A STUDY ON THE FINTECH ROUTE ON EMPOWERING BELOW POVERTY LINE CITIZENS TO GREATER FINANCIAL INCLUSION IN MADHYA PRADESH INDIA
Ruchi Kushwah
Assistant Professor, Medicaps University Dr. Simranjeet Kaur Sandhar
Associate Professor, Indore Institute of Management and Research Center Dr. Maneesh Kant Arya
Reader, Institute of Management Studies
Abstract- FinTech is nothing if not a paradox. Despite its challenges, technology is the only way to achieve 100% financial inclusion. The technological innovations aimed at breaking the barriers of urban-rural divide are able to bring more technology-hesitant people within the ambit of financial inclusion. The rapid growth of FinTech players has helped in accelerating financial inclusion and new age technologies like AI and ML will further quicken digital adoption in the country, benefitting both the industry and the consumers in the coming years, according to experts. India has an opportunity to become a USD 1 trillion-digital payments market. The country witnessed 3,435 crore digital payments in 2019-20. While the government is making efforts to give a big push for digital India, the Reserve Bank is enabling the sector's growth with regulatory interventions and there will also be a separate division for the FinTech companies at the central bank. FinTech players are hopeful that the industry will expand and will penetrate into newer areas of financial transactions.
Keywords: Below Poverty Line, Financial Inclusion, FinTech, Bank, Insurance.
1. INTRODUCTION
Financial inclusion in India has seen extensive improvement in the past few years. The number of Indians with bank accounts has increased in recent times and it is estimated that nearly 80%
Indians have bank accounts at present.1 As the Government of India (GOI) continues to work towards extending financial services to the under banked segment of the population, FinTech companies in India are gradually making their presence felt. With over 1,300 FinTech start-ups and investments worth USD 5.72 billion in FinTech from 2014–
2018, India has managed to secure the second position in the global FinTech adoption index.3 However, the country continues to face challenges in achieving financial inclusion as 76%4 of India’s adult population is financially illiterate, resulting in 48% of the bank accounts being inactive (in 2018).5 India needs to work towards improving financial inclusion to extend financial services to the under banked segments of the population and provide a stable platform for FinTech companies to operate.
Financial inclusion will act as a catalyst for not just economic growth but also eradication of poverty. It will also help in
(UN).6but financial inclusion does not merely mean an individual having access to a bank account. It means ensuring that individuals have full access to affordable and useful financial services and products so that they can fulfill their needs in terms of payments/transactions/wealth management, leading to:
More savings
Greater access to credit
Reduced income inequality
Availing insurance easily 1.2. Financial Inclusion
“The process of ensuring access to financialservices and timely and adequate credit forvulnerable groups such as weaker sections andlow-income groups at an affordable cost”.
– Dr C Rangarajan, Chairman, Committee on FinancialInclusion,
Reserve Bankof India 2 FINTECH
FinTech is the driving force behind financial inclusion and empowerment in developing economies. ―FinTech innovation‖ means different things to
among customers who are increasingly used to paying for their morning coffee with a tap of their smartphone. Barely a day goes by without some update on crypto currencies and the potential impact of block chain.
2.1. The Winds of Change –FinTech is catalyzing the Rural Gig Economy FinTech is nothing if not a paradox.
Despite its challenges, technology is the only way to achieve 100% financial inclusion. The technological innovations aimed at breaking the barriers of urban- rural divide are able to bring more technology-hesitant people within the ambit of financial inclusion. One of the strategies being implemented by private FinTech players is to empower these people with tools that help them to generate an additional independent income simply through the use of their smartphones. As India is moving towards becoming a less-cash economy, rural consumers that constitute a major portion of that economy are becoming more confident about adopting new digital technologies and payment methods.
As per ASSOCHAM-PwC joint study and recent Kantar report, India is estimated to reach 859 million smartphone users by the end of 2022 with 200 million active internet users in rural India. These numbers reflect great potential for businesses through mobile apps bring financial inclusion in rural India. E-commerce and FinTech outreach in semi urban and rural India has led to a rise in the number of entrepreneurs from remote areas of India.
2.2. The Beacon of Hope for Rural India For example, that he is physically challenged doesn’t stop Khandela Ramana from Andhra Pradesh from earning some extra income by travelling every day to nearby villages on his bicycle to collect money for the phone recharges he does remotely. He takes the trouble to make the two-and-a-half-hour trip every day because he knows the returns are good.
Ritu Kaushik, who hails from a village near Sonipat, Haryana earns close to 7-8 lakhs per month by selling handbags on Flipkart3.
