Eko: The Mobile Phone as a Financial Identity

2014 ◽  
Vol 18 (01) ◽  
pp. 143-173
Author(s):  
Kavitha Ranganathan ◽  
Amit Kapoor
Keyword(s):  
Open Source Software ◽  
Financial Services ◽  
Low Cost ◽  
Bottom Of The Pyramid ◽  
Reserve Bank ◽  
Start Up ◽  
Banking Institutions ◽  
The Masses ◽  
Technology Solution ◽  
Reserve Bank Of India

Eko Financial Service Private Limited is a young Indian start-up that uses mobile technology for bringing banking to the bottom of the pyramid market. Eko leverages the Banking Correspondent model propagated by the Reserve Bank of India, to provide bank accounts and remittance services for those who have been excluded from the formal banking institutions. With an innovative low-cost technology solution which uses open-source software and cloud computing, the case illustrates how Eko hopes to leverage the mobile revolution sweeping the country to provide financial services to the masses.

scholarly journals BANKING SECTOR ORIENTED FINANCIAL INCLUSION IN INDIA: A LONG TERM PERSPECTIVE

2020 ◽  
pp. 42-59
Author(s):  
Sana Pathan ◽  
Archana Fulwari
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Financial Inclusion ◽  
Inclusive Growth ◽  
Long Run ◽  
Reserve Bank ◽  
The Government ◽  
Improve Access ◽  
Reserve Bank Of India

Financial Inclusion is an emerging concept. The objective of the government behind 100 percent Financial Inclusion is to have inclusive growth in India. Several initiatives have been taken by the Government of India and the Reserve Bank of India to improve access to financial services. To measure the effectiveness of these initiatives there is need to measure the extent of Financial Inclusion. Financial Inclusion can be measured by gauging the progress in access to and usage of a range of products and services of financial institutions over time. The present study sought to propose an index to measure the extent of banking sector oriented Financial Inclusion in India over a period of time rather than a cross-section study which has been the focus of many a studies. The study used more specific indicators of banks-centric financial inclusion dimensions to gauge the long run trend in Financial Inclusion in India. The results indicate that there is much improvement in Financial Inclusion in India since the implementation of financial sector reforms.

Evaluation of Financial Inclusion Index for accessing Banking Technology through Rural Population from the States of India

2019 ◽  
Vol 118 (8) ◽  
pp. 261-265
Author(s):  
Dr.M. Bhuvana
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Rural Population ◽  
Research Study ◽  
Financial Inclusion ◽  
Insurance Company ◽  
Indian Government ◽  
Financial Products ◽  
Reserve Bank ◽  
Reserve Bank Of India

Reserve bank of India has described the term Financial Inclusion as the sequence of activities that has taken place in proving financial services to the most vulnerable people in country at a very low affordable cost. The financial services like assess to financial products such as small deposits and savings, providing basic credit requirements through formal financial institutions like post offices, banks, microfinance institutions and banks. Rural people faces may issues and challenges in using financial products and services to meet their basic needs. Hence this research study has done an analysis to evaluate index of financial inclusion for various states of India with four different types of dimensions like Penetration of Bank Branches in rural areas, Credit Penetration, Deposit and Penetration of Insurance Companies in the rural regions of all the states of India. Different resources namely the website of Reserve Bank of India, Census 2011 data, articles and journals has been utilized to gather the secondary data for the study. The dimensions such as deposit, credit, insurance company penetration and bank branch penetration in rural areas of different states of India has been measured by accessing multidimensional approach to examine financial inclusion index 2018. From the research study, it is found that the states Puducherry, Daman & Diu, Chandigarh and Goa has Financial Inclusion at below average level (between 35-50) and the remaining states in India has financial inclusion at very low level in rural areas (Below 35).As concerned with rural population many states in India has financial inclusion at below average and lower level. The concern authorities from Indian Government should examine those states that are highly eliminated from accessing banking services to restructure the position of financial inclusion

