Open Access
Subscription Access
Open Access
Subscription Access
Reverse Innovation in Financial Inclusion - Lessons from Developing Economies
Subscribe/Renew Journal
Within the overarching theme of reverse innovation and financial inclusion, our paper studies the financial inclusion model of three developing countries such as Kenya, Mexico and Brazil and analyses how the same could be reengineered in the Indian scenario through ‘The Pradhan Mantri Jan Dhan Yojana’ (PMJDY). The study reflects on the key challenges posited by this initiative and suggests key learnings and the way forward for PMJDY by comparing it with three financial inclusion models, namely, M-PESA Model (Kenya), Banking Agent Model (Mexico) and the Bolsa Familia Program (Brazil). The paper concludes by giving recommendations to improve the PMJDY scheme that will eventually further the mission of financial inclusion in India.
Keywords
Financial Inclusion, Pradhan Mantri Jan Dhan Yojana, Developing Markets.
User
Subscription
Login to verify subscription
Font Size
Information
- Alliance for Financial Inclusion (2013): Dramatic Changes in Kenya’s Financial Inclusion Landscape, FinAccess National Survey 2013 Report, Accessed from http://www.afiglobal. org/news/2013/11/dramatic-changes-kenyas-financial-inclusion-landscape on 13 September, 2017.
- Demirgüç-Kunt A and L Klapper (2012): Measuring Financial Inclusion: The Gobal Findex Database, World Bank Policy Research Working Paper 6025, World Bank, Washington D C.
- Digital Innovation Summit (2017): HDFC Launches Online Payment Gateway with Village Panchayat, Accessed from http://digiqom.com/clientnews/hdfcbank/2017/10/hdfcbanklaunches-online-payment-gateway-in-association-with-verla-canca-villagepanchayat/ on 28 October 2017.
- Economist (2015): “Why Does Kenya Lead The World in Mobile Money?”, The Economist, London. Accessed from http://www.economist.com/blogs/economistexplains/ 2013/05/economist-explains-18 on 13 September, 2017.
- Govindarajan, V and R Ramamurti (2011): “Reverse Innovation, Emerging Markets, and Global Strategy”, Global Strategy Journal, Vol. 1, No. 3‐4, pp.191-205.
- Lindert, K, A Linder, J Hobbs and De la Brière Benedicte (2007): The Nuts and Bolts of Brazil’s BolsaFamília Program: Implementing Conditional Cash Transfers in a Decentralised Context, Social Protection Discussion Paper No 709, The World Bank, Washington D C.
- MasterCard (2014): Electronic Payments Driving Largest Financial Inclusion Program in Mexico, Press Release 18 September, 2014, Accessed from http://newsroom. mastercard.com/press-releases/electronic-payments-driving-largest-financialinclusionprogram-mexico/ on 13 September, 2017.
- Ministry of Social Development (2015): Government of Brazil on Bolsa Familia: How It Works? (Translated from Portuguese), Accessed from http://mds.gov.br/assuntos/ bolsa-familia/o-que-e/como-funciona on 28 October, 2017.
- Monks, K (2017): CNN: M-Pesa: Kenya’s Mobile Money Success Story Turns 10, Accessed from https://www.cnn.com/2017/02/21/africa/mpesa-10th-anniversary/index.html on 13 September, 2017.
- PricewaterhouseCoopers (2015): PWC, Retail Banking in Mexico: An Industry Outlook. Link: https://www.pwc.com/mx/es/knowledge-center/archivo/20150604-gxpublicationretail-banking.pdf
- Telecom Regulatory Authority of India (2018): “Highlights of Telecom Subscription Data as on 28th February, 2018”, TRAI, New Delhi. Accessed from http://trai.gov.in/sites/ default/files/PR48Eng24042018.pdf
- World Bank (2014a): Global Financial Inclusion (Global Findex) Database, Accessed from http://www.worldbank.org/globalfindex on 23 November 2017.
- World Bank (2014b): Global Financial Development Report 2014: Financial Inclusion, World Bank, Washington D. C., Accessed from https://openknowledge.worldbank. org/bitstream/handle/10986/16238/9780821399859.pdf on 23 November 2017.
Abstract Views: 362
PDF Views: 0