Sabari Vortex Social Innovation
6
IIT-Madras The Challenge Rural people with bank a/c 20% Rural households with bank a/c 40% Rural h/h with formal credit 20% Rural ‘Informal’ borrowing USD 80 bn There is a large market for banks to reach out to!
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Sabari Vortex Social Innovation
Transcript of Sabari Vortex Social Innovation
IIT-Madras
The Challenge
Rural people with bank a/c 20% Rural households with bank a/c 40% Rural h/h with formal credit 20%
Rural ‘Informal’ borrowing USD 80 bn
There is a large market for banks to reach out to!
IIT-Madras
What banks need
At least1-ATM /1,000 people
US, Europe, Japan have this density
India requires over 1 million ATMs
Existing installations: under 5% of this
IIT-Madras
Why does an ATM have to cost 8 lakhs?
gram a te lle r
This was the question that started it all…
circa 2004
IIT-Madras
GramatellerHelping banks reach out to the unbanked
• Capex: less than ½• Opex: up to 1/10th • Power: 1/15th of conventional installation• Solar powered at 24ps / Tx• Can dispense soiled notes• Works without A/C – 0 to 50 deg ambient
Standard Features• Biometric (fingerprint) authentication• Built-in 4-hr battery back-up
IIT-Madras
gram a te lle r
Successfully pioneered for NREGA payments
IIT-Madras
Future Potential of the Technology
• Bring about an ATM revolution on lines of telecom revolution
• At least one ATM per village• Greater financial inclusion• Seamless integration with banking,• Growth potential:
Current installation less than 45,000 ATMs for the whole of India
These are mostly limited to metro and urban areas The total requirement of 1 million has to come primarily from
rural
