Financial Inclusion

Banking Services

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Basic banking services are widely available in urban and semi-urban areas. However in rural areas, basic banking services are not available. Most of the rural population does not have bank account due to various reasons. To provide basic banking services in rural area the Reserve Bank of India (RBI) has initiated the Financial Inclusion program to bring the majority of the population under the banking system.

Financial inclusion means the provision of affordable financial services, access to payments and remittance facilities, Savings, Govt. Subsidies, Direct Benefit Transfer, Loans and Insurance services by the formal financial system. The first step is to open no-frill saving accounts and then offer other products using Information and Communication Technology.

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Banking Services

AEPS Transaction

Aadhaar Enabled Payment System is a payment services empowering a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank accounts and perform basic banking transactions like Balance Enquiry, Cash Deposit, Cash Withdrawal, Fund-Transfer, Ministatement, remittances through a Business Correspondent.

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  • ONUS Transaction (Home Bank)
  • OFFUS Transaction (Other Bank)

e-KYC

eKYC is Electronic Know Your Customer. It is an electronic way of doing real time KYC of a customer using Aadhaar authentication. The Customer has to provide his/her Aadhaar number and biometrics/OTP. eKYC enables an organization to get electronic copy of customer identity and address details, as present in UIDAI database, with customer consent.

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Social Security Schemes

For creating a universal social security system for all Indians, especially the poor and the under-privileged the Hon’ble Prime Minister launched three Social Security Schemes in the Insurance and Pension sectors on 9th of May, 2015.

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  • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY)
  • Atal Pension Yojana (APY)

SHG

Self Help groups are groups of rural poor people (especially women). The idea is help them organize themselves, help them financially, provide the work, help them in other matters including domestic issues. Government provides such groups loans at very low interests and provides help to market the products of SHG. They agree to save regularly and convert their savings into a common fund.

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Rupay Card

RuPay is India’s indigenous card scheme created by the National Payments Corporation of India.It was conceived to fulfill RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments.It is made in India, for every Indian to take them towards a “less cash” society.

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BBPS

National Payments Corporation of India (NPCI) is the single authorized entity operating the BBPS. It is responsible for setting operational, technical and business standards for the entire system and its participants.

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  • Single point access to all Billers on all payment channels (digital and physical
  • Potential to offer new Value Added Services
  • Revenue Opportunity and low cost/transactions
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