Latest news with #FinancialInclusionIndex
Time of India
2 days ago
- Business
- Time of India
RBI moots apps for feature phones to deepen financial inclusion
Mumbai: The Reserve Bank of India has urged banks and finance companies to launch low-bandwidth apps and flexible products that can reach remote parts of India and underserved populations, as part of its drive towards 100% financial inclusion, said people privy to the development. The RBI has also asked banks and finance companies to ensure that the new apps and digital products have features to prevent cyber fraud. The central bank is urging banks to design digital products that meet the needs of customers using feature phones with low bandwidth since connectivity is a major roadblock in remote parts of the country. All retail banking products are currently available through mobile applications on smartphones. However, not all services are made available on feature phones. The RBI is aiming to bridge this gap. Separately, the RBI said it is planning to review regulations on internet and mobile banking for all banks. Upon taking charge as the RBI governor, Sanjay Malhotra, had started financial inclusion, which implies making financial services available to all citizens, especially the underserved population. The Reserve Bank's Financial Inclusion Index (FI-Index), which measures the extent of financial inclusion in the country, improved from 60.1 in March 2023 to 64.2 in March 2024, according to latest data published by the central bank. The index covers access, usage and quality of financial services. The RBI plans to review the index in FY26. Live Events The RBI is planning to conduct a survey on the usage of digital payments, it said in its latest annual report. The survey will be done to "understand transaction behaviour and challenges faced by users, thereby facilitating evidence-based decision making towards enhancing financial inclusion and making payment systems more effective". The RBI is also encouraging banks to design products that meet customer needs such as flexible repayments, variable savings and seasonally adapted services-enhancing access, usage, and service quality, RBI deputy governor M Rajeshwar Rao said early this month.
Time of India
27-05-2025
- Business
- Time of India
With digital innovation powering financial inclusion, the need for agile finance professionals comes to the forefront
Over the last decade, India's financial sector has undergone a digital revolution, which is bringing millions into the formal economy. As of March 2024, the Reserve Bank of India's Financial Inclusion Index stood at 64.2, marking a consistent improvement from 43.4 in 2017. 1 This progress reflects a broader trend of increasing access to banking, credit, and insurance services, particularly among rural and underserved populations. Contribution to this transformation were key initiatives in the country's digital public infrastructure, such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), Aadhaar-enabled services, and the Unified Payments Interface (UPI), which removed long-standing barriers to participation in the formal financial system. As a result, over 54 crore Jan Dhan accounts have been opened since 2014, with more than ₹2.5 lakh crore deposited. 2 In October 2024, the Unified Payments Interface (UPI) processed 16.58 billion transactions, amounting to ₹23.49 lakh crore, marking a 45% increase in transaction volume and a 34% rise in transaction value compared to October 2023. 3 One of the reasons for this acceleration is the rise of fintech innovation in India. From micro-lending and digital credit scoring to peer-to-peer lending and insurance technology, fintech startups have been delivering financial products well beyond the reach of traditional banks. For instance, digital payment platforms and interoperable QR code systems have enabled millions of small merchants and MSMEs to transition into cashless operations. This shift has not only improved transactional convenience but also helped merchants build digital credit histories, increasing their eligibility for formal loans and integrating them more firmly into the organised financial ecosystem. With the rise in financial access, the next phase of India's financial inclusion journey will be defined by the quality, agility, and inclusivity of financial products. As more individuals and businesses come online, there is a growing demand for solutions that are responsive to diverse user needs. This shift is being powered by a new wave of technological enablers, including AI, data science, cloud-native platforms, and embedded finance models that integrate financial services into everyday digital experiences. As these innovations scale, they are also reshaping user expectations around speed, personalisation, and trust. Against this backdrop, the role of product leadership has become central to how financial services are conceptualised, built, and delivered. Product teams today must do more than manage roadmaps; they must understand regulatory frameworks, design for inclusion, mitigate risk, and make data-driven decisions