Money through Mobile (mTm) for Inclusive growth.
Short link: http://wp.me/p1ZsI2-zy By Abraham Paul. P.
Virtual money is best handled by Virtual banking system.
There are no two opinions about the urgent need of narrowing the gap between rich and poor by bringing in Inclusive growth. One of the ways to realize it is through Financial Inclusion of the huge un-banked population both in urban and rural areas across the country. Ensuring banking service to all through existing mode of banking system is an unworkable proposition. Huge volume of low value bank accounts as envisaged in Prime Ministers Jan Dhan Yojana will lead most banks to collapse due to severe HR constraints and gross Customer dissatisfaction.
Why banks if can be done without? Banks both Public and Private are white Elephants always with an eye on profit over service. A better option is to cater the needs of the poor using technology solutions such as Money through Mobile (mTm) creating virtual banks exclusively for this as explained in the presentation: –
Press Ctrl Key and click on the link below to view a power point presentation on this.
My blog on ‘Virtual Banked Universal Money Management by Phone.’ is in the link: http://wp.me/p1ZsI2-4g
Also please see my response to Telecom Regulatory Authority of India Consultation Paper on USSD-based Mobile Banking Services for Financial Inclusion http://wp.me/p1ZsI2-uv For more information if any, please contact the author: Abraham Paul. P firstname.lastname@example.org Tweet @PA_Paul