDepartment of Posts Introduction to IT Modernisation Project
Department of Posts Introduction to IT Modernisation Project Copyright 2012 Tata Consultancy Services Limited IT Modernisation Project To Be A Technology Enabled Self Reliant Market Leader IT Modernisation
More information(Comments provided below the respective points in blue font)
Comments & View Points of P Ravindra, Card based Electronic Payment Systems Risk and Compliance Professional & Consultant, Mumbai India; Former banker and Former Adjunct Faculty, IDRBT (Comments provided
More informationTechnology Solutions for Financial Inclusion-Indian Models
Technology Solutions for Financial Inclusion-Indian Models Hello, I am Dr.Deepankar Roy. I am with the National Institute of Bank Management, Pune, India. Information and Communication Technology (ICT)
More informationThe need of technology cannot be overstated but the complexity and diversity forces one to take a hand look at the following:
Management Information System: Issues and challenges 1.0 Introduction Management Information System (MIS) can be defined as collecting and processing of raw data into useful information and its dissemination
More informationCore Banking Solution (CBS) IT Modernisation Project
Core Banking Solution (CBS) IT Modernisation Project FREQUENTLY ASKED QUESTIONS 1. What is Core Banking Project? India Post has a vision to be one of the leaders in providing banking and money remittance
More informationFMB. Financing Agricultural Forum 2012. (March 28 th 30 th 2012) Kampala - Uganda
FMB Financing Agricultural Forum 2012 (March 28 th 30 th 2012) Kampala - Uganda Contents 1. About FMB 2. Evolution of FMB 3. Product Overview & Characteristics 4. Critical Success Factors 5. Challenges
More informationBridging the rural urban banking divide: what s been done and what needs to be.
Bridging the rural urban banking divide: what s been done and what needs to be. Thought Paper www.infosys.com/finacle Universal Banking Solution Systems Integration Consulting Business Process Outsourcing
More informationLoan approval procedure and rejection criteria-a conceptual study in PMC bank
Loan approval procedure and rejection criteria-a conceptual study in PMC bank Rekha MFA II year, Jyoti Nivas College Autonomous PG Centre, Bangalore, India B.Percy Bose Associate Professor and Head Department
More informationCredit Risk. Loss on default = D x E x (1-R) Where D is default percentage, E is exposure value and R is recovery rate.
Credit Risk Bank operations involve sanctioning of loans and advances to customers for variety of purposes. These loans may be business loans for short or long term commitments and consumer finance for
More informationMicrofinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank
A CLKnet FORUM PRESENTATION BY ALTEMIUS MILLINGA Microfinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank 11 th April, 2012 1 Tanzania s Financial Sector Landscape
More informationMUTHOOT VEHICLE & ASSET FINANCE LTD. LOAN POLICY
1 MUTHOOT VEHICLE & ASSET FINANCE LTD. LOAN POLICY Muthoot Vehicle & Asset Finance Ltd. (MVFL) is a Deposit taking Asset Finance Company licensed by the Reserve Bank of India for carrying out non banking
More informationAnnexure I STATE BANK OF IDNIA APPLICATION FORM FOR BUSINESS FACILITATORS (INDIVIDUALS)
Annexure I STATE BANK OF IDNIA APPLICATION FORM FOR BUSINESS FACILITATORS (INDIVIDUALS) 1. Location (Village / Town) - Location 2. Name (IN BLOCK LETTERS) 3. Father s / Husband s Name 4. Date of Birth
More informationBudget 2007-08 - Financial Inclusion - Guidelines for Financial Inclusion Promotion Fund and Financial Inclusion Technology Fund
DO.No. NB.MCID. 309 / FI-01 / 2008-09 Circular No. 88 A/ mcid - 6 / 2008 02 June 2008 (CMD, PSU Banks) Budget 2007-08 - Financial Inclusion - Guidelines for Financial Inclusion Promotion Fund and Financial
More informationRidge Tower Building, Sixth Avenue, Ridge-Accra, Ghana, West Africa. P.O. BOX CT 1003, Cantonments, Accra. Telephone: +233 21 660755, fax: +233 21
Ridge Tower Building, Sixth Avenue, Ridge-Accra, Ghana, West Africa. P.O. BOX CT 1003, Cantonments, Accra. Telephone: +233 21 660755, fax: +233 21 668232 G-Switch is a wholly owned division of Clydestone
More informationIndia Post 2012. Vision. Project Overview
