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100% Financial Inclusion is a stated goal

100% Financial Inclusion is a stated goal. - Telcos can be the biggest catalysts to achieve that. Hard facts about Soft Issues . More experience in serving targeted customers Mobility penetration in non urban areas is higher and growing fast Huge investment in brand

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100% Financial Inclusion is a stated goal

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  1. 100% Financial Inclusion is a stated goal - Telcos can be the biggest catalysts to achieve that

  2. Hard facts about Soft Issues • More experience in serving targeted customers • Mobility penetration in non urban areas is higher and growing fast • Huge investment in brand • focus on high quality and integrity of service delivery • Soft investment is more important • Customer training and education • Channel Management • Familiarity of operating in a regulated environment • KYC and QOS as per regulation • Mobile technology is secure and accessible • High levels of privacy/security at low cost of entry

  3. Mobile subscribers growth pattern Source: RBI 2006, COAI Data interpreted

  4. Telco outreach Source: National Census, RBI, COAI Estimates, Figures in 000s

  5. High stakes for a Telco • Invest large sums in developing brand • Invest large sums in deploying technology • Established financial strength and stability • Large existing customer bases Telcos have attained Customer trust

  6. Unique Bank-TelCo partnership • Best of both worlds • TelCo’s existing relationship with customer • TelCo’s knowhow on customer handling • TelCo’s knowhow on customer education & service • Bank’s knowhow on Banking regulation, best practices & AML • Bank’s knowhow on Cash Management • Cost optimization for banks • Less viability for banks to run accounts with < Rs. 5,000 AQB • Ride the TelCo’s channel to achieve reach • Using customer history for future product offerings. E.g. microfinance loans

  7. Customer registration & access Assist in KYC Acceleration of Penetration Customer Care Distribution & Outreach Technology Solutions Creating usage avenues Open Accounts Implement AML & KYC guidelines Customer grievance guidelines Custodian of customer monies Best banking practices Interest payments Offer range of Banking products Redefining roles – Enable Financial Inclusion TelCo Bank Equal partners – balanced roles

  8. Regulation – consultative approach • Proportionality • Risk-based approach • Mobile experience • As different to traditional approach • Innovation • Innovative services may not fit well within existing regulation categories Guiding principle - Customer security and benefit

  9. Benefits of Success Customer • Economic independence • Preserves Confidentiality • Greater Convenience • Transaction speed Regulator • Achieving Financial Inclusion objectives faster • Maintaining Control Economy • Extends economic inclusion to rural poor • Starts rural people on the ladder of banking • Reduces urban rural divide TelCo • Additional revenue stream • Customer stickiness Bank • Increases reach at viable cost – network benefits • Additional revenue streams • Lower costs

  10. Thank you

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