Union Bank of India: Initiatives towards IT-enabled Financial Inclusion

2014 ◽  
Vol 3 (2) ◽  
pp. 149-156
Author(s):  
Taruna Gautam ◽  
Kapil Garg
Keyword(s):  
Financial Services ◽  
Operating Cost ◽  
Financial Inclusion ◽  
Mobile Banking ◽  
Economic Activities ◽  
The People ◽  
Reserve Bank ◽  
Financial Depth ◽  
Financial Growth ◽  
Reserve Bank Of India

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. IT provides various solutions for financial services to the people devoid of banking facilities in the form of mobile banking and micro ATM. This case highlights the various IT measures and schemes launched by Union Bank of India towards financial inclusion as per the guidelines of Reserve Bank of India (RBI).

scholarly journals A Canvas of Data & Indian Card Industry

2017 ◽  
Vol 9 (7) ◽  
pp. 39
Author(s):  
Shounak Ghosh ◽  
Tapomoy Koley
Keyword(s):  
World Bank ◽  
Open Source Software ◽  
Learning Algorithm ◽  
Social Indicators ◽  
Primary Data ◽  
Heat Map ◽  
Reserve Bank ◽  
Data Portal ◽  
Ministry Of Finance ◽  
Reserve Bank Of India

Indian card industry has gone through several interesting changes in the recent past. We wanted to explore this fascinating world both from card issuing and merchant acquiring perspective within our chosen study period of around 6 years - from Q2, 2011 to Q4, 2016. However rather than hunting the data to prove any pre-defined notion we wanted to listen to the data to capture the story it wants to tell us. We took a canvas of raw primary data from a no. of sources ranging from Reserve Bank of India to World Bank, from Ministry of Finance to Ministry of Statistics & Implementation (of Govt. of India) and a no. of other sources like Yahoo Finance, Index Mundi data portal. As a choice of tool we have used R (an open source software) and Excel for our study. In order to uncover the underlying story behind the data we have used an array of techniques ranging from descriptive trend chart, heat map, multidimensional bubble plot, outlier chart to advanced data analytics techniques like clustering using machine learning algorithm. We also uncovered the correlations of card industry parameters with other economic and social indicators and went ahead in building optimum casual predictive model as well as time series forecasting model.

scholarly journals Effectiveness of Financial Inclusion in Economic Growth of India

2021 ◽  
Vol 5 (7) ◽  
pp. 71-75
Author(s):  
Sirangi Chandra Shekhar ◽  
Jothiselvamuthukumar A.
Keyword(s):  
Financial Services ◽  
Financial Inclusion ◽  
Investment Funds ◽  
Financial Exclusion ◽  
Reserve Bank ◽  
Formal Framework ◽  
Credit History ◽  
Comprehensive Development ◽  
Low Pay ◽  
Reserve Bank Of India

Financial Inclusion (FI) is a significant interaction to accomplish the objective of comprehensive development. Appropriately, the Reserve Bank of India (RBI) has put forth, supported attempts to expand the entrance of basic financial services in unbanked zones, while proceeding with its strategy of guaranteeing satisfactory however feasible progression of credit to need areas of the economy. FI is conveyance of banking administrations at a reasonable cost to the immense segments of oppressed and low-pay gatherings. By FI we mean the arrangement of reasonable financial services, to be specific admittance to installments and settlement offices, investment funds, advances, and protection services by the formal framework to the individuals who are generally not offered these kinds of services by any other financial institutions due to their poor credit history. Meaning of FI emerges from the issue of financial exclusion of almost 3billion individuals from the basic financial services across the world, with just 34percent populace occupied with formal banking. India has, 135 million FI families, the second most noteworthy after china. The current paper is a modest endeavor to discover the reasons for financial exclusion in India, examine the degree and extent of FI with regards to India and propose measures to take care of the issue of financial exclusion in India.