India Post 2012 February 2011 Project Management Unit Project Overview In August 2010 Cabinet Committee on Economic Affairs approved the INDIA POST 2012 IT Modernization project with a total outlay of
More informationFARMER S ACCESS TO AGRICULTURAL CREDIT
FARMER S ACCESS TO AGRICULTURAL CREDIT I. INTRODUCTION Agriculture is a dominant sector of our economy and credit plays an important role in increasing agriculture production. Availability and access to
More informationCustomer Compensation Policy
JPMorgan Chase Bank, N.A., Mumbai Branch Customer Compensation Policy Version 4.0 1 Introduction This Compensation policy of the J.P. Morgan Chase Bank N.A., Mumbai Branch ( Bank ) is designed to cover
More informationBANK BRANCH AUDIT PLANNING
BANK BRANCH AUDIT PLANNING Banking Industry in India is developing and expanding day by day. The basic work culture in banks in India is fairly different as compared to banks in other countries. The customers
More informationHighlights The present report contains the results of the performance audit of the Canteen Stores Department (CSD) under Ministry of Defence.
Highlights The present report contains the results of the performance audit of the Canteen Stores Department (CSD) under Ministry of Defence. The audit was conducted by the office of the Director General
More informationPostal Life Insurance (PLI) IT Modernisation Project
Postal Life Insurance (PLI) IT Modernisation Project FREQUENTLY ASKED QUESTIONS Part I 1. What is the PLI project? PLI project is a part of the Financial Services System Integration (FSI) solution (IT
More informationPayments in India A Continuing Journey
Payments in India A Continuing Journey It has been more than three years since we covered Indian Payments in volume 4 of the. Over this period RBI (Reserve Bank of India) and NPCI (National Payments Council
More informationCriteria for rating short-term debt
Criteria for rating short-term debt Executive Summary CRISIL has been assigning ratings for over 20 years to commercial paper (CP) and short-term debt (STD), and has rated issues of more than 600 issuers.
More informationGlobal South-South Development EXPO 2014
Global South-South Development EXPO 2014 ILO Solution Forum: Microinsurance Washington DC, 19 November 2014 What do the working poor need? Opportunity: government policy, action Organisation: Co-ops, MFIs,
More informationShort note on Micro Finance Institutions (MFI) bill -2011 A. Amarender Reddy
Short note on Micro Finance Institutions (MFI) bill -2011 A. Amarender Reddy Unregulated growth of microfinance institutions Microfinance industry is growing at faster rate in recent years with about 62%
More informationCOMPENSATION POLICY IN THE BANK
MAHARASHTRA GRAMIN BANK HEAD OFFICE: CIDCO, AURANABGAD COMPENSATION POLICY IN THE BANK CUSTOMER RIGHT POLICY ON COMPENSATION POLICY IN THE BANK AS PER GUIDELINGS OF IBA & BCSBI Maharashtra Gramin Bank
More informationGeneral Guidelines for the Development of Government Payment Programs
General Guidelines for the Development of Government Payment Programs Social Safety Nets Course Washington D.C., 15 December 2014 Massimo Cirasino, Head, Payment Systems Development Group The World Bank
More informationAADHAAR ENABLED PAYMENT SYSTEM
FREQUENTLYASKEDQUESTIONS BY CUSTOMERS FOR AADHAAR ENABLED PAYMENT SYSTEM Page 1 1. What is AEPS? AEPS is a new payment service offered by the National Payments Corporation of India to banks, financial
More information1.0 Objective. 2.0 Background 1/7
Proposed amendment in Securities and Exchange Board of India(Stock- Brokers and Sub-Brokers) Regulations, 1992 for the purpose of introducing debt segment on stock exchanges. 1.0 Objective This memorandum
More informationDEPARTMENT OF SOCIAL JUSTICE & EMPOWERMENT, HARYANA. Service Level Performance Standards For Electronic Benefits Transfer through Banks
DEPARTMENT OF SOCIAL JUSTICE & EMPOWERMENT, HARYANA Service Level Performance Standards For Electronic Benefits Transfer through Banks Version: 2.0 Release: AUGUST, 2011 1. Introduction The Government
More informationHippocampus Education Centres Project Report. Background Note on Individual Lending at Swadhaar
Background Note on Individual Lending at Swadhaar Appendix 1 to Streamlining Individual Lending Evaluation Project Report Hippocampus Education Centres Project Report Arun Kumar B Image Image Courtesy
More information23 rd Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...
Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank
More informationCRISIL Research Impact note
October 2015 Interest rate on home loans to fall 25-30 bps more: CRISIL Research RBI move to cut risk weight will benefit 70% of home loans, 80% of borrowers CRISIL Research expects interest rate on home
More informationMobile Money Conference EBRD, London 14 th March 2013. Senior Vice President & Head of Product Development Division
Mobile Money Conference EBRD, London 14 th March 2013 Presenter: Mr. Loeung Sopheap Senior Vice President & Head of Product Development Division 1 ACLEDA Unity Challenges of introducing Mobile Money and
More informationChallenges in the growth of solar lighting market in India- the distribution conundrum. IGC, Energy & Growth Conference-London -12 th November, 2015
Challenges in the growth of solar lighting market in India- the distribution conundrum IGC, Energy & Growth Conference-London -12 th November, 2015 IFC: A MEMBER OF THE WORLD BANK GROUP IBRD IDA IFC MIGA
More informationPromising New Approaches: Moving from Safety Nets to Safety Ropes?
Promising New Approaches: Moving from Safety Nets to Safety Ropes? Dhammika Gunawardena B.Com, PGD(Adm.) PGD(Fin.), MBA Project Coordinator/Microfinance Specialist Rural Finance Sector Development Programme
More informationFINANCIAL INCLUSION A CASE FOR KENYA 1
Rose Detho * FINANCIAL INCLUSION A CASE FOR KENYA 1 1. INTRODUCTION Kenya plays a significant role in the East African Economy where it accounts for 40% of the region s GDP and 30% of the region s population.
More informationBANKS AADHAAR ENABLED PAYMENT SYSTEM
FREQUENTLY ASKED QUESTIONS BY BANKS FOR AADHAAR ENABLED PAYMENT SYSTEM Page 1 1. What is AEPS? AEPS is a new payment service offered by the National Payments Corporation of India to banks, financial institutions
More informationMizuho Bank, Ltd. Compensation Policy Revised on February24,2014
Mizuho Bank, Ltd Compensation Policy Revised on February24,2014 DISCLAIMER This policy has been prepared on the basis of existing risk management policies in the Bank, the best practices in the industry
More informationNREGAsoft : Strengthening National Rural Employment Guarantee Scheme (NREGS) (http://nrega.nic.in) implementation
NREGAsoft : Strengthening National Rural Employment Guarantee Scheme (NREGS) (http://nrega.nic.in) implementation Introduction Government of India through National Rural Employment guarantee Act 2005 aims
More informationICT for Social Development: Some Experiences and Observations 1
ICT for Social Development: Some Experiences and Observations 1 Prof. T.P. Rama Rao Center for Electronic Governance, Indian Institute of Management, Ahmedabad Abstract It is widely acknowledged that Information
More informationGovernment Accounting Standards Advisory Board
GASAB IGAS 10 Public Debt and Other Liabilities of Governments: Disclosure Requirements Government Accounting Standards Advisory Board CONTENTS Indian Government Accounting Standard (IGAS) 10 Public Debt
More informationMUTHOOT VEHICLE & ASSET FINANCE LTD. LOAN POLICY
MUTHOOT VEHICLE & ASSET FINANCE LTD. LOAN POLICY Muthoot Vehicle & Asset Finance Ltd. (MVFL) is a Deposit taking Asset Finance Company licensed by the Reserve Bank of India for carrying out non banking
More informationBankWorld on Kiosk. Today s solution for tomorrow s self-service bank. Your challenges have a BankWorld solution
BankWorld on Kiosk Today s solution for tomorrow s self-service bank With branch costs high, banks are continuously searching for new ways to reach customers without compromising on the quality of banking
More informationContents QUALIFICATIONS PACK - OCCUPATIONAL STANDARDS FOR BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI) INDUSTRY
QUALIFICATIONS PACK - OCCUPATIONAL STANDARDS FOR BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI) INDUSTRY Contents 1. Introduction and Contents.. P.1 What are Occupational Standards(OS)? OS describe what