that align user impact with business value. For professionals in the financial and fintech sectors, this evolving landscape presents both a challenge and an opportunity to lead the creation of digital-first, inclusive financial solutions that can meaningfully impact millions. In response to these emerging demands, institutions are designing programmes that blend traditional finance with new-age tools and techniques. The IIM Kozhikode Professional Certificate Programme in Applied Finance is one such offering built for a new generation of professionals. With its strong focus on application-based learning, it equips candidates with the skills to master financial modelling, strategic analysis, and high-impact decision-making. Whether you're an aspiring analyst or a mid-career leader looking to stay ahead, this programme is designed to help you thrive in the fast-changing financial landscape. Who is this programme for? The IIM Kozhikode Professional Certificate Programme in Applied Finance is designed for ambitious professionals across industries who want to strengthen their financial decision-making capabilities and stay relevant in a digitally-driven financial ecosystem. Aspiring finance professionals Those looking to build a solid foundation in finance and explore dynamic career paths in investment banking, financial planning, or corporate finance. Finance, commerce, and accountancy graduates Individuals with formal finance education who want to deepen their knowledge in advanced financial concepts and practical applications. Mid-career professionals and managers Professionals across sectors who wish to sharpen their financial acumen to make informed, high-stakes decisions and contribute more strategically to their organisations. Professionals in broking, security analysis, consulting, or accountancy Those already in finance-adjacent roles aiming to upskill in applied finance and expand their capabilities for future leadership roles. Cross-functional and non-finance professionals Managers and team leads in operations, marketing, or product roles who need financial literacy to better collaborate across departments and support business growth. Business leaders and financial consultants Senior professionals seeking to elevate their strategic financial planning and analysis skills to drive long-term organisational impact. 121438225 Programme outcomes Designed with a strong industry orientation, IIM Kozhikode's Applied Finance Programme blends academic rigour with practical application. By the end of the programme, participants will be equipped with the financial expertise, analytical tools, and strategic perspective to drive meaningful impact in their roles. Make data-backed financial decisions Gain the skills to interpret and analyse complex financial data, extract actionable insights, and support high-stakes business decisions with confidence. Strengthen risk management capabilities Learn to identify, assess, and manage financial risks using frameworks and tools that safeguard business performance in volatile markets. Master valuation and corporate finance tools Build a strong command over valuation techniques, portfolio construction, debt and equity markets, and financial modelling to assess and grow corporate value. Drive financial innovation Explore how finance intersects with digital transformation and apply innovative solutions to capitalise on emerging opportunities. Link finance with strategy Understand how to align financial planning and analysis with broader business goals to enhance organisational agility and profitability. Programme highlights The Applied Finance Programme at IIM Kozhikode is built on a pedagogy that blends academic theory with real-world application, equipping professionals with the skills needed to navigate today's dynamic financial environment. It covers: Live online lectures where participants engage in interactive online sessions delivered by IIM Kozhikode's esteemed faculty, offering in-depth insights into contemporary finance practices. Campus immersion module, which is a rich, in-person learning experience at the IIM Kozhikode campus where learners can engage with peers, participate in hands-on workshops, and interact with faculty through discussions, group activities, and presentations. Executive alumni status of IIM Kozhikode's prestigious network, which is an opportunity to connect with a wide community of professionals and industry leaders. Real-world case studies on Applied Finance that mirror actual business scenarios, enhancing your practical decision-making skills. A professional certificate from one of India's top business schools, ranked #3 in the NIRF 2024 rankings. Programme Details Programme start date: June 28, 2025 Programme fee: INR 2,37,500 + GST With digital innovation powering financial inclusion, the need for agile finance professionals is more crucial than ever. As India continues its digital revolution, finance professionals equipped with the right skills will be at the forefront of driving inclusive, transformative growth. Click here to know about the programme. References: 1. 2. 3.
