Financial Inclusion Plan November 16, 2010. 2 Agenda Financial Inclusion: Perspective Developing Strategic Roadmap Financial Inclusion Plan (FIP)

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Presentation transcript:

Financial Inclusion Plan November 16, 2010

2 Agenda Financial Inclusion: Perspective Developing Strategic Roadmap Financial Inclusion Plan (FIP)

3 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

4 Agenda Financial Inclusion: Perspective Developing Strategic Roadmap Financial Inclusion Plan (FIP)

5

6 Financial Inclusion Plan Coverage 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-banked Structure Products Monitoring Brick & Mortar Business Correspondent Technology, UID Savings Credit Remittances, Insurance Integration with Bank’s Strategy Detailed Monitoring & Evaluation

7 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

8 Voice of customer… I need to save regularly for emergency I want my wages/ pension to reach me on time I want to send money home to my family 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 Payments Corridors of Fund Flow Saving Account for un-banked Urban – Rural Remittances Corporate linked payments Themes for Pursuing Inclusion Synergies with group companies

Entrepreneurial credit in the form of KCC Loans for purchase of income generating assets like tractor, cattle, etc Themes for Pursuing Inclusion Investment products like fixed deposit, recurring deposit Other financial services like remittance and insurance

Leverage UID for authentication, eventually KYC Build Credit History Reliable Easy Access Basic Phones Low Cost Mobility Secure Unique ID 11 Investments in Innovation Biometric Enabled Cash Dispensers Biometric Enabled Cash Dispensers Money transfers via Mobile Phones Money transfers via Mobile Phones

12 Agenda Financial Inclusion: Perspective Developing Strategic Roadmap Financial Inclusion Plan (FIP)

13 Coverage – Three year outreach

Financial support from government Enablers for sustainability Policy framework reviews from regulator It is an opportunity...

15 Thank you