scholarly journals Study of Role of Financial Institution in Financial Inclusion

2020 ◽  
Vol 10 (6) ◽  
pp. 35-40
Author(s):  
Ishan Khatri ◽  
Prarthana Fabyani ◽  
Chehak Rajgarhia ◽  
Sejal Murarka
Keyword(s):  
Financial Services ◽  
Financial Institution ◽  
Vital Role ◽  
Financial Inclusion ◽  
Self Help ◽  
Reserve Bank ◽  
The World ◽  
Self Help Groups ◽  
Reserve Bank Of India

India is one of the largest growing economies in the world. Financial inclusion is providing financial services at an affordable rate to all people. It comes into existence in the year 1950 establishment of Reserve Bank of India. There are various incentives which have been undertaken to increase financial inclusion in India. With the nationalization of commercial banks. And the formation of NABARD Self-help Groups and Kisan credit bank. After 2000, the schemes like Swavalamban swabhiman have been launched to increase its role. The schemes by government of India like PMJDY and Startup India schemes. Financial inclusion helps in forming cashless economy and increase capital formation and increase economic growth of the country. It provides business and growth opportunities to the Intermediaries. This system also provides affordable services to the poor and played a vital role in improving country financial services.

The hoax of demonetization in Indian economy: a mathematical analysis

2019 ◽  
Vol 22 (4) ◽  
pp. 678-693
Author(s):  
Debasish Roy
Keyword(s):  
Money Supply ◽  
Prime Minister ◽  
Macroeconomic Theory ◽  
Content Type ◽  
Indian Economy ◽  
Clear Cut ◽  
Reserve Bank ◽  
The Masses ◽  
The Mathematical Model ◽  
Reserve Bank Of India

Purpose Over one and half years have passed since the demonetization of Indian economy had occurred on November 8, 2016. The drastic step was initiated by the Prime Minister Narendra Modi with an intention to curb the “huge” circulation of illicit or “black” money of Indian economy by means of withdrawal of high value denominations of Rupees 500 and Rupees 1,000 from the supply of broad money (M3). This step helped to demonetize around 86 per cent value of total money supply leading to an unprecedented chaos in the economy and public life. The long delays in issuing fresh currency notes at the banks and ATMs further deteriorated the sudden economic crisis. Design/methodology/approach This research paper is aimed at exploring the proclaimed “efficacy” of demonetization policy as proposed by Reserve Bank of India by means of a mathematical approach and critically examines the effects of demonetization on the illicit money supply of Indian economy on the basis of macroeconomic theory. Findings From the mathematical model and related estimates, it may be easily deduced that the Indian policymakers deliberately hurled the masses in one of the gravest economic crises with a clear-cut intention of creating a political gimmick, when in reality, the proportion of illegitimate money supply was not even 1 per cent of total legitimate supply of money. Originality/value The analyses and findings related to this paper are based on mathematical modeling and logical interpretations. This paper is free of plagiarism as all the necessary sources and references are properly cited.

Innoz Technologies: the powerhouse of innovation

2015 ◽  
Vol 5 (1) ◽  
pp. 1-13
Author(s):  
Roma Puri ◽  
Amit Kumar
Keyword(s):  
Business Strategy ◽  
Social Transformation ◽  
Teaching And Learning ◽  
Low Cost ◽  
Mobile Users ◽  
Bottom Of The Pyramid ◽  
Early Start ◽  
Content Type ◽  
Start Up ◽  
Start Ups

