Review of Initiatives taken by the Government and the Banking Regulator for Successful Transition to a Financially Inclusive Economy: An Empirical Study of India
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Abstract
The current study was taken up to review the initiatives taken by the Government of India and Reserve Bank of India to promote financial inclusion in India. The aim was also to study the impact of these initiatives on the financial inclusion. The paper also intended to explore the impact of increasing penetration of mobile phone and internet on financial inclusion. The study revealed that government initiatives like Pradhan Mantri Jan Dhan Yojana, Aadhar Enabled Payment Systems and Direct Benefits Transfer; regulatory reforms by Reserve Bank of India such as Immediate Payment Service, Prepaid Payment Instruments, differentiated banks; digital revolution and active participation of private technology companies, are facilitating in successful transition into a financially inclusive economy.
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Education Administration and Policy Studies, 2(5): 67–70.
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Global Envision, 2003. Lessons from the Field: ICTs in Microfinance.
https://www.globalenvision.org/library/4/537, retrieved on April 29, 2016.
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Microfinance. Innovative solutions for delivering financial services to rural Bolivia: World Resources Institute.
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Mongolia, ADB Institute Discussion Paper No. 42.
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24-Hour Tellers in Kenya. Innovations: Technology, Governance, Globalization, 2 (1-2): 63–81.
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banks-for-big-change/sthash.ulP1uLxs.dpuf, retrieved on April 24, 2016.
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Lessons for Africa. Sida Publications, Sida.
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Department of Food and Public Distribution, Ministry of Consumer Affairs, food and Public Distribution, Government of India , pg 1-122.
Morawczynski, O., 2008. Surviving in the dual system: How M-Pesa is Fostering Urban to Rural
Remittances in a Kenyan Slum. HCC8, Pretoria, South Africa.
Morawczynski, O., 2009. Examining the Usage and Impact of Transformational M-Banking in Kenya.
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Morawczynski, O., and Pickens, M., 2009. Poor People Using Mobile Financial Services: Observations
on Customer Usage and Impact from M-Pesa. CGAP Brief.
Murphy, Alix, 2014. Beyond vouchers: Meeting growing demand for off-net P2P transfers. Findings
based on the State of the Industry Report, GSMA.
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http://blogs.afiglobal.org/2015/01/20/eight-trends-that-will-impact-financial-inclusion-in-2015/ retrieved on April 9, 2016.
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D.C.
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GSMA.
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Rajan).
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http://www.pmjdy.gov.in/account, retrieved on April 29, 2016.
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by PWC, ASSOCHAM, April 2015, 1-32.
Ravichandran, K., and Alkhathlan, K., 2009. Financial Inclusion: A Path towards India's Future
Economic Growth, March 2009.
Reserve Bank of India, 2012. Payment Systems in India: Vision 2012-15. Mumbai: RBI.
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Businesses and Low Income Households, Mumbai: RBI.
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and RRBS during 2013-14.
Reserve Bank of India, 2014b. Report of the Technical Committee on Mobile Banking. Mumbai: RBI.
Reserve Bank of India, 2015 a.
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=34754, retrieved on April25, 2016.
Reserve Bank of India, 2015b.
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=35010, retrieved on April 25, 2016.
Reserve Bank of India,
2016. https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/ATH190315ENTPSP.PDF, retrieved on April 25, 2016.
Rolfe, Axel, 2015. Global mPOS installed base to quadruple to 54 million units. Payments Cards &
Mobile: http://www.paymentscardsandmobile.com/global-mpos-installed-base-to-quadruple-to-54-millionunits/.
Shrader, Leesa, 2013. Innovation in Person to Government Payments in the Philippines.
CGAPBlog,http://www.cgap.org/blog/innovation-person-government-payments-philippines.
Ssewanyana, J. K., 2008. The Role of Free and Open Source Software in the Microfinance Sector in
Uganda, IST-Africa 2008 Conference Proceedings. http://www.ist-africa.org/conference, 2008.
Turaga, J., 2004. Opportunities and Challenges in India Kuch Apru Sock aur Kuch Jugaad: Crafting the
MFI/IT Paradigm – The Indian Experience.
UIDAI, 2015. https://portal.uidai.gov.in/uidwebportal/dashboard, retrieved on 30 June, 2015.
Wishart, N., 2006. Micro-payment Systems and their Application to Mobile Networks: Examples of
mobile enabled services in the Philippines. Infodev Publications, IDRC.
World Bank, 2015. Financial Inclusion Data / Global Findex 2014, The World Bank Report 2015:
http://datatopics.worldbank.org/financialinclusion/country/india, retrieved on April 29, 2016.