More informationCOMPENSATION POLICY. Introduction
COMPENSATION POLICY Introduction Technological progress in payment and settlement systems and the qualitative changes in operational systems and processes that have been undertaken by various players in
More informationAxis Bank Ltd. Policy for lending to Micro and Small Enterprises (MSEs)
Axis Bank Ltd. Policy for lending to Micro and Small Enterprises (MSEs) Introduction: The Micro and Small Enterprise (MSE) sector contributes significantly to manufacturing output, employment and exports
More informationSelfhelpgroups - Default Management and Recoveries: A Study among the Scheduled Caste Women in Andhra Pradesh and Telangana
International Journal of Humanities and Social Science Invention ISSN (Online): 2319 7722, ISSN (Print): 2319 7714 Volume 3 Issue 8 ǁ August. 2014 ǁ PP.58-62 Selfhelpgroups - Default Management and Recoveries:
More informationChapter -5 Appropriations and Re-Appropriation
5.1 Introductory Chapter -5 Appropriations and Re-Appropriation 5.1.1 Appropriation or re-appropriation represents the allotment of a particular sum of money to meet expenditure on a specified job as enunciated
More informationDigital Inclusion Programme Started. BL2a
PROJECT BRIEF Project Name Digital Inclusion Programme Status: Started Release 18.05.2011 Reference Number: BL2a Purpose This document provides a firm foundation for a project and defines all major aspects
More information2010 Software Reviews
INSTITUTION PROFILE General information Choice lists Free answers / Descriptions / s # Name Country Ghana Region Sub Saharan Africa Language most spoken in operating region English Size of the institution
More informationBanking CRM for the microfinance industry
Banking CRM for the microfinance industry www.infosys.com/finacle Universal Banking Solution Systems Integration Consulting Business Process Outsourcing The microfinance industry The microfinance industry
More informationMODEL VILLAGE PLAN April 2012
MODEL VILLAGE PLAN April 2012 Agenda What are the key challenges faced by rural India? What has Drishtee done about it? Where does the Model Village Plan fit in? What is a Model Village? What is the Model
More informationPolicy for serving and lending to Micro, small and medium enterprises of India
Policy for serving and lending to Micro, small and medium enterprises of India 1. Background Worldwide, the micro small and medium enterprises (MSMEs) have been accepted as the engine of economic growth
More informationRemittances, Microfinance and Technology
Remittances, Microfinance and Technology C P Abeywickrema, Deputy General Manager Hatton National Bank, Sri Lanka This paper discusses migrant remittances in the Sri Lankan context, specifically in relation
More informationInformation and Communication Technology for Rural Development
Information and Communication Technology for Rural Development Ankur Mani Tripathi 1, Abhishek Kumar Singh 2, Arvind Kumar 3 * Department of IT, Galgotias College of Engineering and Technology, Gr. Noida
More informationISSN: 2321-7782 (Online) Volume 4, Issue 1, January 2016 International Journal of Advance Research in Computer Science and Management Studies
ISSN: 2321-7782 (Online) Volume 4, Issue 1, January 2016 International Journal of Advance Research in Computer Science and Management Studies Research Article / Survey Paper / Case Study Available online
More informationMuthoot finance ltd. (mfl) IPO note
Muthoot finance ltd. (mfl) IPO note Issue Details Issue Date April 18, 2011 April 21, 2011 Issue Size Rs. 8.24-9.01bn Price Band Rs. 160-175 FV Rs.10 Fresh issue 51.5 mn equity shares QIB 50% Non Institutional/HNIs
More informationCOMPENSATION POLICY. The policy is based on the principles of transparency and fairness in the treatment of customers.
