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== Brief ==
* Identify innovative personal finance products in various countries
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<br>
=== Education ===
* 50% of India's population is below the age of 25 and 2/3rd of the population is below the age of 35
=== Employment ===
* In some areas of knowledge services, salaries in India are [http://inhome.rediff.com/money/2007/jan/01sal.htm coming close to American salaries] in Purchase-Power Parity (PPP) terms
=== Personal income trends ===
* The top end of over 700,000 people out of India's population of over one billion is estimated to have individual [http://www.rediff.com/money/2007/jan/03wealth.htm liquid wealth of about $1,00,000] (Rs 44,13,000) which is likely to go up to $1.1 million by 2009. This represents a cumulative liquid wealth of $203 billion, estimated to go up to $322 billion by 2009. These are the findings of a recent study done by market research firm Synovate.
== India: Financial trends ==
* GDP growth is projected at 6% and higher for the coming decades, making India the fastest-growing large economy in the world
[[Image:PersFin GDP Growth.jpg|thumb|center|400px|GDP growth in India]]
=== Foreign Direct Investments ===
* Foreign Direct Investment inflows are rapidly growing in India and have reportedly reached an all-time high of $7 billion last year, doubling from just 6 years ago
[[Image:PersFin FDI India.jpg|thumb|center|400px|Foreign Direct Investments in India]]
=== India's high savings rate ===
* Savings rate are rising.
* With a strong GDP growth, rising salaries, and low social security, savings rate are likely to rise even further.
[[Image:Savings trend rate.jpg|thumb|center|400px|Savings rate]]
[[Image:Household income distribution.jpg|thumb|center|400px|India saves high in physical assets]]
=== Credit ===
[[Image:PersFin Rural ATM.jpg|thumb|center|400px|[http://epaper.timesofindia.com/Repository/ml.asp?Ref=VE9JQkcvMjAwNi8wOC8wOCNBcjAxNTAz&Mode=HTML&Locale=english-skin-custom State Bank of India/Microsoft experiment for rural ATM was tested with 20,000 villagers in 5 villages]]]
=== Reimbursements India - A consumption boom is taking place ===<table align=center> <tr> <td>[[Image:PersFin WesternUnion.jpeg|thumb|center|150px|Reimbursements to India are growing]]</td> <td>[[Image:PersFin WesternUnion 2.jpeg|thumb|center|400px|[http://timesofindia.indiatimes.com/NEWS/India/Trillion-dollar_investment_hope_spurs_govt_into_action/articleshow/889333.cms India receives $23 billion a year in foreign remittances]]]</td></tr></table>* [http://timesofindia.indiatimes.com/NEWS/India/Trillion-dollar_investment_hope_spurs_govt_into_action/articleshow/889333.cms India receives $23 billion a year in foreign remittances]
[[Image:PersFin MicrofinanceConsumption boom in India.jpegjpg|thumb|rightcenter|200px600px|Microfinance is a major trend in IndiaConsumption boom]]
=== Microfinance ===
[[Image:PersFin Microfinance.jpeg|thumb|right|180px|Microfinance is a major trend in India]]
* 1.4 million microfinance groups in India
* Over 20 million members for microfinance groups
* Microfinance is growing in South India, which contrasts with the stagnation in Eastern, Central and North Eastern India
* Downside: Microfinance involves very high transaction costs given the small amounts of money involved for each loan, which necessitates high transaction costs
=== Remittances ===
<table align=center>
<tr>
<td>[[Image:PersFin WesternUnion.jpeg|thumb|center|150px|Reimbursements to India are growing]]</td>
<td>[[Image:PersFin WesternUnion 2.jpeg|thumb|center|400px|[http://timesofindia.indiatimes.com/NEWS/India/Trillion-dollar_investment_hope_spurs_govt_into_action/articleshow/889333.cms India receives $23 billion a year in foreign remittances]]]</td>
</tr>
</table>
* [http://timesofindia.indiatimes.com/NEWS/India/Trillion-dollar_investment_hope_spurs_govt_into_action/articleshow/889333.cms India receives $23 billion a year in foreign remittances]
=== Hawala ===
* An illegal system of payment, [http://www.interpol.int/Public/FinancialCrime/MoneyLaundering/hawala/default.asp hawala] remains popular as a way of remitting money
[[Image:PersFin Hawala.gif|center|400px|Hawala transactions]]
=== Payments ===
* The custom of dowry is well-entrenched in Indian society and puts extreme financial pressure on brides and their families
* [http://www.iht.com/articles/2006/10/22/news/dowry.php An average of one dowry death is reported every 77 minutes according to the National Crime Record Bureau]
== India: Technology trends ==
* Internet access levels in India having gone up 132 per cent between 1997 and 2005
* Laptop ownership in India is at 10%
* Desktop ownership has increased 36% in India
== Anecdotes ==
== Links ==
# [http://www.usindiafriendship.net/viewpoints1/debroy.htm India's demographic dividend]
# [http://www.uncdf.org/english/microfinance/newsletter/pages/2005_06/news_india.php Microfinance in India]
# [http://www.interpol.int/Public/FinancialCrime/MoneyLaundering/hawala/default.asp Hawala]
== Idea 1 - helping India's middle class create assets while enjoying lifestyle==
* Jewellers in India give lose guarantees that upon return of the jewellery, value of the metal in jewellery adjusted for workmanship costs will be redeemed. This acts as a big incentive for people to invest in jewellery as principal amount is secure. However, there is no formal guarantee mechanism to ensure the contract.
