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Whi l eac l e a ne re nv i r onme nta nd t he c ha ng i ngur ba nl a nds c a pea r ec r e angt he ne e df orbe e rt r a ns por t aon, t hr e eot he r f a c t or s ma y f ur t he r e na bl e t he t r a ns f or maon. F i r s t , a ni nt e ns i f y i ngpubl i c de ba t eonpol l u ona ndur ba nc ong e son c oul dl i k e l ys purmor ef or c e f ul g ov e r nme nt a con.S e c ond,i nv e s t me nti nt he US $1 t r i l l i ong l oba loppor t uni t yf orAut os2. 0i s r e duc i ngt hec os tofe l e c t r i c a l ba e r i e sa nd a dv a nc e d dr i v e r a s s i s t a nc e s y s t e ms i n a ut oma t e dv e hi c l e s .F i na l l y ,t he s ma l l pa s s e ng e rv e hi c l e( PV)ba s ei nI ndi a( 3%of het ot a l g l oba l c a rpopul aon)me a nst ha t Ai rpol l u on,r i s i ngur ba ni z aona ndapa s s e ng e rv e hi c l es a l e st w buy e r swi l lbedr i v i ngmos toft he boom c oul ds e tt hes t a g ef ort het r a ns f or maonofmobi l i t yi n ne oj e c t e dg r owt hov e rt hene x t20y e a r s . I ndi a .e l e c t r i cv e hi c l e s ,s ha r e d mobi l i t ya nd a ut onomous pr dr i v i ng —c oul d pot e na l l yhe l p dr i v eha l foft hei nc r e me nt a l i s k sr e ma i n. I fI ndi a ' se c onomi c g l oba l c a rde ma ndov e r201730a ndpos ionI ndi aa sak e ypl a y e r But r g r o w t h s l o w s h a r p l y o r p u b l i c i nt hee v ol u onofa ut oma nuf a c t ur i ng . t r a ns por t aon i mpr ov e s wi t h pot e na l nv e s t me nt ,c a rde ma ndc oul dde c r e a s e . T hes hic ome sa sI ndi af a c e st hel a r g e s tur ba ni z aonwa v eof t he i he r pot e na l s our c e s of 21s tc e nt ur y .By2030,s e v e nofI ndi a ’ smos tpopul a t e dc ie swi l lOt l owe r t ha na nc i pa t e d Aut os 2. 0 hous emor et ha n10mi l l i onpe opl ee a c h. P ol l u ona l s oc on nue ss a dop oni nc l udei na de qua t ede v e l opme nt t obeac ha l l e ng ei nt hec ount r y ’ sma j orur ba na r e a s . ofE Vi nf r a s t r uc t ur e ,E Vba e r yc os t st ha t t de c l i ne a se x pe c t e d, a nd t he Wi t hr i s i ngi nc ome dr i v i ngde ma nd f ormor ea ut os ,v e hi c l e don' e na ll a c kofc l e a rf e de r a lpol i c yon pol l u onwi l lonl yi nc r e a s eunl e s st hec ount r ys hisa wa yf r om pot s e v e r a l i s s ue sr e l a t e dt oE Vma nuf a c t ur i ng , t het r a diona l i nt e r na l c ombusone ng i ne( I CE )v e hi c l e . i nc l udi ng c ha r g i ng a nd e mi s s i ons t a nda r ds . oc onf r ontt heong oi ngc ha l l e ng e sofpol l u ona ndur ba ni z aon,s T I ndi awi l lne e dat r a ns iont oe l e c t r i cv e hi c l e s( E Vs ) ,s ha r e d mobi l i t ya nda ut onomousdr i v i ng .Webe l i e v eg ov e r nme ntpol i c y c oul dpl a ya ni mpor t a ntr ol ei ndr i v i ngt hea ut oi ndus t r yt o e mbr a c et he s ec ha ng e s T her e por ts ug g e s t s30% ofne wv e hi c l es a l e si nI ndi ac oul dbe e l e c t r i c powe r e d by 2030—v e r s us z e r oi n 2017—a nd t ha t s ha r e downe r s hi pmode lv e hi c l e sc oul da c c ountf or35% oft he mi l e sdr i v e nt hr oug houtt hec ount r y .T her e s ul tc oul dme a n i nc r e a s i ngj obg r owt hi nI ndi a , al owe rt r a dede fic i ta ndac l e a ne r e nv i r onme nt . g a nS t a nl e y pr oj e c t s pe rc a pi t a GDP t oi nc r e a s ef r om Mor US $1, 950i n2017t o$5, 733i n2030,l e a di ngt oapr oj e c t e d95 mi l l i onc a r sont her oa dbyt hes a mey e a r ,c ompa r e dwi t h34 mi l l i on l a s ty e a r .S ha r e d mobi l i t y ,e l e c t r i cv e hi c l e s ,a nd a ut onomousv e hi c l e s( AVs )c oul dde f us et hi spot e na l c r i s i s .
