Please find below my suggestions for growth of banking in rural areas and more transactions and financial inclusion.
1. More ATM's , Money deposit machines and coin vending machines in following regions in rural areas.
a) ATM in all Govt. schools. Since public sector banks and private sector banks can give clearance for space for ATM by public - public partnership. The 100sqft is more than enough for ATM. If money vending, pass book entry and coin vending machines are to be setup 300Sqft is needed.
b) Govt. schools will defintely earn revenue for the same since the space is rented out to banks.
c) Govt. schools are there even in remote areas and hence will help the local population definitely.
d) ATM and money deposit machines should also be placed in govt bus depots and bus stands were lot of people travel from and to. Currently rural areas and district headquarters also dont have atm in bus stands and depots.
Only govt on interactions with all states and psb and private banks will it benefit people. Since the pension plans, bank accounts have been opening, the govt must concentrate on improving the transactions.
2. The ATM machines are currently dispensing cash, but it needs to be designed in such a way that they can both dispense as well as take in cash and will save space. Bharath electronics limited should work on developing atm machines will help of DRDO, IISC and IIT's to reduce cost on importing with manufacturing of more ATM in india for rural areas applications.
3. The ATM's should dispense even coins and low value notes like Rs. 50, Rs. 20. Coins vending of Rs. 5 and Rs. 10 will help a lot in rural areas and urban areas. RBI must be requested by govt to print Rs. 20 and Rs. 50 coins.
4. Coin vending machines are necessary for more low value transactions in rural areas. RBI is the concerned authority who needs to setup the coin vending machines. Currently RBI has coin vending machines only in its own branches across the country which doesnt help. Only if the same is done across district headquarters only the country will public have easy access to coins. RBI keeps increasing and decreasing interest rates but money circulation of denominations is not helped.
5. Key idea of phone banking by all existing vendors:
There is no need for small banks and new banks.
1. Every bank account needs to be attached to a mobile number.
2. Evey user need not request any special permission to use phone banking to send money to any person in the country.
3. The person should call a general toll free number for all bank accounts across india. This expenditure has to be taken up by RBI, since NEFT is internally managed by RBI only. Similarly this toll free number any user can call this number and then enter the number of the person to whom money needs to be transferred. a phone pin if needed can be given for transactions above Rs. 2000 otherwise phone pin not necessary.
4. The other option is TRAI must allow money transactions by calling any mobile number or landline number and then entering any extra characters like #1 for money transfer or #2 to attach account to mobile number like that.
5. So the user will call the mobile number and enter #1 within 2 seconds of call start this will lead to money transfer to the user directly.
6. If a user has more than one account number then the user can select to which account he wants the money to be deposited within one hour of transfer or it will go to the primary account of the user.
7. The user can also transfer money within his own accounts by calling his own number and entering #3 or any other option.
8. SMS banking must also be popularised by just sms to that person with the amount and sms pin. SMS pin not needed for transactions below Rs. 2000. Currently the transfers within banks and with other banks are not popular nowadays.
9. Many banks have individual policy but private and all psb must be brought under same scheme. New banks are supposed to be given license with mobile operators participating but a generalised policy will help people.
Thanks
Venkatasubramanian B
Twitter: @bvenkat
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