Branchless Banking Leveraging Information and Communication Technology

Topics: Bank, Mobile phone, Mobile banking Pages: 49 (15667 words) Published: September 7, 2009
Table of Contents
Acknowledgements ii
Abbreviation iii
List of Tables and Figures iv
Abstract v

1. Introduction10
2. Literature Survey15

3. Study and Analysis of Models of Branchless Banking

3.1 Models of Branchless Banking
3.1.1 Bank-led Model19
3.1.2 Non Bank-led Model20
3.1.3 BC/BF Model21

3.2 Study of Initiatives taken by other banks
3.2.1 Andhra Bank Initiative27
3.2.2 Corp Bank Initiative29

3.3 Solutions for Rural Masses
3.3.1 Automated Teller Machines (ATM)23
3.3.2 Andhra Bank initiative of Mobile ATMs24 3.3.3 Point of Sales (POS) Devices25

3.4 Mobile Banking-
3.4.1 Introduction31
3.4.2 Models of Mobile Banking31
3.4.3 Issues and Challenges 32
3.4.4 International Experience on M-Banking from the Philippines34

3.5 Risk involved in Branchless Banking
3.5.1 E-money Risks 36
3.5.2 Agent-related Risks 36
3.5.3 Special concerns 39

4. Study and Analysis of Information and Communication Technology (ICT) Solutions
4.1 Introduction40
4.2 Study of Information and Communication Technology Solutions 4.2.1 Smart Cards40
4.2.2 NFC Mobile42
4.2.3 Hand Held device44

4.3 Study of models of Technology Solutions Providers
4.3.1 Financial Information Network and Operations Limited (FINO)45 4.3.2 Integra Micro Systems (P) Ltd50
4.3.3 A Little World Pvt. Ltd (ALW)52

4.4 Study of Technology-driven Model Initiative
4.4.1 SBI Tiny Initiative55

5. Role of Regulator56

6. Issues and Challenges58

7. References60

8. Appendices
8.1 Summary of Discussion during Visits
8.1.1 Andhra Bank 638.1.2 Financial Information Network and Operations Ltd.65
8.1.3 Integra Micro Systems (P) Ltd.67
8.1.4 A Little World Pvt. Ltd.69
8.1.5 Cranes Software International Ltd.70

8.2 Short note on RBI Circular on use of BC/BF Models71 8.3 Short note on RBI Circular on KYC Guidelines 73 8.4 International perspective on Agent-assisted Branchless Banking76

9. Glossary77 D for their valuable comments and expert guidance to the relevant aspect of t Abbreviation
AMLAnti-Money Laundering
ATM Automated Teller Machine
BCBusiness Correspondent
BFBusiness Facilitator
CSPCustomer Service Point/Provider
CBSCore Banking Solution
CFTCombating Financing for Terrorism
FINOFinancial Information Network and Operations Limited
GCCGeneral Purpose Credit Card
iMFASTIntegra’s Mobile Financial Applications Secure Terminal ICCIntegrated Circuit Chip
ICTInformation and Communication Technology
JLGJoint Liability Group
KYCKnow Your Customer
MFIMicrofinance Institutions
NBFCNon-banking Finance Corporation
NGONon Government Organization
NFCNear Field Communication
NREGANational Rural Employment Guarantee Act
PINPersonal Identification Number
PoSPoint of Sales
PoTPoint of Transaction
PSTNPublic Switch Transmission Network
RBIReserve Bank Of India
RFIDRadio-Frequency Identification
RRBRegional Rural Bank
SHGSelf-Help Group
List of Figures

Fig 1Number of Savings Accounts to Adult Population -2005
Fig 2Number of Loan Accounts to Adult Population -2005
Fig 3RBI’s Business Correspondent Model
Fig 4Andhra Bank Model for implementing Government Schemes in Rural Areas Fig 5Working model of Text-a-Payment (TAP) in the Philippines Fig 6Demonstration of NFC Mobile
Fig 7Hand-held device used by Business Correspondent
Fig 8FINO’s Solution Architecture...
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