Financial Inclusion


ISBN: 978-81-7188-744-6
Binding: Hardcover (6¼” x 9¼”)
Pages: 196
2009 Edition

Out of stock


This compilation is the result of action research and field visits across India spread over last 10-years that have been punctuated with seminars and workshops providing multi-stakeholder consultations. These were conducted by Skoch Consultancy Services with recently added support from Skoch Development Foundation. The compilation focuses on various facets of financial inclusion ranging from opening up of no-frills accounts to micro-credit to financial literacy, while emphasising the role of process changes, technology enablement, capacity building and outreach mechanism. It looks at examples of local bodies, post offices and tele-centres having been used effectively. It also proposes a model of inclusive development, emphasising that inclusive economics leads to inclusive governance and vice-versa. The book provides a holistic view based on practitioners’ perspective and grassroots learning. A must read for all involved in inclusive development of India.


Sameer Kochhar, Chief Editor and CEO, Skoch Consultancy Services is an industry veteran and management consultant with a multifaceted career spanning over two and a half decades. He is considered to be one of the most respected independent voices on inclusive development and citizenship issues in India. He has written extensively on areas of Panchayati Raj, e-governance, ICT for development and Indian IT industry.

R. Chandrashekhar is Special Secretary in the Department of Information Technology, Ministry of Communications and Information Technology, Government of India, where he is principally responsible for drawing up national policy, strategy and action plan for e-Governance and for co-ordination of national plans and programmes for e-Governance. As head of the Andhra Pradesh Industrial Infrastructure Corporation, he led the trans-formation of this public sector undertaking into a key instrumentality of the state government in structuring public-private partnerships in the infrastructure sector.

K.C. Chakrabarty is Chairman and Managing Director, Punjab National Bank (PNB). Earlier he was Chairman and Managing Director, Indian Bank where he spearheaded the National Pilot Project on Financial Inclusion at Puducherry. His expertise includes corporate strategic planning, asset-liability management system, electronic payment systems and risk management system. PNB, under his stewardship has launched as many as 20 financial inclusion projects.

Deepak B. Phatak is Subrao M. Nilekani Chair Professor at Indian Institute of Technology-Bombay, India. He has been an eminent consultant and advisor to many organisations on various issues related to Information Technology. In the financial sector, he has been involved in a major effort by Industrial Development Bank of India, and has been an I.T. advisor to the State Bank of India for several years. He works on several committees advising Government departments on issues related to computerisation.


About the Editors/Contributors

Financial Inclusion: Need for a Full Spectrum Implementation — Sameer Kochhar and Gursharan Dhanjal

Section I – Financial Inclusion

Urban Local Bodies and Financial Inclusion — M. Ramachandran
Is Technology Inclusive? — C.B. Bhave
Micro-Insurance: The Way Ahead — T.S. Vijayan
Economics and Inclusion — Haseeb A. Drabu
The Tineri Experience — K.C. Chakrabarty

Section II – Inclusive Insurance

Building a Cost-effective Distribution Channel — M. Ramadoss
Matching Insurance to Needs Awareness — Bimalendu Chakrabarti
Providing Health Insurance — Pranav Prashad

Section III – Scaling Inclusion

The Challenge is Sustaining the Network — R. Chandrashekhar
Speeding e-Governance: Connecting Central and State Government Initiatives through Trust and Leadership — Shankar Aggarwal
Combining Access with Assurance — K. Narasa Reddy
Reaching the Unbanked — M.S. Sundara Rajan
The Challenge of Up-Scaling — Anurag Gupta
The Reach of Mobile Connectivity — Pramod Saxena

Section IV – Financial and Government Applications: Interoperability is the Key

For Smooth Interoperability — Karan Bajwa
Branchless Banking to Reach Government Interventions — B. Sambamurthy
Interoperability is Key to Inclusion — J.M. Garg
Towards the Last Mile — D.B. Phatak
Computerisation of Land Records in India — Naresh Chandra Saxena

