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The Senate Challenge 2014 - Round Ii: Financial Inclusion in India

This document provides information for the second round of The Senate Challenge 2014 on developing a strategy for a nationalized bank to penetrate rural markets and promote financial inclusion in West India. Consultants are asked to create a 6 slide presentation covering the current status of financial inclusion in West India, innovative strategies to achieve large-scale inclusion, and a go-to-market plan including an on-ground promotional strategy targeting rural populations in Maharashtra, Gujarat and Goa. The presentation aims to analyze methods to penetrate rural markets and achieve the vision of universal electronic banking and ubiquitous payment access across India by 2016.

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23 views

The Senate Challenge 2014 - Round Ii: Financial Inclusion in India

This document provides information for the second round of The Senate Challenge 2014 on developing a strategy for a nationalized bank to penetrate rural markets and promote financial inclusion in West India. Consultants are asked to create a 6 slide presentation covering the current status of financial inclusion in West India, innovative strategies to achieve large-scale inclusion, and a go-to-market plan including an on-ground promotional strategy targeting rural populations in Maharashtra, Gujarat and Goa. The presentation aims to analyze methods to penetrate rural markets and achieve the vision of universal electronic banking and ubiquitous payment access across India by 2016.

Uploaded by

Aman Deep
Copyright
© Attribution Non-Commercial (BY-NC)
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Download as PDF, TXT or read online on Scribd
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Corporate Interface Team

THE SENATE CHALLENGE 2014 ROUND II


Congratulations on qualifying for Round 2 of The Senate Challenge 2014!

Financial Inclusion in India


Even after 66 years of Independence, a large chunk of Indias population does not have access to formal banking channels. Banking services are essential not only in guaranteeing financial stability but for the upliftment of society. Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general, and vulnerable groups such as weaker sections and low income groups in particular. This needs to be done at an affordable cost in a fair and transparent manner by mainstream institutional players. In advanced economies, Financial Inclusion is more about the knowledge of fair and transparent financial products and a focus on financial literacy. In emerging economies, it is a question of both access to financial products and knowledge about their fairness and transparency. ..Inclusion is likely to top the agenda of Indian finance in 2014. Reserve Bank of India (RBI) governor Dr. Raghuram Rajan has indicated that financial inclusion will be a key priority. The central bank has constituted a committee headed by Dr. Nachiket Mor, which is expected to submit its recommendations shortly. While financial inclusion appears as a noble goal in itself, recent history shows that efforts to drive inancial inclusion can be counterproductive unless handled well Livemint, The challenge of Financial Inclusion, 25th December 20131 Context The RBI Committee on Financial Inclusion, headed by Dr. Nachiket Mor, has given its recommendations. ABC Inc. is a leading multinational consulting firm. A nationalised bank with a pan-India presence has roped in ABC Inc. as consultants to help develop a strategy for the bank to penetrate the Rural India market. Some of the vision statements of the report that will help you strategize on the implementability of your solution are given below. 1. Universal Electronic Bank Account (UEBA): By January 1, 2016 each Indian resident, above the age of eighteen years, would have an individual, full-service, safe, and secure electronic bank account.

http://www.livemint.com/Opinion/fW274vQsZPjnDFUz2egjiL/The-challenge-of-financial-inclusion.html

The Senate Challenge 2014 Round 2

Corporate Interface Team

2. Ubiquitous Access to Payment Services and Deposit Products at Reasonable Charges: By January 1, 2016, the number and distribution of electronic payment access points would be such that every single resident would be within a fifteen minute walking distance from such a point anywhere in the country. Objective As a consultant, your task is to create a detailed strategy and implementation plan for the Bank on how to penetrate Rural Markets and promote traditional banking channels. As a pilot project you are to focus on your implementation keeping the West Zone in focus. The West Zone for this bank consists of 3 states, Maharashtra, Gujarat and Goa. Content The presentation should encapsulate the following aspects: Current status of Financial Inclusion in the West Zone Methods to penetrate the Rural Markets in the West Zone Innovative strategies that can be implemented to achieve large-scale financial inclusion A Go To Market (GTM) strategy for the banks o Including a detailed on-the-ground promotional strategy that creates engagement within the Target Group Feasibility analysis of the solution

Deliverables You are supposed to create a presentation of not more than 6 slides (Title and Thank You slide excluded), which is to be submitted as a PDF document latest by 2359 hrs., 10/02/2014. The naming convention of the PDF presentation that has to be submitted will be TheSenateChallenge_TeamName_Collegename.pdf. The Subject of the email has to be The Senate Challenge Round 2 Submission The deliverables are to be submitted online and sent to [email protected] Rules

Each team is allowed to submit only 1 entry. Please be sure to attach the final version of your presentation in the email. In case of multiple entries from the same team, we will consider only the first (earliest) entry for evaluation. The timeline will not be extended and any submissions made beyond the deadline will not be considered for evaluation. Propoerly mention any assumptions made wherever applicable.

The Senate Challenge 2014 Round 2

Corporate Interface Team

You may find the following references useful: http://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/FIC060911DG.pdf http://data.worldbank.org/sites/default/files/the-little-data-book-on-financial-inclusion2012.pdf http://crisil.com/about-crisil/crisil-inclusix.html http://www.iibf.org.in/scripts/iib_financeinclusion.asp http://www.livemint.com/Opinion/fW274vQsZPjnDFUz2egjiL/The-challenge-of-financialinclusion.html http://www.bitc.org.uk/our-resources/case-studies/tata-consultancy-services-financialinclusion-rural-transformation

For any queries, please contact the following persons: Ankit Ahuja Jatin Jain +91-7774-019-176 +91-7774-019-139

https://www.facebook.com/CorporateInterfaceTeam https://twitter.com/CIT_SIBMPune

The Senate Challenge 2014 Round 2

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