GL OBALGROWT HAMI D RI S I NGOI LPRI CE S T hepa c eof t her e c e ntr i s ei noi l pr i c e s ha ss pa r k e dade ba t ea mongi nv e s t or s onwhe t he rt hi spos e sdowns i der i s k s t og l oba lg r owt h.T hea ns we rde pe nds on whe t he rt he r i s ei sdr i v e n bya s i g ni fic a nts hi i nde ma ndors uppl y . ur r e ntr i s ei noi lpr i c e si st a k i ng T hi sc pl a c ea g a i ns taba c k dr opwhe r eg l oba l g r owt h ha sbe e ns t r ong a nd a bov e t r e ndf ort hepa s tfiv equa r t e r s .T he up c ki n de ma nd f or oi lpr oduc t s c e nt r e sonmi ddl edi sl l a t e s( br oa dl y , t hr e e pr oduc t s :j e tf ue l / k e r os e ne , g a s oi l / di e s e l ,a ndhe angoi l ) .Al s o,a s hi i ns uppl ybyOPE Cc on nue si nt he s e c ondqua r t e rofF Y19whi c hl e a dst o f ur t he ri nc r e a s ei npr i c e . T he s e pr oduc t s powe r he a v y ma c hi ne r ya ndt y pi c a l l yf ue li ndus t r i a l g r owt hi ne me r g i ngma r k e t s( E M)a nd i nt e r naona l t r a de . Ag a i ns t t hi s ba c k dr opofs t r ong e rE Mg r owt ha nd r i s i ngde ma ndf ormi ddl edi sl l a t e s ,I t i s pr oj e c t e dt ha t oi lpr i c e s( Br e nt c r ude )wi l lr i s eg r a dua l l yt oUS $85a ba r r e l by4Q19.
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As s es s i ngt heOi l Bur den Onewa yt oa s s e s st hei mpa c tofoi lont heg l oba l e c onomyi st ol ooka tt het r e ndi nt heoi l bur de nwhi c h i sc a l c ul a t e d by mulpl y i ng t he v ol ume of oi l c ons ume dbyt hea v e r a g epr i c eofoi l dur i ngt ha t me , t he ndi v i di ngbynomi na l g r os sdome scpr oduc t . Combi ni ngt hepr oj e c t e dr i s ei noi l de ma nda ndpr i c e s , wec a l c ul a t et ha tt heg l oba l oi l bur de nwi l l r i s et o3. 1% ofg l oba l GDPi n2018f r om 2. 4%i n2017. Whi l ea bov e l ong t e r ma v e r a g e s( uns ur pr i s i ng g i v e nt ha tg l oba l g r owt hwi l l r e ma i na bov et r e ndt oo) ,t heoi l bur de ni s ha l f wa ybe t we e nt he2004l e v e l of2. 7%a ndt he2005 l e v e l of3. 5%. T her e boundi noi lpr i c e sc a nbea r i but e dt oOPE C' s e ffor t st ol i mi tpr oducong l oba l l y .T heUni t e dS t a t e s , on t he ot he rha nd,ha sbe e ne x porng oi ls i nc e l a wma k e r se nde da40y e a rba none x por t si nl a t e 2015. USpr oduconofc r uder e c e nt l yhi tar e c or dhi g h be c a us eoft hes ha l eoi lboom.T hi si sk e e pi ngt heoi l r i s ei nc he c k . S a udi Ar a bi a l e d OPE Ca nd Rus s i ar e a c he da n a g r e e me nti nl a t e2016t opumpl e s soi l .OPE Ca ndi t s a l l i e sa g r e e dl a s tNov e mbe rt oe x t e ndt hec ut st hr oug h t hee ndof2018. Moun ng t e ns i on i nI r a qf ol l owi ng t he Kur di s h i nde pe nde nc er e f e r e ndum i si mpa cngoi lpr oducon a nd e x por t s .Out s i de oft he Mi ddl eE a s t ,I nL an Ame r i c a ,s uppl yg r owt h ha sbe e nf a l t e r i ng ,whi l e r e por t sofVe ne z ue l a n oi lc ont a i ni ngc ont a mi na nt s , s uc ha swa t e r ,s a l ta ndmi ne r a l sa nds t r ug g l i ngofi t s e c onomypos s e s st hr e a t st oi t se x por t .
