i nc lu s i ve f i nanc e i nd i a re port 2014
160
•
The ministry and government should provide some cross subsidization when we talk about reaching the unreached.
There should be specific strategy for the remote areas.
•
On financing the FI, investment required and how much is being the investment, per person cost by various
institutions should be recorded.
•
RBI has not defined the cost of service to the client. There is a need to study the cost of value chain of different
products and services to identify the variations and gaps.
•
Since NSFDC limit of operational cost is only 3 per cent, the MFIs find it too low for MFIs to manage. The Tata
Trust has assured to provide some grant in aid to cover the cost.
(Amit Arora, Vijayalakshmi Das, Navin Anand, Jaipal Singh, Pallavi, Tara Nair, R.K. Singh)
MF Products and Services
•
Evolution from microfinance to inclusive finance brings a complex confluence for the report with focus on lot
more new products like savings, insurance and remittances. However, some focus should also be given to micro
leasing. In last one year 4–5 international organizations have expressed their intention to do a pilot on micro leasing
in India after doing successful pilots in Africa and Latin America, especially in the field of agri.-implements and
agri.-products.
•
As a part of financial inclusion, savings are very important and we are stuck because of KYC issue.On Savings side
some attention should be given on Chit Funds and Ponzi savings schemes, the report should put a note across all the
stakeholders.
•
There is an entire range of products and services ready to get into financial inclusion sector, right from credit and
insurance to remittances, and we should also consider the cost of providing financial literacy to the customers
for the entire range of products available and should not keep it restricted to insurance only. Moreover, the basic
fundamentals of financial literacy should be made clear to the customers in order to bring change in their financial
behavior.
•
Financial inclusion has widened over the years, it started with opening of bank account for every single individual
later other kinds of financial services were added to it. There are a lot of initiatives happening at the private sector as
well, the telecom companies have their own products on payments and remittances.
•
Last 2–3 years we have seen that yes bank and many other private banks have come up with innovative products and
models. These are transaction based or credit led model. This is done either through Business Correspondence by
providing, remittances and savings or in the form of direct lending by banks to SHGs/JLGs without intermediaries.
•
On insurance and pension the role of private sector should also be considered. For pensions we can have some inputs
from the EPFOs also.
(Arindom Datta, Vipin Sharma, Tara Nair, Pallavi Sen, Sushant Tripathy, A.K. Chauhan)
Voluntary Savings
•
There is a need for promoting voluntary savings in SHGs and other collectives. NABARD in its revised SHG-II
scheme has provided scope for promoting voluntary savings amongst the members of SHGs. UNDP is closely
working with Ministry of Finance to link SHGs and other collectives to function as intermediary for promoting
voluntary savings.
•
A separate section on voluntary savings by SHGs should be included in the report.
(Navin Anand)
