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Financial Inclusion Plan
November 16, 2010
2
Agenda
Financial Inclusion: PerspectiveFinancial Inclusion: Perspective
Developing Strategic RoadmapDeveloping Strategic Roadmap
Financial Inclusion Plan (FIP)Financial Inclusion Plan (FIP)
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Financial Inclusion Defined …
The process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.
Dr. C. Rangarajan, Chairman, Committee on Financial Inclusion
The accounts must be operational to provide benefits beyond deposit of money like availability of credit, remittance facility and overdraft among others.
Dr. D. Subbarao, Governor, RBI
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Agenda
Financial Inclusion: PerspectiveFinancial Inclusion: Perspective
Developing Strategic RoadmapDeveloping Strategic Roadmap
Financial Inclusion Plan (FIP)Financial Inclusion Plan (FIP)
5
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Financial Inclusion Plan
CoverageCoverage
Villages with Pop >
2000 by 2011
Villages with Pop >
2000 by 2011
Villages with Pop < 2000
by 2013
Villages with Pop < 2000
by 2013
Key Tenets
Reaching the un-bankedReaching the un-banked
StructureStructure ProductsProducts MonitoringMonitoring
Brick & Mortar
Brick & Mortar
Business Corresponde
nt
Business Corresponde
nt
Technology, UID
Technology, UID
SavingsSavings
CreditCredit
Remittances, Insurance
Remittances, Insurance
Integration with
Bank’s Strategy
Integration with
Bank’s Strategy
Detailed Monitoring
& Evaluation
Detailed Monitoring
& Evaluation
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Foundation of Inclusion Strategy
Continuous Investment in Technology to Build Innovative Models
Learning from Past
ICICI Bank Financial Inclusion
Strategy
ICICI Bank Financial Inclusion
Strategy
Voice of Customer
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Voice of customer…
I need to save regularly for emergency
I need to save regularly for emergency
I want my wages/ pension to reach
me on time
I want my wages/ pension to reach
me on time
I want to send money home to
my family
I want to send money home to
my family
I want an efficient payment
system for my workers & farmers
I want an efficient payment
system for my workers & farmers
Daily Wage Earner/ Pensioner
Migrant Worker
Corporate with Rural Linkage
Rural and Urban Poor
Government PaymentsGovernment Payments
Corridors of Fund
Flow
Corridors of Fund
FlowSaving Account for un-bankedSaving Account for un-banked
Urban – Rural RemittancesUrban – Rural Remittances
Corporate linked paymentsCorporate linked payments
Themes for Pursuing Inclusion
Synergies with group companiesSynergies with group companies
Entrepreneurial credit in the form of KCCEntrepreneurial credit in the form of KCC
Loans for purchase of income generating assets like tractor, cattle, etcLoans for purchase of income generating assets like tractor, cattle, etc
Themes for Pursuing Inclusion
Investment products like fixed deposit, recurring depositInvestment products like fixed deposit, recurring deposit
Other financial services like remittance and insuranceOther financial services like remittance and insurance
Leverage UID for authentication, eventually KYC
Build Credit History
ReliableEasy AccessBasic Phones
Low CostMobilitySecure
Unique IDUnique ID
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Investments in Innovation
Biometric EnabledCash Dispensers
Biometric EnabledCash Dispensers
Money transfersvia Mobile PhonesMoney transfers
via Mobile Phones
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Agenda
Financial Inclusion: PerspectiveFinancial Inclusion: Perspective
Developing Strategic RoadmapDeveloping Strategic Roadmap
Financial Inclusion Plan (FIP)Financial Inclusion Plan (FIP)
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Coverage – Three year outreach
Financial support from governmentFinancial support from government
Enablers for sustainability
Policy framework reviews from regulatorPolicy framework reviews from regulator
It is an opportunity...It is an opportunity...
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Thank you