I NDI AGOI NGDI GI T AL ? Buoy e dbyde mog r a phi c s ,r e f or msa ndg l oba l i z aon,I ndi awa sa l r e a dyoni t swa yt og r owi nga tabr i s kpa c e ov e rt hene x tde c a de .Di g iz aonput sI ndi a ' snomi na l GDPg r owt hont r a c kt oc ompounda nnua l l ybymor e t ha n10%i nU. S . dol l a rt e r msov e rt hec omi ngde c a de . Al t houg ht hec ount r yf a c e sne a r t e r mt e e t hi ngi s s ue s , i nv e s t or sc a ne x pe c tt os e ev i s i bl es hisi ne c onomi ca cv i t ybe g i nni ngi n2018.Al lt ol d,I ndi a ' se c onomyi s poi s e dt ol e a pf r ogf r omi t sc ur r e nts e v e nt hpl a c epos iont ot het hi r dl a r g e s te c onomyby2027wi t h$6t r i l l i on g r os sdome scpr oduc t .I t se qui t yma r k e t ,t e nt hi nt hewor l di n2017,c oul dj umpt ofi h,wi t hfina nc i a l s e r v i c e sa ndc ons ume rdi s c r e ona r ys t oc k sl e a di ngt hewa y .Whi l ec ompa ni e si nI ndi aa r et hemos tdi r e c t be ne fic i a r i e s ,t he g l oba li mpl i c aons a r e wi de r e a c hi ng .“ T he a s s oc i a t e di nc r e a s ei ne c omme r c e , c ons ump on g r owt h,fina nc i a lpr oduc t sa nd i nv e s t me nt sc oul d ma k eI ndi aas i g ni fic a ntma r k e tf or c or por aonswor l dwi de
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T hebe g i nni ngofI ndi a ' sdi g i t a lr e v ol u onwa st he2010 l a unc h of a bi ome t r i ci de n fic aon pr og r a m c a l l e d Aa dha a r , whi c ha s s i g nse v e r y oneauni que12di g i tnumbe r t ha tc a nbev e r i fie dbyfing e r pr i ntori r i ss c a n. T hepr oj e c ti s ne a r l yc ompl e t e , wi t hmos tof I ndi a ' s1. 3bi l l i onpe opl enow r e g i s t e r e di nt heg ov e r nme nt ' sdi g i t a l da t a ba s e .
Att hes a me met heg r owt hof di g i t a l pa y me nt si s he l pi ng t o f or ma l i z efina nc i a l s e r v i c e si nI ndi a , t he c ount r y ' s ne w Goods a nd S e r v i c e sT a x( GS T )t ha tl a unc he di n J ul ya l s o ha st he pot e na lt o i mpr ov eI ndi a ' s ov e r a l lout l ook . I ndi a ' sr aooft a xr e v e nue st oGDP i sl owe rt ha nt he a v e r a g ef or e me r g i ngma r k e t sa t11% ofGDP , whi c hi sak e yr e a s onwhyi t sfis c a l de fic i tha s be e nr e l av e l y hi g h. Hi g hfis c a lde fic i t sa r eo e nar e d fla gf orf or e i g ni nv e s t or s .