* This can be an opportunity for banks to step in, whereupon the banks can underwrite the value of the jewellery and assure full value upon jewellery redemption. Banks can extend loans to people to buy jewellery, whereby interest is charged differently for the value of the metal (lower interest rate) and higher for the loan against workmanship.
[[Image:Jewellery finance.jpg|thumb|center|600px|Cheaper loans for jewellery]]
== Idea 2 ==
* Tailormade credit cards where a customer can choose from 3 preferred vendors, whose card he/she wishes to have.
== Idea 3 ==
* Sodexho like ration card passes delivered to corporates. Corporates in turn will pay the pass provider and in turn hand over such passes to their employees, who can only purchase ration with such passes.
== Idea 4 - leverage indirect variables to determine creditworthiness ==
* India has a strong black economy
* Bank statements may not be the best indicators of a person's credit worthiness
* Indirect measures, like electricity consumption data or telephone bills data is a good indicator of a person's income
== Idea 5 - Money transfer services for payments as low as 25USD ==
* India has a strong informal economy of workers, labourers etc.
* Such people belong to villages where population is as low as 5000
* Money transfer services for such people would be highly valuable
* Distribution network to such small villages is a challenge which can be overcome by tying up with FMCG majors like HLL that reach villages of 5000 population size
== Idea 6 - Payment to 3rd party using ATM's ==
* ATM's can be used to pay to 3rd parties
* This will enhance the distribution network for P2P payments, bringing it to every nook and corner where there is an ATM
[[Image:payments to 3rd parties using ATM's.jpg|thumb|center|600px|Bank of Israel]]
== Idea 7 - Enable micropayments using the extensive mobile network ==
* Mobile network providers have a very wide payment collection system for their pre-paid and post-paid recharge cards. Such pre-paid cards are sold by vendors, who have a very wide reach.
* Mobile network providers can design a special payment card mechanishm, wherein each subscriber has a logical money account associated with their number. This money account can be updated as long as the mobile is connected to the network.
* This will enable a subscriber to pay the amount to a 3rd party via the pre-paid card vendor. The pre-paid card vendor in turn can credit the amount in the payment card of the 3rd party.
[[Image:pre-paid card schemes in India.jpg|thumb|center|600px|Airtel India]]
== Idea 8 - Emplowering C2C commerce using a finance intermediary like PaisaPay ==
* Paisa pay from ebay has empowered C2C payments
* A similar concept can be used for C2C cash payments.
* Here, a customer can pay cash to a approved vendor who is associated with a mobile telephone network. This vendor, in turn, for a fee, can credit the payment account of the 3rd party. The 3rd party, can then collect cash from the telephone company or ask the telephone company to credit his/her bank account.
[[Image:Paisa pay by ebayIndia.jpg|thumb|center|600px|Ebay India]]
== Idea 9 - Shariat Compliant products ==
[[Image:Parasoli Finance.jpg|thumb|center|600px|Shariat stocks index]]
[[Image:Shariat finance.jpg|thumb|center|600px|Shariat finance]]
== Idea 10 - Kitty ==
* Kitties are being organized as chit funds
* People pay EMI's of small amounts, in a group, and then wait for purchase of a consumer product when their chance comes
[[Image:Kitty.jpg|thumb|center|600px|Kitty for consumption]]
* Cooperative banks
* Kitty
* Small loans pooled together on the Internet
* Islamic Banking
* Regional differences
* Jewelry on loan
* Self-employed people getting credit card and loans
== Presentation ==
* [[Innovative personal finance products demo prep]]
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