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Role Of Information Technology In Financial Inclusion With Special Reference To Banking Sector In Sagar City Madhya Pradesh
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Book Synopsis Role Of Information Technology In Financial Inclusion With Special Reference To Banking Sector In Sagar City Madhya Pradesh by : Dr. Ashad ullah Qureshi
Download or read book Role Of Information Technology In Financial Inclusion With Special Reference To Banking Sector In Sagar City Madhya Pradesh written by Dr. Ashad ullah Qureshi and published by Concepts Books Publication. This book was released on 2022-06-01 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a growing interest in financial inclusion to enable financial services to low income population, disadvantaged sections for developing their life-standard. This will help in strengthening the economic growth of the developing countries. Dr K.C. Chakraborty, Deputy Governor Reserve Bank of India said on September 06-2011 in his speech that 2.5 billion adults, just over half of world's population of adults, do not use formal financial services t v save or borrow. Out of these un-served adults, 2.2 billion live in Africa, Asia, Latin America, and the Middle East regions. This is not an India specific problem of India but is a global one
Book Synopsis Financial Inclusion and the Role of Banking System by : Sudarshan Maity
Download or read book Financial Inclusion and the Role of Banking System written by Sudarshan Maity and published by Springer Nature. This book was released on 2022-04-22 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book portrays the scope and dimension of different financial inclusion strategies. It looks at the role and potential of banks involved in financial inclusion. This book focuses on the importance of financial inclusion and in measuring its important determinants. It provides an empirical insight into how the different factors influence financial inclusion of a nation, providing a guideline to the banks and the regulators to select an effective structure of bank branch and efficient composition, to ensure best utilization of their devoted resources in the context of a developing economy.
Book Synopsis Financial Inclusion by : Vinay Kandpal
Download or read book Financial Inclusion written by Vinay Kandpal and published by . This book was released on 2019 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cashless transaction system is achieving its growth day by day, as soon as the market becomes globalized and the development of the banking sector more and more the people moves from cash to a cashless system. The cashless system is not just a necessity but also a need of today's order. Over the past few years, efforts to drive financial inclusion in India have delivered mixed results. Access to bank accounts has increased dramatically, driven by a strong policy and regulatory push. However, the usage of these accounts and the uptake of formal financial services beyond savings accounts has remained exceptionally difficult. The recent initiatives by the Government around demonetization and the move to cashless transactions will further drive innovation and new entrants into the Industry. The amendments to the banking act clearly demonstrate the Government, RBI and Banking institutions intent to ensure stable growth of the economy by ensuring a healthy BFSI. Building Trust within the industry will be paramount to India's further growth. Newer technologies pose different challenges to the banks and regulators, with security being a key concern. With cyber-frauds on the rise, the regulators and the bankers would have to come together to ensure control mechanisms are in place. A strong push from the Government of India has given the non-banking population easy access to financial products. Payment organizations have demonstrated the advantages of mobile-led solutions and the traditional banking organizations are now trying to make inroads into rural India by launching innovative mobile-based banking solutions. With support from the government, large technology companies are using new ways of reaching out to the rural masses and educate them about the various financial products, thus ensuring that their hard-earned income is rightly invested.
Book Synopsis Inclusive Banking In India by : Lalitagauri Kulkarni
Download or read book Inclusive Banking In India written by Lalitagauri Kulkarni and published by Springer Nature. This book was released on 2021-06-01 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the gaps in the present institutional structure of inclusive finance framework in India. It provides a comprehensive review of the role of banks in financial inclusion policy and micro-finance landscape in India at present. It identifies the key issues within the banking system which prove to be obstacles in the way of achieving financial inclusion and sustainable growth. The book conceptualizes inclusive banking, delves into the theoretical foundations thereof and suggests an institutional framework to avoid overlapping of their functions in order to ensure profitability. It reviews the existing market structure and competition in the inclusive finance arena while considering the role of banks, micro-finance institutions and SHGs in financing the poor. The book proposes a distinct change to the existing business model, examines the bank business model for inclusion and how the banks can and should treat the micro lending clientele as their core client base to counter the issues of profitability and competition in today’s banking sector. It also discusses some of the latest initiatives in inclusive finance and the importance of entrepreneurship development experiments in India and their efficacy in comparison with the micro-lending model.