The 22-year-old Aditya Sharma from Loharwada – Charkhi Dadri, (Haryana) can afford to pay an INR 700 monthly as library fees to study in an air- conditioned, quiet environment for his government exams because he helps people in his village recharge their phones using an app. This recharge business has enabled him to take care of his expenses and upgrade his life in small ways.All these examples are evidence of the fact that if there is a channel to bring the entire Indian population within the folds of financial inclusion, it is financial technology.In many countries FinTech innovators and entrepreneurs are seizing the day and creating new businesses to tackle financial inclusion head on. Start- ups across both developed and developing countries are answering the World Bank’s call and the tangible outcomes have been phenomenal thus far.
3. FINANCIAL INCLUSION CAN HELP ACHIEVE SDGS
In 2015, 17 global goals were set by the UnitedNations General Assembly (UNGA), designedto be a ―blueprint to achieve a better and moresustainable future for all‖.7 Investments amounting to USD 2.64 trillion are required to achieve the SDGs, which willalso offer an investment opportunity of overUSD 1.12 trillion for the private sector by 2030.8 So as we get stronger in achieving thebelow mentioned goals, we will not only enable poverty reduction, but also make our society more financially inclusive.9
DIAGRAM 1: FINANCIAL INCLUSIONA WITH SDGS
Source: The UN’s SDG report
While the growing number of FinTech companies in India is a positive sign, their
presence is not enough to bring more people under the ambit of financial inclusion. For financial inclusion in India to expand, a collaborative effort is needed from FinTech, banks and regulatory authorities. Flexible regulations on operations by FinTech, creating greater awareness on financial inclusion through the media, and making financial literacy a part of the curriculum in educational institutions are some steps that can be taken to improve financial inclusion in India. Financial inclusion has a multiplier effect and will eventually strengthen the economic status of the country, thereby aiding the achievement of SDGs.
DIAGRAM 2: SUSTAINABLE DEVELOPMENT GOALS
SDG 1
Access to financial services will enhance livelihood.
With open banks, rural poverty has reduced by 14% to 17% points, as per the World Bank.
Income inequality can be curbed with resilient financial system which also can help achieve SDG 1.
SDG 2
SDG 2 focuses on improving food security and if our farmers become part of the financial inclusion initiatives, it can lead to better investments and hence higher yields.
Thus we can achieve both our goals.
Schemes like rainfall insurance should be introduced.
SDG 5
Women should be looped in more when it comes to increasing account
ownership among unbanked adults as they are unemployed and financially illiterate. Thus, we can achieve SDG 05.
Self-help groups (SHGs) can help achieve this goal.
SDG 8
Excluding poor from the formal financial system weakens the overall economic growth. There is an urgent need for promoting job creation and servicing the unbanked which will stimulate economic growth.
SDG 9
Faster and easy access to credit can promote innovation and sustainable industrialization. Financial services, that can facilitate investment and business innovation, should be accessible.
Micro loans will help achieve this goal.
Source: PwC analysis of data from the UN’s SDG report
3.1. The Role of SHGS in Financial Inclusion
SHGs are small, informal groups of 10–20 individuals who are homogenous with respect to social and economic backgrounds and come together voluntarily to promote the habit of savings among members and raise funds and manage financial resources for the benefit of the group members.10 SHGs act as platforms for financial inclusion and empower many working women, especially in rural areas.
With the COVID-19 package bringing relief to every sector of the society, the Government of India (GOI) has doubled the amount of collateral-free loan to INR 20 lakh. This will help almost 7 crore families via 63 lakh SHGs.11
3.2. Key Numbers Related To SHGS in India12
Source: National Bank for Agriculture and Rural Development (NABARD)
FinTech can tie up with SHGs to reach out to women and bring about more gender equality in terms of financial inclusion. The GOI has already undertaken many initiatives to tie up FinTech with SHGs and improve overall financial inclusion. This has led to women setting up various services like textile and dyeing businesses, beauty salons etc.13 With direct benefit transfer (DBT) in place, direct transfer of financial benefits to women recipients has improved their financial literacy. The credit absorption capacity in rural areas has also increased with creation of enabling rural infrastructure as per the Reserve Bank of India (RBI).14
3.2.1 Regulatory initiatives15
Providing access to financial services and products at affordable rates to the economically weaker section of the society has been an agenda of successive governments in India. Some of the initiatives undertaken by the current government to improve financial inclusion:
1. The National Strategy for Financial Inclusion (NSFI) was launched in January 2020 to boost job creation, reduce vulnerability to economic downturns and increase investments in human capital.
2. Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in August 2014 to extend universal banking services to unbanked households.
