An established financial sector assists greater standards of endowments and endorses expansion in the economy with its intensity and exposure.
Products need to be tailored to take customer behavior into consideration. Design aspects such as product labeling, messaging and consumer education are largely missing from many of these outreach programs to lowest income customers.
The current programs also do little to provide incentives to customers above the usual basic savings and bank deposit accounts, previously called no-frill accounts, and electronic benefit transfers. Take the case of Jai Prakash Yadav, a 45 year old migrant worker in Mumbai who has been driving an auto rickshaw for the past 15 years.
After his daily expenses, he saves a part of his income with a local safe-keeper as the risk of theft is rampant in shared accommodations - chawl as it is known popularly in Mumbai. He mostly relies on informal money couriers.
Commitment savings products like a recurring depositcustomized credit products and cashless health insurance are delivered through biometric smart cards.
If we are intent upon reaching the doorstep of the last-mile customer, all of us have to do a better job in designing products that our clients want.
Otherwise, house-calls, while well-intentioned, will have little benefit.India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial services firms and new entities entering the market.
The sector comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds. The economy of India is a developing mixed economy.
It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks th in per capita GDP (nominal) with $2, and nd in per capita GDP (PPP) with $7, as of Currency: Indian rupee (INR) ₹1 = Paise.
India: Increasing demand challenges the dairy sector. Meeta Punjabi Dairy consultant New Delhi. Over the span of three decades, India has transformed from a country of acute milk shortage to the world’s leading milk producer, with production exceeding million tonnes in Read more about India's Financial Sector in Current Times on Business Standard.
I am greatly honoured by the invitation to deliver S. Guhan Memorial Lecture. I am grateful to the organisers namely, Citizen Consumer and Civic Action Group, for extending the invitation.
Financial inclusion: policies and practices—an overview Thankom Arun and Rajalaxmi Kamath. Globally, financial inclusion is a major policy concern with governments across the world.
Present Position Of Financial Service Sector In India ‘RISE OF SERVICE SECTOR IN INDIA’ SUBMITTED TOSUBMITTED BY: MANASWINI ACHARYA SUSHMA (14PGDM) SHRESHTHA (14PGDM) DINESH GUPTA (14PGDM) ANGAD SINGH (14PGDM) Abstract: This paper presents an overview of how the service sector has risen in India.