Book Synopsis FINANCIAL INCLUSION IN INDIA by : DR.S.V. SHINDE
Download or read book FINANCIAL INCLUSION IN INDIA written by DR.S.V. SHINDE and published by Lulu.com. This book was released on with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The 2015 Brookings Financial and Digital Inclusion Project Report by : John Villasenor
Download or read book The 2015 Brookings Financial and Digital Inclusion Project Report written by John Villasenor and published by Brookings Institution Press. This book was released on 2015-10-06 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2015 Brookings Financial and Digital Inclusion Project (FDIP) Report and Scorecard evaluate access to and usage of affordable financial services across 21 geographically and economically diverse countries. The 2015 FDIP Report and Scorecard seek to answer a set of fundamental questions about today's global financial inclusion efforts, including: 1) Do country commitments make a difference in progress toward financial inclusion?; 2) To what extent do mobile and other digital technologies advance financial inclusion?; and 3) What legal, policy, and regulatory approaches promote financial inclusion? John D. Villasenor, Darrell M. West, and Robin J. Lewis analyzed the financial inclusion landscape in Afghanistan, Bangladesh, Brazil, Chile, Colombia, Ethiopia, India, Indonesia, Kenya, Malawi, Mexico, Nigeria, Pakistan, Peru, the Philippines, Rwanda, South Africa, Tanzania, Turkey, Uganda, and Zambia. Countries received scores and rankings based on 33 indicators spanning four dimensions: country commitment, mobile capacity, regulatory environment, and adoption of traditional and digital financial services. The authors' analysis provides several takeaways with respect to expanding financial inclusion across diverse cultural, economic, and political contexts: · Country commitment is fundamental. · Movement toward digital financial services will accelerate financial inclusion. · Geography generally matters less than policy, legal, and regulatory changes, although some regional trends in terms of financial services provision are evident. · Central banks, ministries of finance, ministries of communications, banks, nonbank financial providers, and mobile network operators play major roles in achieving greater financial inclusion. · Full financial inclusion cannot be achieved without addressing the financial inclusion gender gap. This year's Report and Scorecard are the first of a series of publications intended to provide policymakers, the private sector, nongovernmental organizations, and the general public with information that can help improve financial inclusion in these countries and around the world.
Book Synopsis India’s Approach to Open Banking: Some Implications for Financial Inclusion by : Mr.Yan Carriere-Swallow
Download or read book India’s Approach to Open Banking: Some Implications for Financial Inclusion written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2021-02-26 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how the development of the digital infrastructure known as the “India Stack”—including an interoperable payments system, a universal digital ID, and other features—is delivering on the government’s objective to expand the provision of financial services. While each individual component of the India Stack is important, we argue that its key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack. Until recently, a large share of India’s population lacked access to formal banking services and was largely reliant on cash for financial transactions. The expansion of mobile-based financial services that enable simple and convenient ways to save and conduct financial transactions has provided a novel alternative for expanding the financial net. The Stack’s improved digital infrastructures have already allowed for a rapid increase in the use of digital payments and the entry of a range of competitors including fintech and bigtech firms.
