Eko India's Financial Inclusion Initiative
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ICMR HOME | Case Studies Collection
Case Details:
Case Code : FINC060
Case Length : 18 Pages
Period : 2007-09
Pub. Date : 2009
Teaching Note :Not Available
Organization : Eko India Financial Services Private Limited
Industry : Banking and Financial Services
Countries : India
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FINC060) click on the button below, and select the case from the list of available cases:
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction Contd...
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Eko, the brain child of Abhishek Sinha (Abhishek), was
founded in 2007 to provide banking services using mobile phones to that section
of the population that commercial banks had not reached.
Though Eko was one of the many companies that had emerged in the late 2000s that
provided financial services on mobile phones, Eko's target customers and its
objectives differentiated it from others. Most of the companies provided value
added services to already existing customers of banks or sold financial products
like insurance using the mobile as a platform whereas Eko provided no frills
savings accounts to the under-banked masses.
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Eko believed that the savings account was the most basic product that was required to achieve financial inclusion. It acted as a business correspondent (BC) as per the guidelines of Reserve Bank of India (RBI), the central bank of India. The objective of RBI's BC concept was to ensure greater financial inclusion at minimal costs and Eko offered one possible solution. Eko's concept was put under trial as it was new and required close collaboration among all the stakeholders like telecom service operators, banks, customer service points (CSP), and Eko.
Eko's business model earned recognition from several quarters and it was
nominated for several competitions targeted at start-ups...
Excerpts >>
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