Section V – Technology Standards for Financial Inclusion and e-Security

Creating the Right Convergence between e-Governance and Financial Sector Gateway — Rajesh Narang
Using Digital Signatures in Financial Services — N. Vijayaditya
Proactive Security and Intelligent Incident Response — P.J. Nath
Secure Banking: The Road Ahead — H. Krishnamurthy
Towards a Common Communication Infrastructure — Kumar N. Sivarajan

Section VI – Enhancing Revenues

Using Better CRM — P.P. Mallya
Creating Mindshare — Samik Roy
Moving to the Core — Alok Bhardwaj
Adding Value to the Customer — D. Tarafdar



Alok Bhardwaj, Senior Vice President, Canon India is responsible for marketing and building the Canon brand as well as augmenting growth in the company’s sales and channel base in India. An industry veteran with over 22 years of experience, he has led brand building and consumer marketing initiatives across diverse businesses and industries like consumer durables, telecom and IT. Under his leadership, Canon India was awarded the “President’s Award” for highest growth in Asia in Digital Camera segment in 2005 from its parent company Canon Inc.

Anurag Gupta is CEO, ZERO-Mass Foundation. He has been harnessing ICTs by leveraging non-standard new-generation technologies—specifically, RFID, smart cards and NFC (near-field communication) mobile phones—to create a unique micro-banking model. The larger objective is to set up a branchless micro-bank in every Indian village. It has 11 partner banks, which as a group has 90 million customers countrywide.

B. Sambamurthy, Chairman and Managing Director, Corporation Bank, is a Chartered Accountant and has over 30 years of experience in banking. He has led responsibilities in the areas of forex, treasury, information technology, human resources management and organisations restructuring. He has also held various positions in several committees of RBI like Export Advisory Committee, Standing Committee on Forex Clearing and Committee on Reporting System.

Bimalendu Chakrabarti is Chairman and Managing Director, New India Assurance Co. Ltd. A Chartered Accountant by training, he has over 30 years of experience in the insurance industry. He had earlier served as CMD of National Insurance Co. Ltd. He is director on the board of GIC Housing Finance; Alfalaval (India) Ltd; India International Insurance Pte Ltd; and, Chairman of Trinidad & Tobago Insurance Company, Port of Spain.

C.B. Bhave is Chairman, Securities and Exchange Board of India. A member of Indian Administrative Service (1975-batch) from Maharashtra cadre, he was the Executive Director in-charge of the secondary and later the primary markets between 1992 and 1996. It was during his stint in SEBI that badla was banned. As founder and Managing Director of the National Securities Depositories Limited (NSDL) since it inception in 1996, Bhave ensured that all transactions in the market become paperless. More than 99.9 per cent of the settlement in Indian stock exchanges is in paperless form now.

D. Tarafdar, Executive Director, Life Insurance Corporation holds a Master Degree in Physics. He joined LIC in the year 1981 and has worked with Information Technology department for 21 years. From 2004 to 2007 he has worked as Chief (IT). In the year 2007 he assumed charge as Executive Director (CRM), LIC. His interests include art and literature.

Gursharan Dhanjal, M.Phil. and Ph.D. from Delhi University is Executive Vice President, Skoch Consultancy Services. He is an expert in strategic affairs. He is also the Editor of Inclusion, a quarterly publication that focuses on development issues. He has over 17 years of working experience ranging from academics to research and business journalism to consulting. He has taught at Delhi University and has worked for Asia Business News—Dow Jones and CNBC for several years. He has led various research projects in e-Governance and ICT for development that included traversing across the country collecting citizen voices for over eight years now. He also leads the video case study projects. His areas of expertise include research, and rich media content. A prolific writer, Dr. Dhanjal has written over 200 columns in various national dailies and several journals of repute in addition to authoring a widely acclaimed book entitled Tarapur: The Politics of Nuclear Age. This, in addition to a recently published edited book entitled: Infrastructure and Governance. He is also a Visiting Faculty and Member, Course Preparation Team at Indira Gandhi National Open University and Department of Political Science, University of Delhi.