Book Synopsis Role of Electronic Banking in Financial Inclusion by : Sujoy Dhar
Download or read book Role of Electronic Banking in Financial Inclusion written by Sujoy Dhar and published by . This book was released on 2015 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial inclusion focuses on the poor who do not enjoy the formal financial institutional support. The branchless banking is an innovative concept where account can be opened and operated without going to bank branch. The profiles of Business Facilitator and Business Correspondent have been created so that they can work as the agent of the banks who are directly dealing with poor villagers. In the era of information technology, a person is called poor not because he has no money but for the fact that he does not have adequate information about what is happening in his surroundings. Electronic banking has made a major breakthrough in the sphere of banking and finance. After the successful implementation of core banking solution and net banking, it has been experienced that banks are recruiting engineers in bulk as the executives of the banks have to be tech-savvy in order to do justice to their assigned responsibilities. After 67 years of independence, telecommunication sector is the one which has successfully penetrated to Indian household. Therefore mobile banking has added a new dimension in electronic banking. The objective of the proposed research paper is to explain the scope and challenges of electronic banking, to analyze the mechanism through which online banking can facilitate the financial inclusion in India and to identify the strategies how the electronic banking system can be used more customized and user friendly way to ensure maximum justice to all stakeholders of the nation. The methodology of the proposed work consist survey of existing literatures from different scholarly research articles available in several reputed national and international journals and analysis of secondary data collected from the RBI database and the different published reports. The proposed intellectual output will give a direction how maximum benefit can be provided to the maximum number of financially excluded persons so that fruits of growth can be distributed in an equitable way.
Book Synopsis Impact of Digital Banking in Promoting Financial Inclusion by : Neeraj Kumar
Download or read book Impact of Digital Banking in Promoting Financial Inclusion written by Neeraj Kumar and published by . This book was released on 2023-08-31 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital financial inclusion can prove a master stroke in reaching the unserved and underserved population, especially to low income groups. With the aim of reaching such population banking and non banking sectors have started to render digital financial services to excluded people. The approach to digital channels and usage of financial services in formal way by the debarred and underserved populace is termed as "Digital Financial Inclusion". One of the decisive drivers that included majority of population in formal financial sector was Pradhan Mantri Jan Dhan Yojna initiated by the Indian Government. Under this scheme the bank accounts of majority of the Indian citizens have been opened to provide the benefits of direct benefit transfer. The accounts of adults with any of the financial institutions have been increased from 52.8% to 79.8 % between years 2014 to 2017 that shows more than three hundred million people entered in formal financial sector in three years. If the digital financial services could be provided in an effective manner by the service providers it may bridge the gap in the way of financial inclusion by providing convenience, ease of use, time saving and low cost transaction features etc. Various digital banking channels have been introduced by the financial institutions and Government such as Automatic teller machines (ATMs), Cash dispensing machines, Internet banking, Mobile banking, Point of sales (POS) terminals, Unified payment interface (UPI) and Business correspondents etc. which made the banking easily accessible. In spite of presence of enormous digital banking platforms, still there are quite a few lacunas ingrained in the system that act as roadblock in the way of digital financial inclusion. Hence we cannot ignore the adverse factors and the risk associated with digital transactions.
Book Synopsis Microfinance and Financial Inclusion by : S. Teki
Download or read book Microfinance and Financial Inclusion written by S. Teki and published by Mitchell Beazley. This book was released on 2012 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: An increasing acknowledgement that financial services hold the key to mainstreaming the poor and disadvantaged in India makes this detailed account of financial inclusion--both as a concept and as a veritable solution to aid in the country's development--a timely resource. The book states that the primary goal of financial inclusion is to broaden the scope of activities of the formal financial system, thus allowing people of low income to gradually participate in the system and thereby freeing the poor from poverty. The authors argue that important financial services such as credit, savings, insurance, and remittances should be provided at an affordable cost to low-income citizens. Topics discussed in the book include current financial exclusion; the roles of microfinance, banks, and nongovernmental organizations in financial inclusion; the Indian financial system; the credit needs of weaker sections of society in India; and Scheduled Castes development corporations.
