Wednesday, May 21, 2014

27 May 2014: Cashless and Paperless Field Enrollments by Low Income Individuals

Gautam Bhardwaj
Invest India Micro Pension Services and
Nitin Chaudhary
Micro Pension Foundation

The majority of India's low income informal sector workers do not have bank accounts nor access to a secure micro-payment mechanism. This imposes several important constraints and risks in delivering long-term, contributions-based pension, insurance and micro-savings products to the millions of excluded poor.

Also, the poor face significant challenges in providing valid ID documents prescribed by financial regulators while enrolling for formal financial products. This is often a result of insufficient or outdated identity documentation due to migration and other reasons. The problem of stringent KYC requirements is further exacerbated by a lengthy application and verification procedure involving the collection of multiple photographs and application forms along with physical verification of each application form against KYC documents. This causes significant cost and time overheads in processing individual “micro-pension” applications.

The microPension-VISA Inclusion Lab has developed and field-tested an integrated solution that enables on-the-spot, cashless and paperless enrollments using eKYC and bank-issued prepaid cards in collaboration with the UIDAI and VISA. Gautam Bhardwaj from IIMPS and Nitin Chaudhary from the microPension-VISA Lab will briefly present the context and the solution at a seminar at NIPFP. The presentation will be followed by a live enrollment for NPS-Lite and UTI-RBPF to demonstrate the solution.

Date: May 27, 2014
Time: 04:00 P.M.

Conference Hall (Classroom), Ground Floor, R&T Building
National Institute of Public Finance and Policy,
18/2 Satsang Vihar Marg, Special Institutional Area,
New Delhi-110067(INDIA)

Those who are interested may please confirm your participation to Ms. Suhasini Prasad at latest by Monday, 26th May 2014.


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