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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Excerpts
The Financial Inclusion Concept
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NABARD defined financial inclusion as "the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost."...
Efforts to Achieve Financial Inclusion
Though the RBI and NABARD had identified the significance of financial inclusion and worked toward achieving it, over 80% of the population in rural India remained financially excluded in 2004. The RBI increased its focus on financial inclusion in 2005...
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About Eko's Business Model
Eko was founded in the year 2007 by four entrepreneurs - Abhishek, Sanjay Bhargava (Sanjay), Abhinav Sinha (Abhinav), and Manoranjan Kumar (Manoranjan). Eko's objective was to bring the mid- and low income population in India, which was financially excluded, into the formal banking system...
The Modus Operandi
To open an Abhilasha account, a customer had to go to any CSP with a valid identity proof. To ease the KYC norms for the financially excluded people, it was not mandatory to provide the local address proof and any address proof was accepted. The customer had to fill up a simple Abhilasha account opening form and his/her mobile number became his account number...
Excerpts Contd...>>
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