Book Synopsis Cost Benefit and Usage Behavior Analysis of ICT in Financial Inclusion by : Suvankar Mishra
Download or read book Cost Benefit and Usage Behavior Analysis of ICT in Financial Inclusion written by Suvankar Mishra and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The road map to Financial Inclusion has seen considerable promotions of technological and institutional innovations, to achieve financial access and remove pilferages. Digital technology, today, is pervasive. Everything, from governance to education to health rides on modern digital technology. Without that, delivery of services is very difficult. Illustrious of the rich technology penetration, India today has more mobile phone subscribers (720 million) than bank account holders (50 percent of India's population). Enrollment of the Unique Identification Number (UID) and linking the UID to the beneficiary's bank account number is considered as a highlight, to ease the process of identification and reduce leakages. Several technology solutions such as mobile banking, card and mobile technology etc. have been enabled, yet the end-user still remains disillusioned as the real benefits need to be accrued. Innovation in ICT has created a mechanism to create a cashless eco-system, that has provided the citizens, a reason to change, but the moot point is, access to such technology remains restricted to a specific segment in the society. Adaptability determines the usage behavior and the readiness to accept the paradigm shift into a cashless eco-system dynamically. Increasingly sophisticated customer segmentation technology, with more accurate targeting of sections of the market has led to restricted access to financial services by some groups. A sizable majority of the population continues to remain excluded despite opportunities created by ICT. What will facilitate the rural, unbanked segment to actively use the transactional eco-system? Today, technology for financial institutions and service providers involves wide allocation of Smart Cards, which store customer data and information. A magstripe card easily costs Rs.30-40 and stores data in an offline mode, causing untimely reconciliation and settlement with the bank. High costs involved in implementing smart card technology, offline transactions, no visibility on the agent's float and opportunity costs lost in reconciliation, tracking, and settlement makes it unviable for the banks on the long run. The eco-system becomes obsolete by affecting the commission to the agents and the roll-out of services to the customer. A widely deployed infrastructure (BC), low-cost technology channel (multi-centric online transactional platform), and the end-user's accessibility to safe and convenient electronic payment system (mobile money), creates a viable solution. The electronic payment system is a 'transactional rail', on which a broader spectrum of financial services can ride. Rolling out need based products and services and ensuring continuous usage among users creates a habit. This habit is leveraged to disburse other products, thereby increasing usage and creating multitude of changes in the eco-system. A Matrix of Alternatives provides a holistic channel to move from cash based eco-system to a cashless system. The recommended strategy is to provide a platform that transcends through a tele-channel (GSM/GPRS/Internet), authenticating the end-user through a PIN/Fingerprint/Voice (IVR), thereby enabling the user to transact at the nearest agent/kiosk. The point is to make the user agnostic to the presence of any entity (Agent/Kiosk) and provide a user-friendly interface to use. Simplicity and Proximity are the cornerstones to successful implementation of ICT in Financial Inclusion. Today, a customer is required to go to a physical point to transact using an application in a mobile phone or a PoS terminal. Tomorrow, the same customer can transact using a simple application in the mobile phone, by sitting at home. The paper elucidates, how cost-benefit, in transactions and as commissions to the agent will increase the value of an electronic payment system as well as leverage the usage-behavior to aggressively attract the customers and create trust. Information brings about openness, accessibility, democratization, decentralization, and as a result total transformation. ICT catalyzes transformation and bridges the long haul in providing financial access. It does not require reinventing the wheel, but leveraging the existing channel to route the services.
Book Synopsis Union Bank of India by : Taruna Gautam
Download or read book Union Bank of India written by Taruna Gautam and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy is on the path of growth trajectory as a result of vibrancy in all-round economic activities. At present, the financial depth in Indian economic scenario is not that encouraging as in other Asian countries, although it has demonstrated gains in momentum. There is a strong interrelationship between economic growth and financial growth through financial inclusion. Financial inclusion involves the concerns related to the operating costs that are inherent in wider expansion. Similarly, the charges levied are an important aspect, along with the inability to reach rural and unbanked areas. Here, information technology (IT) can play an important role not only in reducing the operating cost but also in covering most of the regions which are unbanked.
Book Synopsis Inclusive Finance India Report 2014 by : Tara S. Nair
Download or read book Inclusive Finance India Report 2014 written by Tara S. Nair and published by Oxford University Press, USA. This book was released on 2015 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inclusive Finance India Report 2014 presents in-depth research and analysis on financial inclusion with evidence on the decisive shift in the positioning of microfinance within the financial system of India. Following up on Microfinance State of the Sector Report 2013 by the authors, this year's report focuses on recent developments in inclusive financing and efforts by governments and banks in extending financial services to the unbanked and underbanked regions and populations. The report tracks the progress of financial inclusion initiatives across institutional structures and delivery models, including the main microfinance channels. It contributes to an understanding of the complexities of the financial inclusion process, reviews policy development on inclusive finance, and highlights key challenges and opportunities for diverse stakeholders. A comprehensive reference on annual trends and progress of financial inclusion and the microfinance sector, the report synthesizes data and inputs from the Reserve Bank of India, NABARD, Ministry of Finance, banks, apex financial institutions, technology services providers, sector experts, and resource agencies. It serves to provide a perspective on the practice of financial inclusion in India as well as informing the policy formulation process.
