FORM FOR NOMINATING FINANCIAL INCLUSION AND PAYMENT SYSTEM FOR AN AWARD

The conference on financial inclusion and payment systems, which is slated for October 24–25, 2013, will be a historic occasion. Engaging with a wide spectrum of stakeholders in the financial inclusion and payment systems field will be made possible by the worldwide fips conference, which has a distinctive methodology, well defined sessions, and top participation. The main stakeholders will work together in a collaborative setting at the conference to address pertinent challenges and lay out a roadmap for achieving 100% financial inclusion. The fundamentals of inclusive development will be considered in fips 2013, emphasizing the successes, limitations, and obstacles we still have to face. payment system and financial inclusion about fips Commencing in 2005, during the United Nations’ International Year of Microcredit, a significant number of scholars, think tanks, pundits, and other stakeholders began discussing and debating the need of including financial inclusion initiatives as one of the objectives in the Millennium Development Targets. Numerous others also mentioned financial inclusion as a gap that prevents inclusive development from occurring. In India, the government has been testing the use of agency banking in conjunction with its business correspondent and facilitator model (abbreviated bc). The policy’s first-year vacillation and the ensuing insignificant effect have, for the most part, demoralized the stakeholders. However, after learning from the mistakes, some remedial action has been made, although hesitantly. Despite several modifications, the no-frill accounts and the BC-operated agency banking framework remain unfeasible for the agents as a business model. This failure is particularly serious since, according to peer experience, one of the best predictors of success for agents is a large agent network; also, a strong payments infrastructure and settlement mechanism are necessary for the agents to succeed. As India’s central bank proceeds with plans to modernize the Indian payment system, the finance ministry and the department of banking and financial services are now pressing the reserve bank of India to include financial inclusion in its plans. India still has a long way to go before it can catch up to its BRICS partner nations including Brazil. Even if India is still a major player on the world stage, its neighbors’ vastness is still a crucial one. Bangladesh and Pakistan are keeping up with each other, and each country is making substantial progress toward financial inclusion despite its individual obstacles. Bangladesh has an impressive track record of financial inclusion, and the introduction of mobile banking by up to 16 Bangladeshi banks is good news for the unbanked. The latest surge in Pakistan is the same. The Financial Inclusion and Payment Systems 2013 Delhi Conference (fips 2013 Delhi) will deliberate, debate, and ultimately set forth a strong message for the right direction & the required steps to be taken in view of the experience gathered during the past decade in detail and seek to provide a roadmap for a better and inclusive society. Future developments in the subcontinent will also require more cross-border trade, tourism, and financial services to stay attuned to more modern trends. The conference’s takeaway will provide a global platform for showcasing initiatives towards increased financial inclusion at a time when the G20’s mandated financial inclusion agenda assumes growing significance. For instance, the Alliance for Financial Inclusion has committed substantial fresh funding and is gathering steam, having signed up over 100 member nations worldwide so far, up from a pitiful six at the beginning. The goal of FIPs 2013 Delhi is to enhance the prospects, lives, and fates of the over 1.5 billion individuals residing on the Indian subcontinent. Furthermore, while they try to better their lives, this conference will also aim to learn from and enhance international best practices via thoughtful and candid discussions of the successes, failures, and obstacles in our journey toward realizing humanity’s financial inclusion. In order to match each nation’s heritage and preparation level, it therefore seeks to learn from its peers and translate it in a distinctive manner. It then adapts this knowledge for the advantage of all parties involved, most importantly the people who deserve it. BFSI’s capacity to promote financial inclusion and economic development There is a single market area that is expanding rapidly all over the world: the bfsi segment. Emerging markets are fueling this growth narrative, guided by the g10, a popular reference point made up of the brics. Because of its democratic traditions, Brazil stands out among the countries, whereas China, although ranking second to the United States for the next ten or so years, is now without a doubt the ruler of the world. As a result, the theory presented at the G20 summit tackled the global problem of leading financial inclusion-led financial deepening, given that the development potential of infrastructure, energy, industry, and agriculture is matched by comparatively longer gestation periods that drive up demand and increase supply. Thus, concerns about financial inclusion get the same attention as those about energy, emissions, and climate change. Nonetheless, it is noteworthy that, in contrast to energy and climate control problems, where industrialized and developing countries are at odds, there is almost universal agreement on financial inclusion, notwithstanding some variation in commitment levels even within the Brics. Governments prioritize financial inclusion in their reform agendas, regardless of the extent to which the private sector participates. All of the main G20 countries—Brazil, India, South Africa, Indonesia, Mexico, Turkey, Argentina—are fervently pursuing the goal of financial inclusion.