Payment banks: Spreading financial inclusion to rural India

Payment banks: Spreading financial inclusion to rural India

Code: ML-ML00019-038 | Published: Oct-2015 | Pages: 23 | MarketLine
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Financial inclusion is a pressing concern for India, and regulatory reform by the Reserve Bank of India (RBI) has permitted new entrants to set up payment banks. This case study assesses why financial inclusion is significant, and whether the reforms will succeed. It also looks at the success of mobile banking in Sub-Saharan Africa, and whether India has any lessons to learn from this development.



Key Findings
- Assessing financial inclusion, and how it can help to alleviate poverty in developing countries.
- Analysis of why the Indian banking system has so far failed to promote financial inclusion in one of the worlds largest economies.
- Highlighting where payment banks have so far been successful and evaluating whether this can be replicated in India.

Reasons To Buy
Why does only half of India have access to a bank account?
How successful has mobile banking been in Africa?
Will payment banks work in India?

Table of Contents

OVERVIEW
Catalyst
Summary
FINANCIAL INCLUSION IS A PRIORITY FOR INDIA
Financial inclusion is essential to reducing poverty
How financial inclusion benefits an economy
Indias financial system is dominated by the public sector
Indias strong growth but lackluster presence in the region
Bank accounts are less prominent in rural areas and among poorer citizens
Indias banking sector is dominated by the public sector
Public sector exposure to corporate loans pushing up non-performing assets
Pradhan Mantri Jan Dhan Yojana further expanded public sector influence
Private sector banks smaller but much more able to grow
Credit growth suffers as public sector attempts a detox
Lowest growth in deposits and credit since 1997
Public banks driving to improve balance sheets
The RBI has authorized licenses for "payment banks"
Payment banks will leverage telecoms infrastructure
AN ANALYSIS OF MOBILE PAYMENT BANKS
Mobile banking has been successful in other developing countries
The success of Vodafones M-Pesa in Kenya
M-Pesa is a mobile money transfer system
M-Pesa benefitted from certain economic conditions
M-Pesa has since expanded elsewhere
Mobile banking is also impacting Indias neighbors
The downsides of mobile payments- limited financial inclusion
PAYMENT BANKS IN INDIA
India would benefit from more efficient payments
Vodafones pilot schemes for government transfers have proved successful
Regulation for mobile money is not as accommodating in India
The Indian telecoms market is more fragmented
Cautionary tales from Telenor Pakistan
There will be a reluctance to switch to digital in rural India
M-Pesas previous struggles due to cultural resistance and regulatory restraint
Indias conglomerates have the scale to succeed
Other license winners have strong foundations too
CONCLUSIONS
Payment banks may yet succeed in India
APPENDIX
Definitions
Sources
Further Reading
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