H. Krishnamurthy, is Principal Research Scientist at Indian Institute of Science, Bangalore. He has a BE (Hons.) from Madras University and ME from Indian Institute of Science, Bangalore. He has more than 30 years of experience in teaching, research and consulting. His areas of interest includes: communication and networking and Internet technologies. He has been an advisor/consultant to several government organisations for the past 15 years. He is associated with RBI, SEBI, CBDT and IRDA as member of the technical advisory group and/or standing committee on technology. He was a member of the Governing Council of IDRBT during the period 2002-2005. He has provided technical advice and guidance to several organisations in the petroleum, coal and steel sector and currently is actively associated with several banks and financial institutions as advisor on behalf of the Institute. He has recently published an edited book entitled: Infrastructure and Governance.

Haseeb A. Drabu, MA & D.Phil Economics is Chairman & Chief Executive Officer of Jammu & Kashmir Bank Ltd. Dr. Drabu has been an Economic Advisor (Minister of State Status) with Government of Jammu & Kashmir since January 2003. He served as National Editor of Business Standard and as a Consultant for Asian Development Bank. He started his career with Government of India way back in 1990, first with the Planning Commission then as a Consultant to the Economic Advisory Council (EAC) of the Prime Minister and finally with the Tenth Finance Commission (TFC). He has been a Director of Jammu & Kashmir Bank Ltd. since July 11, 2003.

J.M. Garg, Executive Director, Punjab National Bank holds a degree in M.Sc Physics from Punjab University. During his banking career of over 34 years, he has worked in various capacities besides overseas exposure during his posting at Singapore.

K. Narasa Reddy is General Manager, Canara Bank and is in-charge of financial inclusion initiatives being undertaken by the bank.

Karan Bajwa is Country Head-Public Sector, Microsoft Corporation (India). He has over 19 years of experience and is responsible for growth of Microsoft in the government sector and drive strategies on e-governance and education. Prior to joining Microsoft, he served as President of Tulip IT Services Ltd, where he secured landmark wins for the organisation. He has also served as the Head of the Public Sector Business, Cisco India, and the Head for the Networking Business for ASEAN region at IBM Singapore.

Kumar N. Sivarajan, B.Tech and Ph.D. in electrical engineering, co-founded Tejas Networks where he serves as the Chief Technology Officer. Earlier he was with IBM Thomas J. Watson Research Center, New York (1990-1994) and Electrical Communication Engineering Department, Indian Institute of Science, Bangalore (1994-2000). Sivarajan is co-author of the text-book Optical Networks: A Practical Perspective (1998). He is also a recipient of the IEEE Fortescue Fellowship and the IEEE Bennett and Baker Prize Paper Awards.

M. Ramachandran, Ph.D., is Secretary, Ministry of Urban Development, Government of India. Member of the Indian Administrative Service since 1972, Dr. Ramachandran has handled several international assignments. He was Principal Secretary, School Education in Uttaranchal and Principal Secretary to the Chief Minister before elevating to the position of Chief Secretary. As Secretary, MoUD, he is steering the implementation of Jawaharlal Nehru National Urban Renewal Mission (JNNURM) in addition to many other city reform programmes.

M. Ramadoss is Chairman-cum-Managing Director, The Oriental Insurance Company Limited. He is also Fellow of Insurance Institute of India and an Associate of Chartered Insurance Institute of U.K. He has recently been awarded “The Best CA Professional Manager in the Public/Government Sector Category” by the Institute of Chartered Accountants of India (ICAI), He is Chairman of the Insurance Committee of ASSOCHAM and also he has recently taken over as Chairman of General Insurers Public Sector Association (GIPSA).

M.S. Sundara Rajan, M.A. (Econ), CAIIB, A.C.S is Chairman & Managing Director of Indian Bank. Earlier he was Executive Director of Indian Bank. He has over three decades of experience in banking. He was earlier General Manager in charge of Mumbai Metropolitan Zone, Union Bank.

N. Vijayaditya, Controller of Certifying Authorities, Ministry of Communications and Information Technology, is the regulator for certifying authorities which issue digital signatures for electronic authentication. He was earlier Director General, National Informatics Centre. Dr. Vijayaditya has a Master Degree in Computer Science and a Ph.D. in Information Systems from University of North Carolina, USA. He is a member of several Technical Advisory Groups.

