INNOVATION & GROWTH
INCLUSIVE & SOCIAL BANKING
Though financial inclusion is ‘necessary’, it is definitely not a ‘sufficient’ condition for economic growth
India has been acknowledged as an oasis of opportunity by several multilateral and development organisations. The Indian Government is fully focused on delivering not only high-impact micro reforms coupled with critical structural reforms, to reinrigorate India’s macro frameworks.
Financial Inclusion has been an important developmental agenda for India. Though financial inclusion is ‘necessary’, it is definitely not a ‘sufficient’ condition for economic growth. The success of financial inclusion depends largely on developing products and solutions that directly address low financial literacy, low and cyclical income, minimal collateral, lack of credit history, as well as absence of formal and verifiable identity . Further, leveraging technology to enable financial literacy will help investors take sensible, well informed decisions.
Inclusive and Social Banking engages with key stakeholders including financial institutions to promote financial literacy among India’s unbanked population.
Frugal Innovations for Financial Inclusion
Credit offerings for the Bottom of the Pyramid (BOP)
As part of YES BANK’s ongoing efforts to broad base Digital Payments infrastructure in India, the Bank launched SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and use other mobile banking services, without the need for smart phone or internet. The offering, based on a frugal ‘sim-sleeve’ technology further comple-ments the bank’s extensive bouquet of state of the art digital offerings.
YES Livelihood Enhancement Action Program (LEAP)
A unique branch-agnostic program to provide comprehensive financial services (credit, savings & micro-insurance) to Self Help Groups (SHG) through Self Help Promoting Institutions (SHPI), engaged in capacity building. YES LEAP strengthens social empowerment, rural development and financial security of women.
YES Joint Liability Group
YES Joint Liability Group (JLG) provides banking services to the bottom of the pyramid in rural, semi-urban & urban India. The initiative is based on the Joint Liability Group methodology where Term Loans provided to individual members of a JLG to help with income generation and achieving social development. This product provides direct financing, in partnership with other institutions such as NBFC microfinance institutions, by reaching out to the most needy and financially excluded segments.
An innovative mobile transaction solution, is a cost-efficient alternative to POS and other Hand-held Devices which helps in real-time tracking of payments, thereby increasing effectiveness of on-field collections at the customers’ door-step. YES SAHAJ has combined two very simple devices namely a blue tooth printer and a low cost mobile handset which plays a pivotal role in real-time payment tracking.
MART RURAL SUMMIT 2016
Ajay Desai, Distinguished Fellow, YES Global Institute & Chief Financial Inclusion Officer, YES BANK speaking at the MART Rural Summit 2016 in New Delhi
YES SIMsePAY AWARDED AT MART SUMMIT
YES BANK’s SIMsePAY being recognized as Industry’s First Frugal Innovation in Financial Inclusion without Internet at the MART Rural Summit 2016
YES GLOBAL INSTITUTE WORKSHOPS ON FINANCIAL LITERACY
Closed-group trainings for Business Correspondents organized by Inclusive & Social banking to facilitate greater financial literacy in the areas and promote the habit of investment.