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Financial Inclusion- News and Views - January 2016

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January 2016

 

The Pradhan Mantri Jan Dhan Yojana (PMJDY) account network has grown to 19.84 crore accounts by 30th December 2015 with deposits of INR 29225.56 crores. Zero balance accounts have dropped to 31.81% of the total and RuPay has now crossed a third of the market share in the card payments. Progress of the PMJDY is also being tracked through a regular survey designed by the Department of Financial Services, MicroSave and Bill and Melinda Gates Foundation with two aims : 1) To understand the coverage and quality of Bank Mitras across a sample of Sub Service Areas; and 2) To understand customers’ experience with PMJDY. The survey’s first round was conducted over the period November-December 2014 (MicroSave India Focus Note #114 An early dip-stick assessment of Bank Mitr’s under Pradhan Mantri Jan Dhan Yojana) and the second round over the period April-May 2015 (MicroSave India Focus Note #125 PMJDY Assessment Round 2: Well Begun is Job Half Done). The results shows that while many parameters such as transaction readiness, dormancy rate, and earnings have improved, training and monitoring of Bank Mitras remain unsatisfactory.

The Reserve Bank of India Report of the Committee on Medium-term Path on Financial Inclusion was released on 28th December 2015, making a comprehensive listing of recommendations towards a measurable and monitorable action plan for financial inclusion that encompasses both households and small businesses. The goal has been set for 2021, when over 90 per cent of the hitherto underserved sections of society become active stakeholders in economic progress empowered by formal finance. The recommendations cover the gamut of issues under financial inclusion, including agricultural credit, MSME finance, interest-free banking, credit infrastructure, payments system, Government-to-Person payments, financial literacy and governance principles.

Research

Service Quality Standards in Telecom Connectivity for Financial Inclusion
Policy Brief November, 2015

Digital Financial Inclusion - Addressing Customer Concerns
Policy Brief October, 2015

Direct Benefits Transfers: An Update
Policy Brief June, 2015

In the Media

Banking sector poised to see interesting times
domain-b.com, 25 November 2015

Additional telecom metrics needed for financial inclusion
Financial Express, 04 November 2015

The payments banks revolution
Mint, 24 August 2015

Which comes first: identity or privacy?
THE HINDU BusinessLine, 18 August 2015

Blogs

PMJDY is making a difference: Results from Surveys
PMJDY Year-end Update
Telecom Metrics for Financial Inclusion
Report of the RBI Committee on Medium Path on Financial Inclusion

Section I: Policy – the latest from India’s policymakers

Payment Revolution: Preparing for Participation
Shri R. Gandhi, Deputy Governor, Reserve Bank of India, December 22, 2015
NBFCs: Medium Term Prospects
Shri R. Gandhi, Deputy Governor, Reserve Bank of India, December 21, 2015

Notifications

Roadmap for opening brick and mortar branches in villages with population more than 5000 without a bank branch of a scheduled commercial bank 
Mobile Banking Transactions in India - Operative Guidelines for Banks – Customer Registration for Mobile Banking
Aadhaar Seeding and ABP - Strategy and Timelines: MGNREGA
Minutes of Meeting VC on DBT held on 7,8,9th Dec, 2015: MGNREGA
PMJDY Progress Report
Trend of Zero Balance Accounts under PMJDY
Position of Overdraft
Position of Bank Mitra Infrastructure

Section II: News and Views Digest – the latest from India and abroad

India

Bill Gates | 2016 will be the year of financial inclusion
DBT, RuPay critical for 'meaningful' financial inclusion
Future Of Payments Bank
Harnessing Technology for All
Financial inclusion key to growth of micro enterprises
CSR and financial literacy
Costly Ignorance
Small steps towards banking for everyone
Bankers made a beeline for the State
Govt backed RuPay because of its intrinsic value: AP Hota
Money matters
Get ready for fin-tech boom
Too much of financial inclusion push can hurt banking sector
India Post payment bank to be operational by March 2017
Role of Bank Mitrs in Direct Benefit Transfer Ecosystem: Are Banks and Government Ignoring Their Brand Ambassadors?
Introducing the Graduation Approach in India’s Jharkhand State

International

Re-thinking MFI Operations using Mobile Technology
GSMA Mobile Money in 2015: Year in review
Recommendations for supporting the growth and development of digital commerce in Pakistan
A2A interoperability: Understanding bank to mobile money transaction flows and technical solutions
Three ideas to drive women’s use of mobile money in Kenya
How can MFIs leverage mobile financial services? The example of Tunisia
Mobile-Led insurance: Evolving approaches in an advancing field
Six Takeaways from Rwanda’s Financial Inclusion Insights Survey
20 Years of Financial Inclusion Progress in WAEMU; More to Come!
In Ghana, DFS Helps Spur 41% Increase in Financial Inclusion
New Data Finds Mobile Money "On the Cusp" in Rwanda and Ghana
Youth Programs as a Path to Financial Inclusion in South Africa
Adapting the Graduation Model to Reach Indonesia's Ultra Poor
Reaching the Ultra Poor in Latin America
Technology Must Solve Real Problems for Low-Income Customers

Section III: Research – surveys and studies on expanding access to financial services

PMJDY Assessment Round 2: Well Begun is Job Half Done
Manoj Sharma, Mukesh Sadana, Lokesh Singh and Aishwarya Singh, MicroSave, December 08, 2015
Balancing Left-Right Bias in User-Centric Design Processes
Akhand Tiwari and Premasis Mukherjee, MicroSave, December 11, 2015

The monthly newsletter from the Indicus Centre for Financial Inclusion documents the latest news and views in the financial inclusion space, to provide a knowledge base that will help build understanding around how to accelerate the poor’s access to high-quality financial services. Editor: Sumita Kale can be contacted at sumita@indicus.org. The Indicus Centre for Financial Inclusion was launched in 2011 to distil and disseminate information on accelerating the poor’s access to high-quality financial services. The Centre is supported by the Bill & Melinda Gates Foundation. http://www.indicus.net/icfi

© Indicus Centre for Financial Inclusion. All rights reserved. 31st December 2015

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Contact: sumita@indicus.net Website: www.indicus.net/icfi