Naresh Chandra Saxena is Distinguished Fellow, Skoch Development Foundation. A Rockefellor-Foundation Fellow, he obtained his Ph.D. from University of Oxford, UK. He specialises in rural development, natural resource management, rural livelihoods, poverty alleviation, watershed and drinking water, governance, decentralisation and people’s participation. A member of Indian Administrative Service (IAS), he recently retired as Secretary, Planning Commission, Government of India. He was earlier, Secretary, Rural Development, Government of India and was Director, Lal Bahadur Shastri National Academy of Administration, Musoorie. Author of repute, he has contributed several research papers to various international journals, and has written several widely acclaimed books. He is currently engaged as Consultant with UNICEF, World Bank, UNDP, European Union, GTZ, ADB and DFID, working on projects ranging from village planning, evaluation of urban poverty programmes, reforms in public distribution system, water and sanitation, land management and so on.

P.J. Nath, Executive Vice President, Enterprise Solutions, Sify, has over 22 years of experience in information technology, ISP and telecommunications services. His experience includes roles in sales, product management, customer support and project management. He began his career with ICIM Ltd (now Fujitsu ICIM) and was subsequently with Wipro Infotech.

P.P. Mallya, Chairman & Managing Director, Vijaya Bank has over 35 years of experience in banking industry. Under his leadership the bank has gone through business process re-engineering, computerisation and also forayed into the financial inclusion.

Pramod Saxena is the Founder Director of Oxigen Services (India) Pvt Ltd. A Chemical Engineer from IIT-Roorkee, Pramod has worked in various capacities spanning over 30 years and was largely associated with Essar Group, DCM Group and Motorola. His rich and varied experience spans telecom, steel, petro-chemicals & fertiliser industries where he had responsibilities for acquisitions and mergers, setting up green-field projects, joint ventures and managing business operations.

Pranav Prashad took over as the Head for Rural & Agriculture Business at ICICI Lombard in 2005 where his chief responsibilities include exploring business opportunities and expanding reach in the rural and agriculture landscape. He has implemented several projects towards financial inclusion and risk management of the marginalised masses. He has presented papers on micro-insurance at various international fora.

Rajesh Narang is M.Tech (IIT, Delhi) and Ph.D. in Computer Science, Ex-GM Centre for Railway Information System, winner of Prime Minister Award for his outstanding contribution in delivering IT systems of Indian Railways, the most successful e-Governance application. Currently, he is working as Principal Consultant in e-Governance Programme at DIT, New Delhi.

Samik Roy is the Regional Director for South Asia, Oracle Corporation, focusing on customer relationship management (CRM). In his role, he is responsible for the CRM product sets (encompassing Siebel CRM, Oracle CRM, Peoplesoft CRM, CRM on Demand and Call Center Anywhere) across all industries. Prior to joining Oracle, he was leading the South Asia operations of a dedicated CRM firm, called Global Groupware.

Shankar Aggarwal, a 1980 batch Indian Administrative Services (IAS) officer of Uttar Pradesh cadre, is Joint Secretary, Department of Information Technology, Ministry of Communications and Information Technology where he is holding the e-Governance portfolio. He was earlier Member (Judicial), Revenue Department, Board of Revenue, Allahabad. An M.Tech in Computer Technology from Indian Institute of Technology-Delhi (IIT-Delhi), he held various positions, including the Managing Director in Uttar Pradesh State Road Transport Corporation (UPSRTC). As a Commissioner in Sales Tax Department from February to June 2007, he introduced web-based system to check evasion of taxes in steel and iron industries and sugar industry.

T.S. Vijayan is Chairman, Life Insurance Corporation. He was the first Director and Chief Executive of LICHFL CareHomes, a subsidiary of LICHFL. In this role, he was instrumental in designing the systems for running community living centres for senior citizens. Before his appointment as Chairman, he was MD, and Executive Director (Information Technology and Business Process Re-engineering). It was during his tenure that projects involving enterprise portal and data warehousing were conceived and implemented.


There are no reviews yet.

Be the first to review “Financial Inclusion”

Your email address will not be published. Required fields are marked *

Back to top button