Financial Inclusion. 2 Indian Demographics Population demographics APL (71%) BPL(29 %) Mobile...
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Financial Inclusion
2
Indian Demographics Population demographics
APL (71%)
BPL(29%)BPL (29%)
2015
29.2%
65.3%
5.4%
65+ year15-64 year0-14 year
Mobile subscriber penetration has reached 80% of population
970mn Aadhaar card holders in India(Unique identification)
Various pension schemes and host of government services linked to Aadhaar
Total population of India-1250mn
3
Financial Inclusion schemes launched by Government of India recently
Jan-Dhan yojana No. of accounts
opened:190mn primarily led by public sector banks
Universal access to banking Initiative to move towards
cashless economy Channelling all government
benefits to beneficiaries accounts
PMJDY PMSBY Personal accident cover of
$2985 Age group:18 to 70 years Premium: $0.17 Premium collected through
facility of “auto-debit” from bank
Accidental Insurance worth $2985 atat just $0.17 per annum
4 4
Aadhaar is Unique ID allotted to citizen of India and valid form of KYC
Features Paperless Consent based Eliminates Document
Forgery Secure and compliant
with the IT Act Low cost
Aadhaar issued to 77% of Indian population
Unique ID scheme
5
RSBY – Smart card based Health Insurance
RSBY Scheme National Health Benefit Scheme BPL families eligible for this
government scheme Family of 5 eligible for health
insurance worth $ 447 per annum
Benefits Cashless and Paperless Low Premium Payment $ 0.4 per family Beneficiary can get treatment from
any of the empanelled public or private hospitals, across India
Secure and Foolproof Over The Counter
6
Cards issued – App. 40 mn People enrolled – App. 126 mn Number of People benefitted till
now – 10.6 mn Number of Hospitals Empanelled
– 10666 States where Service delivery
has started – 29 Number of Insurance Companies
Involved – 16
Current status : RSBY in India
7
Enrolment Process through Images
Enrollment stations with Required Hardware are set
up
Necessary Data Search
OTC Delivery of cardAuthentication by government official
Photographs Taken
Biometrics Captured
Process takes around 6 to 8 Minutes
8
Use of technology to increase farmer’s coverage in crop insurance
TAB based enrolment Objective : Technology based
farmer enrolment
Benefits: Real time issuance of
Cover Notes to the farmers
Farmer identification through photograph
Auto archiving of documents in soft format
Minimization of data entry error
Geo tagging is possible
9
SME Opportunity
Contributing ~37% to GDP (FY2013)
Asset value ~`13,637 bn Over 100 mn people
employed
Medium
Small
Micro Unregistered
.02%
4.7%
95%
Organized
UnorganizedMicro = upto 0.05mn, Small = upto
15 Mn & Medium beyond 15 Mn asset size
Insurance market size
78000
ICICI Lombard market
$1404 mn $53mn
10
Progress in financial Inclusion in India
Scheme Name
Scheme typeNo. of individual Enrolled (in mn)
PMJJBY Life Insurance 29PMSBY Personal
Accident93
APY Pension 2Aadhaar UIN 970PMFBY Crop
insurance200
11
Thanks
12
JAM
Aadhaar
Banks Account
Internet connectivi
ty Smart phones
Multiple initiatives to facilitate financial inclusion of the Indian citizen
“Jan-dhan Aadhaar-Mobile”
Leveraging the Power of JAM: Jan Dhan, Aadhaar and MobileEmerging Eco System
13
How does e-KYC work for banking& Insurance
Agent approaches customer with HHT/Tablet
Authentication through Fingerprint / OTPcaptured by HHT/Tablet
e-KYC data fetched from UIDAI repository
Customer provides 12 digit Aadhaar Number
Verifies Customer KYC details and captures other product specific data
Captured details uploaded to Bank Server
Account Opened in CBS and intimation is given back to Customer
OR
14
Enrolments under various schemes
2011 2014 2015
35%53%
95%
In India, bank account penetration increased from 35% to 95%
Additionally,190mn bank accounts opened since August 2014
Scheme Name Count of Enrolment(in mn)
PMJJBY 29.4PMSBY 93.3APY 1.97Total 124.7
30.43%
Rural Urban
31.32%
20.59% 17.66%
Female
MaleRural & Urban Segmentation
Public sector79%
Regional Rural18%
Private Banks3%
Insurance & Pension Scheme