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Pre-requisites in meeting customer needs in rural markets There is no doubt that the banking industry in India has come a long way especially after embracing modern technology. However, Indian banks face unique challenges in terms of rural customers and financial inclusion in rural India. RBI had carried out researches on an all India Life insurance companies in India are realigning their business models as the new regulations on ULIPs have shaken them out of their comfort zones. The IRDA has done several things in response to mis-selling of ULIPs – increased the policy lock-in period of ULIPs, asked insurers to guarantee a certain return in some categories of ULIPs, The financial sector is actively wooing the SMEs in India. SMEs constitute the bottom of pyramid that is large, has a high potential, but has been neglected for a long time. According to the latest annual report of the Ministry of Micro, Small and Medium Enterprises, SMEs account for almost 90% of industrial units in India. McKinsey has estimated that half the global population is unbanked. This poses a tremendous opportunity. Not a big surprise – this is fairly well known to many people. The last para of their report is interesting: “This is just a start. Updating and refining these analyses (and perhaps even refuting them) requires more detailed household and/or adult-level Shifts in risk appetite (need for preservation of principal) and return expectations – both at the retail and institutional level have created the need for product manufacturing and research in alternative investment areas. Recent events shaping these shifts include the following: Portfolio values of investors globally have shrunk to less than half during the financial crisis. |
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