Alok Prasad -- The Next Generation of Innovations: A Medley of Products, Services and Programs...
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#17MCSummit 17TH MICROCREDIT SUMMIT GENERATION NEXT: INNOVATIONS IN MICROFINANCE Financial Inclusion & Jan-Dhan Yojana Alok Prasad CEO, MFIN
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The Next Generation of Innovations: A Medley of Products, Services and Programs Paving the Way in Microfinance 17th Microcredit Summit 2014 Summit
Transcript of Alok Prasad -- The Next Generation of Innovations: A Medley of Products, Services and Programs...
#17MCSummit17TH MICROCREDIT SUMMITGENERATION NEXT: INNOVATIONS IN MICROFINANCE
Financial Inclusion &
Jan-Dhan YojanaAlok PrasadCEO, MFIN
#17MCSummit17TH MICROCREDIT SUMMITGENERATION NEXT: INNOVATIONS IN MICROFINANCE
Jan-Dhan Yojana announced on Independence day
Aiming to eradicate Financial Untouchability or Financial Apartheid
Poverty is worst form of violence - Gandhi
(…… translates as People’s Wealth Scheme)
#17MCSummit17TH MICROCREDIT SUMMITGENERATION NEXT: INNOVATIONS IN MICROFINANCE
Jan-Dhan Yojana (key features)
RuPay debit card
After six months of satisfactory operations, the account would be eligible for Rs 5,000 overdraft facility
New bank accounts for 7.5 crore families (28th Aug, 2014 – 26 Jan, 2015)Initial target was one year
1.5 crore accounts were opened on the launch day with 600 programmes and 77,852 camps
Rs 1 lakh accident insurance cover, and an additional Rs. 30,000/- life insurance cover
#17MCSummit17TH MICROCREDIT SUMMITGENERATION NEXT: INNOVATIONS IN MICROFINANCE
Jan-Dhan Yojana (more features)
Bank account for every Indian Zero balance accounts
Minimum KYC (linked with UID) Address proof of any location
Remittances through mobile money transfer Remittances through BCs
#17MCSummit17TH MICROCREDIT SUMMITGENERATION NEXT: INNOVATIONS IN MICROFINANCE
Elements of Jan-Dhan Yojana
Public and private sector banks
RBI regulated NBFC / MFIs
Business Correspondents
MBOs – Mobile Banking
Insurance Companies
#17MCSummit17TH MICROCREDIT SUMMITGENERATION NEXT: INNOVATIONS IN MICROFINANCE
Financial Inclusion Landscape - India
Households banked 142 mn
58.7% of total households
Population 1,210 MillionHouseholds 242 Million
Households unbanked 100 mn
41.3% of total households
A major portion of the surplus income (15 % to 19 %) is saved as cash
About 2 % - 3 % goes as financial investments
Share of the savings kept as liquid cash by:rural households - 41.7 %urban households - 23.4 %
Rural Urban Total
30.10%
49.50%
35.50%
54.40%
67.80%58.70%
Households availing banking services
Census 2001Census 2011
1951 1961 1971 1981 1991 2002
3.90%9.50%
22.30%
56.60%47.60%
51.80%
69.70%60.80%
36.90%
16.90% 15.70%
29.60%
Access to Formal and Informal Sources of credit by Rural Households
Formal SourcesInformal Sources
#17MCSummit17TH MICROCREDIT SUMMITGENERATION NEXT: INNOVATIONS IN MICROFINANCE
MICROFINANCE INSTITUTIONS NETWORK (MFIN)http://mfinindia.org/
ALOK [email protected]