Subject area Entrepreneurship, innovation, marketing and strategy. Study level/applicability Master's, postgraduate and executive level programs. Case overview Deepak Ravindran, an engineering student at LBS College, Kerala, India, was attempting to launch Innoz. The company flagship product SMSGyan will allow users to access information on low-end mobile devices with no Internet connectivity. With the improvement in the Internet standards and rapidly growing smartphone users, selling SMSGyan never came easy to Innoz. The case explores challenges faced during the transformation of a start-up into a profit-generating business. The case describes the dilemma faced by Deepak Ravindran and key role players of Innoz to sustain in business in the scenario of dynamic technologies. Should they re-innovate the technology that was limited for low-end mobile users? Innoz being at the bottom of the pyramid innovation is the key competitive advantage. Low-cost or niche market or differentiation connects this case to the basic business strategy concepts. Through this case, students learn about many practical issues related to technology development in the global competitive environment. They are also exposed to broader trends and facets of start-ups and globalization. The Innoz case is designed to stimulate discussion of broad array of issues encountered by the early start-ups. In particular, it deals with introducing innovation and entrepreneurship skills leading to social change. Expected learning outcomes To identify new business opportunities for non-Internet mobile users. To explore various possibilities of application services for low-end mobile users. Evaluate the advantages and liabilities of expanding globally at a very early start-up stage. The case focuses on Innoz's early development with only concept in hand and transforming it into a profit-generating business. To develop and give exposure to entrepreneurship skill set in students. To understand learning and strategies behind setting up of start-ups and the motivating self-driven skills. Discussion on innovative use of technology as a stream of business. Silicon valley culture adaptation into Indian context. To highlight use of mobile technology for teaching and learning. To showcase how entrepreneur skill in business can lead to social transformation. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email [email protected] to request teaching notes.

scholarly journals COVID-19 Impact on Exports of Services: Opportunities, Challenges and Suggestions for India

2021 ◽  
pp. 231971452098467
Author(s):  
Sivalingam Veeramani ◽  
Anam
Keyword(s):  
World Trade Organization ◽  
Financial Services ◽  
World Trade ◽  
Data Set ◽  
Policy Initiatives ◽  
Reserve Bank ◽  
The World ◽  
The Impact ◽  
Digital Or ◽  
Reserve Bank Of India

The COVID-19 outbreak has put the global economic scenario out of order. The mechanism of lockdown and social distancing has paved a grave situation for global trade in general and services in particular as they are inseparable and requires proximity between the supplier and the consumer. In view of the outstanding contribution of services in India’s foreign trade, this study examines the impact of the pandemic on aggregate, sectoral and mode-wise services exports from India. It ultimately seeks to highlight key opportunities, challenges and suggestions to protect and promote India’s services interest amid this global disruption. We review the quarterly and monthly services exports patterns from January to July 2020 based on the data obtained from the World Trade Organization and the Reserve Bank of India. The perspective on mode-wise services exports is derived from the Trade-in Services by Modes of Supply (TISMOS) data set of the WTO for 2017. The analysis highlights a severe drop in overall services exports, by over 10% during the second quarter of 2020. Travel, transport and financial services have been hit hardest. However, the decline in India’s services exports found as relatively much lower in comparison to other major services exporting economies. The comparative edge in digital or Mode 1 services offers greater opportunities for the country in the longer period if urgent policy initiatives and support are extended to potential online services sectors.

Money Code Space

2020 ◽  
Author(s):  
Jack Parkin
Keyword(s):  
Open Source Software ◽  
Global Economy ◽  
Research Problem ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Start Up ◽  
Challenging Research ◽  
Digital Politics ◽  
Financial Transactions ◽  
And Control

Newly emerging cryptocurrencies and blockchain technology present a challenging research problem in the field of digital politics and economics. Bitcoin—the first widely implemented cryptocurrency and blockchain architecture—seemingly separates itself from the existing territorial boundedness of nation-state money via a process of algorithmic decentralisation. Proponents declare that the utilisation of cryptography to advance financial transactions will disrupt the modern centralised structures by which capitalist economies are currently organised: corporations, governments, commercial banks, and central banks. Allegedly, software can create a more stable and democratic global economy; a world free from hierarchy and control. In Money Code Space, Jack Parkin debunks these utopian claims by approaching distributed ledger technologies as a spatial and social problem where power forms unevenly across their networks. First-hand accounts of online communities, open-source software governance, infrastructural hardware operations, and Silicon Valley start-up culture are used to ground understandings of cryptocurrencies in the “real world.” Consequently, Parkin demonstrates how Bitcoin and other blockchains are produced across a multitude of tessellated spaces from which certain stakeholders exercise considerable amounts of power over their networks. While money, code, and space are certainly transformed by distributed ledgers, algorithmic decentralisation is rendered inherently paradoxical because it is predicated upon centralised actors, practices, and forces.

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