Introduction COMPENSATION POLICY Technological progress in payment and settlement systems and the qualitative changes in operational systems and processes that have been undertaken by various players in
More informationAre Banks and MFIs Natural Partners in Financial Inclusion A Report by Microsave
30 th May 2012 Volume 2: Issue 17 Fortnightly Microfinance Newsletter by Darashaw & Co. Pvt. Ltd. Are Banks and MFIs Natural Partners in Financial Inclusion A Report by Microsave In this Issue! Microsave,
More informationTHE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) ADVANCED AUDITING QUESTION PAPER NOVEMBER 2014
QUESTION 1 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) You are an audit senior at Chawe & Co, a five partner firm. Chawe & Co provides audit and advisory services and has gained a reputation in recent
More informationBusiness Intelligence for Banking
Business Intelligence for Banking www.infosys.com/finacle Universal Banking Solution Systems Integration Consulting Business Process Outsourcing Business intelligence for banking Business Intelligence
More information7. End user consultation to understand stakeholders expectation
Terms of Reference for Preparation of DPR for the e district pilot projects for a State (generally two district per State and not more than three districts per State in any case) The emplaned consultant
More informationBASIC SAVING BANK DEPOSIT ACCOUNT (PNB ZERO BAL ANCE ACCOUNT)
Scheme Details BASIC SAVING BANK DEPOSIT ACCOUNT (PNB ZERO BAL ANCE ACCOUNT) 1. Eligibility: The Saving Fund account may be opened by an INDIVIDUAL singly or jointly, minors of the age of 10 years and
More informationSnowwood Infocom Technologies Pvt Ltd
PRODUCT NAME VENDOR NAME MFASYS (Mobile Enabled Micro Finance Accounting System) Snowwood Infocom Technologies Pvt Ltd 2010 Review* June 2010 Previous Reviews Not applicable SUMMARY Overall impression
More informationICT Digital Transformation Programme
Officer and Date Item Cabinet 11 th May 2016 Public ICT Digital Transformation Programme Responsible Officer: Clive Wright, Chief Executive Email: Clive.wright@shropshire.gov.uk Tel: 01743 252007 1.0 Summary
More information19 th Year of Publication. A monthly publication from South Indian Bank. www.sib.co.in
To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank 19 th Year of Publication SIB STUDENTS
More informationSERVICE CHARGES FOR NRI ACCOUNTS
SERVICE CHARGES FOR NRI ACCOUNTS Please Note: These charges are subject to change, without prior notice. Service tax @ 14% will be levied over and above the charge specified. General charges Pass book
More informationInterbank Mobile Payment Service (IMPS) Merchant Payments User Group Meeting
Interbank Mobile Payment Service (IMPS) Merchant Payments User Group Meeting Current merchant payments scenario Remote payments E-commerce Face-to-face payments Fixed POS E-commerce statistics Growth of
More information2. SCHEME FOR ASSISTANCE TO TRAINING INSTITUTIONS
GUIDELINES OF SCHEME FOR ASSISTANCE TO TRAINING INSTITUTIONS 1. BACKGROUND 1.1. The Micro, Small and Medium Enterprises (MSMEs) sector has emerged as a highly vibrant and dynamic sector of the Indian economy
More informationFUNDAMENTALS OF MICROFINANCE BANKING
FUNDAMENTALS OF MICROFINANCE BANKING GENERAL COMMENTS The questions were standard, simple and within the syllabus. A total of 913 candidates attempted this paper, 379 candidates (42%) passed, which include
More informationTECHNICAL NOTE 2 EQUITY & LEVERAGE IN INDIAN MFIS
TECHNICAL NOTE 2 EQUITY & LEVERAGE IN INDIAN MFIS Micro-Credit Ratings International Limited, Gurgaon, India September 2005 The purpose of this technical note is to provide a practical understanding of
