| Topic : Revolutionizing Financial Services in Urban India |
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Activity:
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last activity : 07 06 2010 20:18:09 +0000
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Small scale investments
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Insurance On-line is the answer to all renewal of financial services
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DEVELOPMENT OF INDUSTRIES AND CONSUMER MARKETS IN RURAL INDIAOR BACKWARD PLACES
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Renewal or penetration ? Simply go4 rural .. in heart and spirit
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Growth alone won't develope a Nation State
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Inclusive Banking
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In my view, urban poor should be made aware of investment markets and they should be helped to make small scale investments which can slowly help in the financial uplifment of urban poor population. |
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Well said Sagar, I agree with you. The banks should turn their heads towards the small scale industries, which are showing rapid growth. The government should also come forward to support banks regarding this issue. This will create an impact in the financial services as well as, helps in reducing unemployment.
Yes I agree with you that people should be made aware in rural areas as now the world is globalizing...and India is a developing country so it should focus in every sector and area
To my mind we need to have a two pronged approach, continue the large and big ticket investmensts, but also have the local small industry developed, this will ensure a more inclusive and robust long term growth. More than the world community, the people in India should experience and benifit from the exponential development
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Risk & opportunity go together & safety & stagnation go together. Hence any renewal of financial services is linked to the Risk taking urban India. More risk taking is possible with professional Risk Management backed by required Insurances for the contingencies. You may visit http::/blogs.siliconindia.com/KrishnaBurli for more specifics on Insurance & Risk Management |
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DE-CENTRALISATION OF GROWTH TO RURAL AND AND BACKWARD AREAS AND EFFECTIVE MONITORING OF THE SAME SHOULD BE A PRIORITY AREA |
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Dear Vinay, I appreciate your comment but this knowledge item was in the context of Urban India not Rural. It would be great if you contribute in that regard....
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Simply go 4rural ... as is said " India lives in villlages ". We have neglected so far the vast majority living in rural and semi-urban areas ... !! Now is the time. Simply go to them. Think things in their way. Make simple products. Take them in confidence. Be in their part and give them the best. Caution : dont assess them from the view point of a wo/man in the city. |
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First of all the notion that India had been growing at 8.5% may not be a genuine data. One can see the real growth rate of Indian economy in www.un.org. I think las two years it was less than 8% and before that even lesser. One should look at the "effective demand" in an economy not the real demand. The effective demand the demand that equates the production cost, like labor and material. If we haven't added much employment especialy in the Accounted version then these growth rates doesn't mean anything. It might have been largely due to inflation and lower purchasing power for citizen. Once you bring into the relm the effective demand increase then this growth may not be enough. |
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With barely 34 per cent of the population engaged in formal banking, India had the second highest number of households (about 135 million) excluded from banking services (Ref: BS- Nov7,2007) According to a BCG report titled 'The Next Billion Customers: A Road Map for Expanding Financial Inclusion in India', understanding the financial needs and barriers that had kept the poor outside the formal sector was a must. Financial institutions should size and structure their products to suit people outside the banking fold. The report further states that commercial banks can bring in an additional 30 million poor households into the formal banking fold in the next three years by using innovative business strategies such as collaboration with telecom companies to payment services. The use of flexible payment schedules for people at the bottom of the pyramid and shared back-up services could bring in extra 30 million households into the banking fold. The addition of 30 million households in the next three years has huge implications for financial services. It could expand the revenue pool by around Rs 10,000 crore for banks and Rs 20,000 crore for insurance services |
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