Starting with a predominant share of corporate banking business, IDFC Bank received a universal banking licence from the Reserve Bank of India (RBI) in July 2015 and started operating from October 1, 2015. Being a start-up in itself, the Bank expects its initiative, ‘Bharat banking’, a rural banking unit, to become a Rs 15,000 crore business in five years. In a bid to instil entrepreneurial qualities among the youth, the Bank has started various programs for start-ups. Entrepreneur caught up with the founder and CEO of IDFC Bank, Dr. Rajiv Lall, to know more about their initiatives to promote the start-up culture in India.
How bank is contributing in bridging the gap between Bharat and India?
IDFC Bank is contributing in bridging the gap between Bharat and India by digitizing banking in rural India. The Bank is investing in last mile infrastructure by installing micro ATMs in deeper rural and far flung locations, which have been so far excluded from the formal banking fold. The Bank’s first-of-its-kind micro ATM is introducing users to the concept of ‘assisted digital’. This is making banking not only ubiquitous but is revolutionizing the way people transact.
What is ‘Bank-in-a-Box’?
The micro ATM used in semi-urban and rural India operates like a ‘Bank-in-a-Box’. It consists of a tab, biometric scanner and a thermal printer. It is capable of Account Opening (in 4 minutes, e-KYC, paperless), Account Servicing (deposit, cash withdrawal, balance enquiry, fund transfer, remittances, mini-statement etc) and Acceptance Infrastructure (government payments including pensions, scholarships etc.).
Esta historia es de la edición November 2016 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 2016 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
How To Ask Family For Money
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.
How to Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
