Financial Inclusion Plan November 16, 2010. 2 Agenda Financial Inclusion: Perspective Developing Strategic Roadmap Financial Inclusion Plan (FIP)

Financial Inclusion Plan

November 16, 2010

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Agenda

Financial Inclusion: PerspectiveFinancial Inclusion: Perspective

Developing Strategic RoadmapDeveloping Strategic Roadmap

Financial Inclusion Plan (FIP)Financial Inclusion Plan (FIP)

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Financial Inclusion Defined …

The process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.

Dr. C. Rangarajan, Chairman, Committee on Financial Inclusion

The accounts must be operational to provide benefits beyond deposit of money like availability of credit, remittance facility and overdraft among others.

Dr. D. Subbarao, Governor, RBI

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Agenda

Financial Inclusion: PerspectiveFinancial Inclusion: Perspective

Developing Strategic RoadmapDeveloping Strategic Roadmap

Financial Inclusion Plan (FIP)Financial Inclusion Plan (FIP)

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6

Financial Inclusion Plan

CoverageCoverage

Villages with Pop >

2000 by 2011

Villages with Pop >

2000 by 2011

Villages with Pop < 2000

by 2013

Villages with Pop < 2000

by 2013

Key Tenets

Reaching the un-bankedReaching the un-banked

StructureStructure ProductsProducts MonitoringMonitoring

Brick & Mortar

Brick & Mortar

Business Corresponde

nt

Business Corresponde

nt

Technology, UID

Technology, UID

SavingsSavings

CreditCredit

Remittances, Insurance

Remittances, Insurance

Integration with

Bank’s Strategy

Integration with

Bank’s Strategy

Detailed Monitoring

& Evaluation

Detailed Monitoring

& Evaluation

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Foundation of Inclusion Strategy

Continuous Investment in Technology to Build Innovative Models

Learning from Past

ICICI Bank Financial Inclusion

Strategy

ICICI Bank Financial Inclusion

Strategy

Voice of Customer

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Voice of customer…

I need to save regularly for emergency

I need to save regularly for emergency

I want my wages/ pension to reach

me on time

I want my wages/ pension to reach

me on time

I want to send money home to

my family

I want to send money home to

my family

I want an efficient payment

system for my workers & farmers

I want an efficient payment

system for my workers & farmers

Daily Wage Earner/ Pensioner

Migrant Worker

Corporate with Rural Linkage

Rural and Urban Poor

Government PaymentsGovernment Payments

Corridors of Fund

Flow

Corridors of Fund

FlowSaving Account for un-bankedSaving Account for un-banked

Urban – Rural RemittancesUrban – Rural Remittances

Corporate linked paymentsCorporate linked payments

Themes for Pursuing Inclusion

Synergies with group companiesSynergies with group companies

Entrepreneurial credit in the form of KCCEntrepreneurial credit in the form of KCC

Loans for purchase of income generating assets like tractor, cattle, etcLoans for purchase of income generating assets like tractor, cattle, etc

Themes for Pursuing Inclusion

Investment products like fixed deposit, recurring depositInvestment products like fixed deposit, recurring deposit

Other financial services like remittance and insuranceOther financial services like remittance and insurance

Leverage UID for authentication, eventually KYC

Build Credit History

ReliableEasy AccessBasic Phones

Low CostMobilitySecure

Unique IDUnique ID

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Investments in Innovation

Biometric EnabledCash Dispensers

Biometric EnabledCash Dispensers

Money transfersvia Mobile PhonesMoney transfers

via Mobile Phones

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Agenda

Financial Inclusion: PerspectiveFinancial Inclusion: Perspective

Developing Strategic RoadmapDeveloping Strategic Roadmap

Financial Inclusion Plan (FIP)Financial Inclusion Plan (FIP)

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Coverage – Three year outreach

Financial support from governmentFinancial support from government

Enablers for sustainability

Policy framework reviews from regulatorPolicy framework reviews from regulator

It is an opportunity...It is an opportunity...

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Thank you