3. Atal Pension Yojana was re- launched in May 2015 to provide pensions for employees in the unorganized sector.
4. Pradhan Mantri Suraksha Bima Yojana was launched in May 2015 to provide financial coverage to people in cases of death or disability due to accidents.
5. Bharat Interface for Money (BHIM), a mobile payment app, was launched in December 2016 and facilitates digital payments.
These regulatory initiatives have helped India to disburse COVID-19 relief packages via the DBT scheme. For example, an ex-gratia payment of INR 500 was disbursed to 200 million women Jan
Dhan account holders from April to June 2020.
3.3. Emerging CSR Models Driving Financial Inclusion during Covid-19 As per the UN, 400 million workers employed in the informal sector in India may sink into poverty due to the impact of the COVID-19 crisis.16 Globally, over 195 million full-time jobs are expected to be lost due to the pandemic.17 Given the unprecedented nature of the crisis, several countries have announced relief packages to support their economy, aid frontline workers and micro, small and medium enterprises (MSMEs), though access to capital during the crisis remains difficult. Significant efforts are underway to deliver financial and non-financial benefits to the vulnerable sectors.
3.4. CSR Consulting Firms Are Channelizing Funds towards Financial Inclusion Initiatives (Source: PWC analysis of data from industry research)
An emerging CSR consulting firm has collaborated with companies to develop impactful CSR initiatives which include:
Providing financial aid to ease the access to essential goods and services
Helping repay dues to sustain businesses
Providing security through insurance
Transferring cash to beneficiary bank accounts via the DBT scheme.
A decade-old CSR consulting firm is helping companies define their social impact goals with the focus on solving critical problems and finding scalable solutions. They worked with companies to build digital financial inclusion programmes in a few states where women were trained in personal finance and digital financial literacy. These women would further train 1,000 others.
3.4.1 One of India’s oldest, well- established trusts has made its mark when it comes to financial inclusion by:
Making formal sector credit accessible to the beneficiaries in a fair and transparent way
Promoting community-led models for insuring against unforeseen risks
Ensuring financial awareness and education of the communities.
3.5 Key Fintech Models That Will Impact Financial Inclusion
(Source: PwC analysis of data from industry research)
FinTech face multiple challenges like lack of trust due to security concerns, non- availability of physical branches, almost zero awareness of financial products and lack of proper infrastructure.
Nevertheless, with the shift in regulations to provide more support to NBFCs and incumbent FinTech players, disruptive innovation and increasing funding, FinTech are becoming a key catalyst in the expansion of financial inclusion.
Below are a few key models of financial services which can have an impact on financial inclusion, if they are adopted on a larger scale:
Incorporation of e-KYC or video KYC for faster processing by SHGs/ authorized kirana stores
Instant money transfer (IMT) facilities or kiosks to facilitate IMT
Alternative database for customer onboarding to approve loans and check credit repayment history
Smart villages and smart panchayats where kiosks are set up for banking
Bank on bike initiative in which banking services are extended to remote villages
Initiation of no-frills account
Electronic benefits transfer (EBT) schemes
4. REVIEW OF LITERATURE
Fung, B. S. C., Kim P. Huynh, and Leonard Sabetti (2014), Digital payments have so far been the most common instrument of financial inclusion and can be expected to accelerate during the post-COVID era. Successful mobile money services require a large enough
network of users and ability to link cash and mobile money transactions. In their simplest form, they use feature phones, allowing individuals and merchants to transact without physical cash. The progress to date is striking is some parts of the world. Stakeholders, especially in Africa, underscored the convenience factor as the most useful aspects of mobile money: the investment cost is low (basic mobile phones can be enough, and smart phones are not essential), it is simple to use, it is available any time of the day, and it avoids long and costly trips to the nearest town that has a bank or an ATM
Agur, Martinez Peria, and Celine Rochon (2020) The COVID-19 health crisis has created new opportunities for digital financial services to accelerate financial inclusion amid social distancing.
The health crisis led to the ―Great Lockdown,‖ as country authorities have opted for restrictive containment measures—lockdowns, quarantines, travel restrictions, and other social distancing measures—to bring the contagion of the virus under control.
FinTech, including mobile money, can help people and firms to maintain and increase access to financial services during lockdowns and the reopening of businesses, given growing preference for cashless and contactless transactions to mitigate the spread.
World Economic
Forum(2020)Many country authorities have encouraged its use by introducing measures to lower cost and increasing the limits on transactions for digital transactions (e.g., Ghana, Kenya, Myanmar, among others). These developments could help accelerate the shift toward digital financial services from traditional financial services. For instance, the severe acute respiratory syndrome (SARS) epidemic in 2003 accelerated China’s launching of digital payments and e-commerce (World Economic Forum).
