Money through Mobile (mTm) for Inclusive Growth.

Money through Mobile (mTm) for Inclusive Growth. Short link to this page:

A detailed write up on this is available in my blog: Universal un-banked or exclusively banked Money Management by phone. 

Please click on the caption below to see a detailed presentation on this topic:

Money through Mobile (mtm) for Inclusive finance_PDF

India is a young nation in continuous process of development.

In spite of challenges that are unparalleled, our achievements are laudable.

However, the fruits of democracy are yet to reach all sections of society..

Economic gap between rich and poor is need to be narrowed down considerably. One of the ways to achieve it is Financial Inclusion of people in the lower strata.

Embracing technology based solutions is the key to open out Inclusive Finance. Money through Mobile is one such readily implementable  technology solutions. IT being one thing India is strong at; realization of MTM can be easily done. Recently TRAI has sent out a Consultation Paper on this subject.

My response is being sent to TRAI is in the link: 

RBI has also set a panel to study about this. As can be seen in my presentation, I have suggested RBI to create an exclusive bank to handle all sorts of money management using phones so as to mobilize it, regulate it and tap its great potential for the benefit of the nation. Hope someone in RBI will have a look in this.

There will be billion phones in India soon. (Mobile plus Fixed). With a minimum average transaction of Rs.10000/- per phone per month, will amount to Rs.120,000 billion on annual basis. Add to it the huge amount of money transaction in the DBT route related to various welfare schemes of Federal as well as State Governments.

The Potential of mTm and its impact on economy. 

The per capita share of Budget expenditure is about Rs.13110  per person per annum (rs. 35/ per person per day) whereas the liquidity created with mTm will be  Rs. 120,000/- billion per annum. This works out to about seven times the 2013-14 Budget out lay.

Add to it various welfare funds and cash in lieu of subsidies by Direct Benefit Transfer to beneficiaries mobile phones, the quantum of money handled by mTm system is going to be very huge. 

Major part of the liquidity created in the economy will be by 72.2 % of people in rural area of which 46% are poor.

There can be some escalation of inflation but greater impact will be more on the positive side as mTm being a sure shot for quick realization of much needed Inclusive Growth through Financial Inclusion, especially of the poor. Mobilized, regulated and tapped and deployed pragmatically, the liquidity created can benefit economy in a big way. Left

unregulated it can become adverse to economy in many ways. I have been suggesting to all concerned to create an exclusive Bank integrated with few Mobile Money Management systems to handle all forms of Mobile management across the country.

My proposal ensure a win-win solution for all stake holders involved, The Telcos, mTm Service provider, Banks, the Government, Franchisees, POS, and the People as a whole.

Please press CTRL key and click on the caption below to see a detailed presentation on this >>>> Money through Mobile (mtm) for Inclusive finance_PDF


P. Abraham Paul. Tweet @PA_Paul


About Abraham Paul

Vision & Objective: Telecom has always been the passion of my life. After 60 years of outstanding career and many personal contributions to the industry, I still have same urge, and desire to give back to the industry, the abundant experience, knowledge and potential acquired, by providing consultancy service to forward looking enterprises and entrepreneurs in Legacy and New generation Telecom & IT in the areas of Business Management, Technology, Engineering and Services. Apolitical and religiously unbiased.
This entry was posted in IT based services, Life science technologies, Mobile through Mobile (mTm), Personal messages and other, Politics & Governance. Bookmark the permalink.

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