More informationPRADHAN MANTRI JAN-DHAN YOJANA (PMJDY) - Frequently Asked Questions (FAQs)
PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY) - Frequently Asked Questions (FAQs) Q. 1. What is Pradhan Mantri Jan-Dhan Yojana? Ans. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion
More informationACCESS TO CLEAN ENERGY THROUGH MICROFINANCE (CLEANSTART) REQUEST FOR EXPRESSIONS OF INTEREST from Financial Service Providers Operating in Uganda
ACCESS TO CLEAN ENERGY THROUGH MICROFINANCE (CLEANSTART) REQUEST FOR EXPRESSIONS OF INTEREST from Financial Service Providers Operating in Uganda Deadline for Submission: Monday, 14 April, 2014 (12:00noon
More informationTypology of Microfinance Service Providers Version 1.3 1
Page 1 of 5 Typology of Microfinance Service Providers Version 1.3 1 Formal financial institutions (FFIs) 1a. Private commercial bank Usually has corporate shareholding structure Regulated and supervised
More informationNRSP Bank Savings products
NRSP Bank Savings products NRSP BEHTREEN CURRENT ACCOUNT This is an account that has no minimum balance requirement, is easy to open, and provides ultimate transactional convenience (mostly free of cost),
More informationChamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant
Chamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant Importance of the subject: The subject of Tax deduction at source
More informationCHAPTER 12 SALES MANAGEMENT
CHAPTER 12 SALES MANAGEMENT Page: 1 Sales Management Objectives Define Sales & Sales Management Describe Sales process Understand Selling Skills & technique Understand BSNL Sales structure What is Sales?
More informationStandupmitra Portal User Manual
Stand-Up India scheme and web based interactive portal (www.standupmitra.in) were launched by the Hon ble Prime Minister on April 05, 2016. Under the guidance of Dept. of Financial Services, Ministry of
More informationVersion-II. CSC- RAP Insurance Licensing VLE Handbook
Version-II CSC- RAP Insurance Licensing VLE Handbook 1 Table of Contents I. INTRODUCTION & STEPS TO BECOME A LICENCED RAP... 3 1. License to CSC SPV... 3 2. Steps for VLE to become a licensed RAP... 5
More informationE-commerce. ICICI Bank offerings
E-commerce ICICI Bank offerings 2015 ICICI Bank Market leader Largest Private Sector Bank in India Wide reach 4,050+ branches and 12,665+ ATMs Presence in 19 countries Global footprint First Indian Bank
More informationSTATE BANK OF MYSORE P&SB DEPT::HEAD OFFICE COMMON AREAS OF CUSTOMER BANKER RELATIONSHIP. KNOW YOUR CUSTOMER (KYC NORMS) - General guidelines
COMMON AREAS OF CUSTOMER BANKER RELATIONSHIP KNOW YOUR CUSTOMER (KYC NORMS) - General guidelines In order to protect the prospective customer/s, members of the public and ourselves against fraud and other
More informationASIAN LAW AND ECONOMICS ASSOCATION 3 RD ANNUAL CONFERENCE
LAW GOVERNING ELECTRONIC BANKING: FAVOURING ECONOMIC GROWTH- THE INDIAN SCENARIO Paper presented by: B. Gopalakrishnan Senior Vice President (Law), UTI Bank Limited INTRODUCTION The face of the banking
More informationCHAPTER VI ON PRIORITY SECTOR LENDING
CHAPTER VI IMPACT OF PRIORITY SECTOR LENDING 6.1 PRINCIPAL FACTORS THAT HAVE DIRECT IMPACT ON PRIORITY SECTOR LENDING 6.2 ASSOCIATION BETWEEN THE PROFILE VARIABLES AND IMPACT OF PRIORITY SECTOR CREDIT
More informationPRADHAN MANTRI JAN-DHAN YOJANA (PMJDY) Frequently Asked Questions (FAQs)
PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY) Frequently Asked Questions (FAQs) Q. 1. What is Pradhan Mantri Jan-Dhan Yojana? Ans. Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion
More information6 th African Microfinance Conference