Women face multiple obstacles in accessing finance, including because of lower literacy and numeracy, lack of documentation, family responsibilities, or social attitudes (Sioson and Kim 2019).
Although some of those obstacles may also affect men, they tend to be more important for women. FinTech solutions appear particularly well adapted to the constraints women face—the interfaces are being increasingly designed to be consumer-friendly and digital finance does not require physical presence to access financial services (Jack and Suri 2016). When a face-to-face interaction is needed, e.g., to cash in or cash out, mobile money or bank agents are easily accessible. The AFI identified leveraging digital financial services as one of the top action points to address gender gaps infinancial inclusion (Alliance for Financial Inclusion (AFI) 2017). A forthcoming IMF study is looking at the evidence on FinTech in bridging gender gaps (Khera and others 2020).
"Pandemic has been a push for digital payments where every person from any walk of life is learning how to do digital commerce and transacting online.
It has created an immediate need for safer, more efficient experiences, both online and offline," he said.
As per an RBI article, FinTech has the potential to fundamentally transform the financial landscape, provide consumers with a greater variety of financial products at competitive prices and help the financial institutions become more efficient.
Currently, the scope of operations of FinTech has also broadened, moving from crypto assets to payments, insurance, stocks, bonds, peer to peer lending, robo- advisors, regtech and suptech, as per the RBI.
According to RBI Governor Shaktikanta Das, FinTech and digital players could function as the fourth segment of the Indian financial system, alongside large banks, mid-sized banks including niche banks, small finance banks, regional rural banks and cooperative banks.
Digital solutions provider FIA Global CEO and Co-founder Seema Prem said FinTech companies have helped small and medium enterprises grab and gain opportunities which they were previously deprived of or which were difficult for them to get hold of
"FinTech players very evidently have been prioritizing their strategies with many changes in rules and market conditions.
However, there is an increased need and requirement for a multi-stakeholder framework that encompasses the regulators and governments, to guide them better. "The government's support, in providing adequate liquidity through regulated banks and NBFCs, will also provide the much-needed support to the FinTech to work towards a positive approach," she said. Another digital solutions player Winvesta's Founder and CEO Swastik Nigam said India has a well- developed ecosystem for payments and credit.
Even as FinTech have various benefits, they can also be viewed as double-edged swords because the technological innovations led by them may also magnify the existing threats to consumers in terms of privacy breaches and cybersecurity risks.
"A central bank's interest in FinTech is not confined to its impact on the financial sector per se, but rather its implications for financial stability and monetary policy.
The regulatory environment, like the roots that provide life to a tree, provides a solid foundation for FinTech activities," RBI said.
The FinTech industry in general and lending sector in particular will be looking to build new products on the scalable architecture that may revolutionize the lending industry in ways similar to what UPI (Unified Payments Interface) did for payments in India, Ranvir Singh, MD & Co-Founder of digital lending platform Kissht, said.
Manish Patel, Founder and CEO of digital solutions firm Mswipe said that in 2021, cash flow-based lending for small merchants will gain traction since there is a need for a more dynamic system to support SMEs with short term credit requirements than depend upon static models like determining their creditworthiness through bank statements. "Great technology adoption and higher preference to offer Buy Now Pay Later offering to their customers will definitely draw more interest from SMEs,"
Patel said. With regard to the RBI's
proposal for a full-fledged division for FinTech, Rajesh Mirjankar, Managing Director and CEO of Infrasoft Technologies said it will put the required focus on the industry and further strengthen its core while also boosting the pace of growth of the Indian economy.
"Indian FinTech is now witnessing one of their biggest challenges till now - the COVID-19 pandemic. For a healthy and sustainable business ecosystem, FinTech need to bridge the digital divide and promote equitable, broad-based customer participation across urban and rural areas and the various producing and consuming sectors," RBI said in a bulletin.
5. FINTECH INCREASING FINANCIAL INCLUSION
There is increasing anecdotal evidence, confirmed through our interviews, that FinTech is supporting financial inclusion.
Apart from faster speed and higher efficiency that benefits all, we heard from stakeholders that low-income households and SMEs also benefit from lower service cost, little or no collateral requirements for credit extension, and typically better customer experience. Mobile point-of-sale devices are helping SMEs to collect electronic payments, and subsequently use the documented sales as an indicator of creditworthiness to obtain credit.
FinTech solutions are also supporting more efficient cash management.
