FIPS 2013 Press Release

Press Release: 24 October 2013 
A Global Conference onFinancial Inclusion & Payment Systems

FIPS 2013: A global conference on Financial Inclusion & Payment Systems was inaugurated by Dr C Rangarajan, Chairman, Economic Advisory Council to the Prime Minister, Government of India in presence of various eminent dignitaries. During the inauguration session, special issue of e-Gov Magazine which is Asia’s premier magazine on e-Governance was formally launched by Dr Rangarajan.

The Global FIPS Conference is unique opportunity to engage with a broad range of players in financial inclusion and payment systems space. The Conference will witness a collaborative environment among the top stakeholders, where the relevant issues will be addressed, and the road map towards reaching the last mile in Financial Inclusion will be achieved.

FIPS 2013 will take into account the very essence of inclusive growth, thereby highlighting on the achievements, shortcomings and challenges on our way to overcome. Inaugurating the session, Dr Rangarajan highlighted the importance of Financial Inclusion and termed it as an integral part of the inclusive efforts undertaken by various stakeholders in the financial space. He termed it as a pre-requisite to include all the vulnerable sections of the society to access financial services. “Financial Inclusion needs to be extended to all the geographical extents in the country and must include people from all the sections of the society,” he said. Chairman, Economic Advisory Council to the Prime Minister, Government of India stressed the need to provide credit facility and providing financial services to the people. Direct Benefit Transfer (DBT) has changed the entire scenario of governance in the country. He expressed the need to enable Business Correspondents with biometric authentication facilities.

The session was further addressed by Ed Brandt, EYP, Managing Director, Government Services and Solutions, MasterCard. He expressed the importance in believing that people should have an opportunity to participate in the global economy. He was concerned about the fact that millions of people around the world lack access to the most basic financial tools. “Payment innovations, such as prepaid and mobile solutions, as well as philanthropic and consumer education programs, bring the benefit of finance to the unbanked and under banked, helping them build a stronger future for themselves, their families and their communities,” as said by Ed Brandt. Rakesh Sethi, Executive Director, Union Bank of India addressed his concern in including rural villages into the umbrella of financial services. He termed BC model as a regulatory mechanism to promote financial inclusion in the country. “Availability to pay and pay electronically is the core solution and the major essence of financial inclusion,” he said.

Mehboob Chowdhary, Chairman, Citycell, Bangladesh highlighted that the success story of financial inclusion lies in enabling vulnerable people to explore financial services. India has done well and he insisted that India should share its success stories in Financial Inclusion to the entire South East Asia region. Abizer Diwanji, Partner and National Leader, Financial Services, Ernst & Young presented his viewpoint about innovation in payment systems which are needed to promote financial services. “Organizations that address financial inclusion as an opportunity and commit themselves to making it their strategy priority will find themselves well places to win the battle for Indian consumer,” he said. The session was finally concluded by vote of thanks by Dr Ravi Gupta, CEO, Elets Technomedia Pvt. Ltd.