6 th African Microfinance Conference Presentation by: Mr. Wilson Twamuhabwa CEO, UGAFODE Microfinance Limited (MDI) President AMFIU- Uganda MFI Network Contact: wtwamuhabwa@ugafode.co.ug About UGAFODE
More informationeawas Government Accommodation Management System (GAMS) Executive Summary
eawas Government Accommodation Management System (GAMS) Executive Summary eawas is a Government to Employee (G-2-E) egovernance tool. It has created a transparent, corruption free and efficient allotment
More informationMobile Banking Adoption: Where Is the Revenue for Financial Institutions? Understanding the Value of Engaging Consumers in the Mobile Channel
Mobile Banking Adoption: Where Is the Revenue for Financial Institutions? Understanding the Value of Engaging Consumers in the Mobile Channel It goes without saying that mobile is an important channel
More informationPaper 5- Financial Accounting
Paper 5- Financial Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks:100 Time allowed:
More informationSocial Performance Management
SPTF Universal Standards for Social Performance Management 1 2 3 DEFINE AND MONITOR SOCIAL GOALS ENSURE BOARD, MANAGEMENT, AND EMPLOYEE COMMITMENT TO SOCIAL GOALS DESIGN PRODUCTS, SERVICES, DELIVERY MODELS
More informationFINISH LINE IN SIGHT BUT HURDLES REMAIN: A PERSPECTIVE ON THE DRAFT MICRO FINANCE INSTITUTIONS (DEVELOPMENT AND REGULATION) BILL 2011
July 25, 2011 FINISH LINE IN SIGHT BUT HURDLES REMAIN: A PERSPECTIVE ON THE DRAFT MICRO FINANCE INSTITUTIONS (DEVELOPMENT AND REGULATION) BILL 2011 K. Sree Kumar CEO, Intellectual Capital Advisory Services
More informationInternational Payments
International Payments Copyright Moneynetint. All Rights Reserved MoneyNet international Ltd was established in 2005, providing companies and individuals with a full range of foreign exchange and payment
More information9. SCHEME FOR DEVELOPMENT/ STRENGTHENING OF AGRICULTURAL MARKETING INFRASTRUCTURE, GRADING AND STANDARDIZATION
9. SCHEME FOR DEVELOPMENT/ STRENGTHENING OF AGRICULTURAL MARKETING INFRASTRUCTURE, GRADING AND STANDARDIZATION 1. OBJECTIVES (i) To provide additional agricultural marketing infrastructure to cope up with
More informationAll trademarks are owned by their respective owners. Copyright Information. Document Revision History
Case Study Copyright Information This document contains proprietary and confidential information of Craft Silicon Ltd. No part of this document may be reproduced, transmitted, stored in a retrieval system,
More informationUse of ICT & Customer Satisfaction Paper from Joint Rural Finance Thematic Workshop By Miriam Cherogony
Use of ICT & Customer Satisfaction Paper from Joint Rural Finance Thematic Workshop By Miriam Cherogony Africa Microfinance Conference, 20 th August 2007 Kampala, Uganda Overview of Presentation Introduction
More informationNATIONAL TREASURY STRATEGIC PLAN 2011/14
NATIONAL TREASURY STRATEGIC PLAN 2011/14 PRESENTATION TO PARLIAMENTARY FINANCE COMMITTEES Presenter: Lungisa Fuzile Director General, National Treasury 31 May 2011 TREASURY AIMS AND OBJECTIVES Chapter
More informationRequest of Expressions of Interest For Information Technology Consulting Firm
Election Commission Secretariat Preparation of Electoral Roll with Photographs and Facilitating the Issuance of National Identity Card Project Islamic Foundation Building Agargaon, Dhaka. No. PERP&FINIDC/Ops/040/480
More informationConsultation Document: Review of the Treatment of Charitable and Religious Organisations under the Non-bank Deposit Takers Regime
Consultation Document: Review of the Treatment of Charitable and Religious Organisations under the Non-bank Deposit Takers Regime The Reserve Bank invites submissions on this consultation document by 5pm
More information