6. OBJECTIVES OF THE PAPER
The Specific Objectives of the Research Paper are as Follows:
• To study & understand the meaning and need for Financial inclusive.
• To study the role of financial inclusion in inclusive growth.
• To understand the extent of FinTech route in Indian states with regard to financial inclusion.
7. RESEARCH METHODOLOGY
The Study tries to highlight concept and Literature of Financial Inclusion in Madhya Pradesh, an Indian State with special reference to FinTech Route
The Data has been collected from extensive desk research through E- library, different available published articles, journals, books, internet, magazines, and seminar papers and the world-wide web.
Data Collection: Secondary data has been collected for the study. The research has been done using secondary data source.
(Major Source: PWC analysis of data from industry research)
8. FUTURE SCOPE: FINTECH IS THE WAY FORWARD
This is just the tip of the iceberg in terms of the potential differences a digital financial platform can make in people’s lives. While these examples epitomize how financial inclusion for all can reshape the economy in a developing country like India, according to NASSCOM, things will only get better. The fin-tech ecosystem is already coming up with innovative ways to specialize in key sectors that will help maintain the ongoing momentum.
Companies such as Meesho, Udaan and Shopix are helping people sitting in far- flung areas or at home anywhere make money through their smartphones.
Meesho is an Indian-origin social commerce platform enables small businesses and individuals to start their online stores via social channels such as WhatsApp, Facebook and Instagram, while Udaan is a network-centric B2B trade platform, that brings the power of technology to its users — traders, wholesalers, retailers and manufacturers
— helping them scale and nurture their small and medium businesses. Shopix allows resellers to explore products from direct manufacturers on the app and share using in-built technology on social networks.
9. OPPORTUNITIES
FinTech today offers a multitude of opportunities to the rural and urban population – both consumers and sellers.
It is everywhere – in our phones, on our desktops, in the big malls, at the fuel stations, and even at the local kiraana stores near you. From something as basic as a mobile recharge or purchase of groceries, to something as complex as
running a business and earning money – can be done today using FinTech&
payments mobile apps.
10. CONCLUSION
FinTech are not encumbered by traditional processes or systems which exist for other financial institutions and hence, they can tap into the huge market potential more easily. FinTech have a diversified range of products and services and are well established in Tier-1 cities.Yet in many developing economies, innovation is enabling something much simpler, yet more profoundly impactful:
access to previously out-of-reach banking services, built explicitly for the specific and very different needs of customers in those markets. The drive towards universal financial inclusion is high on the agenda for many at both national and global levels. It remains The World Bank’s number one goal, for example, with the group’s president, Jim Yong Kim, issuing a call to action to bring half of the world’s two billion unbanked population access to banking services by 2022.
Moreover, they have an established framework, which should help them not just expand but create more awareness about financial products which will increase financial literacy in Tier-2 and Tier-3 cities and thus not just earn more revenue but also work towards financial inclusion and economic growth at a macro level. Given the unprecedented nature of the current crisis, if more banks partner with CSR consulting firms, the COVID-19 situation will turn into a driver for financial inclusion.
REFERENCES
1. Agur, Itai, Soledad Martinez Peria, and Celine Rochon, 2020. ―Digital Financial Services and the Pandemic: Opportunities and Risks for Emerging and Developing Economies.‖
Special Series on COVID-19. International Monetary Fund, Washington, DC (forthcoming).
2. Agur, Martinez Peria, and Celine Rochon (2020) analyze the opportunities and risks associated with digital financial services in the context of the COVID-19 pandemic.
3. Alliance for Financial Inclusion (AFI). 2017.
―Denarau Action Plan: The AFI Network Commitment to Gender and Women’s Financial Inclusion.‖ Kuala Lumpur.
https://www.afi-
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4. Fung, B. S. C., Kim P. Huynh, and Leonard Sabetti. 2014. ―The Impact of Retail Payment Innovations on Cash Usage.‖ Journal of Financial Market Infrastructure 3 (1): 3–31 5. Jack, William, and Tavneet Suri. 2016. ―The
Long-Run Poverty and Gender Impacts of Mobile Money.‖ Science 354 (6317): 1288–92.
6. Khera, Purva, Stephanie Ng, Sumiko Ogawa, and Ratna Sahay. 2020. ―Can FinTech Unlock Financial Inclusion in Emerging and Developing Economies?‖ IMF Working Paper, International Monetary Fund, Washington, DC. (forthcoming)
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―Closing the Gender Gap in Financial Inclusion through FinTech.‖ ADB Institute Policy Brief No. 2019–3, Asian Development Bank, Manila.
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