Book Synopsis Financial Inclusion in Emerging Markets by : Ananda S.
Download or read book Financial Inclusion in Emerging Markets written by Ananda S. and published by Springer Nature. This book was released on 2021-10-04 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses ideas for stakeholders to develop strategies to access and use financial products and services such as deposits, loans, and fund transfer mechanism, insurance, payment services, and intermediaries, distribution channels at economical prices in order to cater to the needs of the poor and underprivileged people. Financial inclusion ensures ease of access, availability, and usage of the financial products and services to all the sections of the society. The book will help in recognizing the role of financial inclusion as one of the main drivers in reducing income inequality and thus supporting sustainable economic growth of the countries, especially of an emerging economy. The book provides conceptual and practical ideas from the practitioners, best practices from the experts, and empirical views from the researchers on the best practices and how to mitigate the challenges and issues plaguing the development of the financial inclusion.
Book Synopsis Bankers' Perceptions of the Role of Technology in Addressing Financial Exclusion by : Syed Sohail Javaad
Download or read book Bankers' Perceptions of the Role of Technology in Addressing Financial Exclusion written by Syed Sohail Javaad and published by . This book was released on 2012 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial inclusion is a measure of the ability of a population to make use of financial services. High rates of financial inclusion in a country are empirically correlated with high levels of economic development in that country; low rates of financial inclusion are correlated with low levels of development. Thus, policy makers are generally agreed that one method to increase economic development is to increase the level of financial inclusion. Not all attempts to increase financial inclusion are successful. Initiatives to improve financial inclusion can fail when policy makers or financial service providers have incorrect perceptions about financial inclusion. They may have incorrect perceptions about the purposes and beneficiaries of financial inclusion, or incorrect perceptions about how technology can encourage financial inclusion. This thesis investigates the perceptions of Pakistani bankers about financial inclusion in Pakistan. A survey of 125 Pakistani bankers was conducted. The results of the survey show that while bankers want to improve financial inclusion, they have perceptions that limit their effectiveness in reaching this goal. First, bankers' perceptions of the actual financial inclusion levels in the country are higher than generally accepted empirical measures. Second, their perceptions about the reasons for financial exclusion are limited to socio-economic factors like low income and education of people. Finally, they have limited appreciation of the role that technology can play in elevating the level of financial inclusion. Bankers show more interest in customer-facing technology than in back-end technical infrastructure, thus limiting the scalability and interoperability of their systems. Our guidance to policy makers is to address these perceptual problems through education and through government-backed technical infrastructure programs, thus better enabling the banking industry to improve financial inclusion in Pakistan.
Book Synopsis Use of Information Technology in Finance by : Ameya Patil
Download or read book Use of Information Technology in Finance written by Ameya Patil and published by . This book was released on 2018 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two decades, ICT has impacted the world in a big way. Especially, the field of finance has seen a tremendous shift in its functioning. The paper describes the role and impact of technology in the financial sector and takes a review of earlier studied conducted in this regard. The paper also focuses on banking sector, stock markets which have seen a positive change due to use of ICT.
Book Synopsis Private Participation in the Indian Power Sector by : Mohua Mukherjee
Download or read book Private Participation in the Indian Power Sector written by Mohua Mukherjee and published by World Bank Publications. This book was released on 2014-10-21 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: Massive private investment that complements public investment is needed to close the demand-supply gap and make reliable power available to all Indians. Government efforts have sought to attract private sector funding and management efficiency throughout the electricity value chain, adapting its strategy over time.