Pr i ort oJ a nDha n,a ne sma t e d35%ofI ndi a nhous e hol ds di dnotha v eaba nka c c ount .mos thous e hol dsnow ha v e a c c e s st oaba nka c c ount , whi l et hes ur g eofmobi l ephone us a g ema k e si te a s i e rf orI ndi a nst oma na g et he i ra c c ount s a nd c onduc tc a s hl e s st r a ns a consus i ng t he i rphone s . Cur r e nt l y ,I ndi aha sa r ound 800 mi l l i on uni quemobi l e us e r s ,a nda bout430mi l l i onha v eI nt e r ne ta c c e s s —at hi r d ofI ndi a ' spopul aon.I ti se sma t e dt ha tI nt e r ne ta c c e s s wi l ldoubl ei nt hene x t10y e a r sa nde sma t e d915mi l l i on I ndi a nswi l l beont heI nt e r ne tby2026. Y e ta not he rboos tt odi g iz aoni sde mog r a phi c s . I ndi aha s a mongt hehi g he s tnumbe r sofy oungpe opl ee nt e r i ngt he wor kf or c eov e rt hene x tt wode c a de s . T he s ei ndi v i dua l sa r e nota a c he dt ool dba nk i ngha bi t sa ndt he ywi l l ha v ea c c e s s t omobi l ephone sa nds ma r t phone s .Asapr oporonof t ot a l pe r s ona l c ons ump on e x pe ndi t ur e s , di g i t a l t r a ns a consi nI ndi awe r er e c e nt l yj us t8%,we l lbe l ow t hos eofot he re me r g i ngma r k e tc ount r i e ss uc ha sBr a z i l ( 30%) ,S out hAf r i c a( 27%)a ndRus s i a( 16%) .Ne wa v e nue s , s uc ha sUPI ,Mobi l eWa l l e t sa ndRupa yCa r ds —adome sc c a r d pa y me ntg a t e wa yl a unc he dt hr e ey e a r sa g o—t o qui c k l ya c c ountf ort wot hi r dsoft he di g i t a lpa y me nt s ma r k e tby2027.
I ndi a wa sa l r e a dypos ione df or s t r ongl ong t e r mg r owt h,butt he c ombi naon of de mog r a phi c s , di g iz aona ndt a xr e f or mc r e a t e s apowe r f ul s t or y .
NAT I ONALHE AL T HPROT E CT I ON PROGRAM API PEDRE AM? I ndi ar e c e nt l ya nnounc e da na mbiouspl a nc a l l e dt heNaona l He a l t hPr ot e conS c he me( NHPS )t opr ov i de g ov e r nme nt s pons or e di ns ur a nc et or oug hl y500mi l l i onpe opl eorne a r l y40%ofI ndi a ’ spopul aon.
NHPSag oodi dea ? I ndi aunde r i nv e s t si nt hehe a l t hc a r eofi t sc iz e nsa ndt hi si s a ffe cng t he he a l t h a nd fina nc i a l we l l be i ng of I ndi a ns . Out of poc k e tpa y me nt sf orhe a l t hc a r es e r v i c e sa r ev e r yhi g hi nour c ount r y( a bout70%,a c c or di ngt ot heNaona lS a mpl eS ur v e y Offic e ,2014) ,whi c hc a us e si mpov e r i s hme ntt one a r l y7% ofour popul aon.He a l t hfina nc i ngpol i c ydi r e c t l ya ffe c t st hefina nc i a l pr ot e conofpe opl ewhe ndi r e c tpa y me nt st ha ta r ema det oobt a i n he a l t hs e r v i c e sdonott hr e a t e nt he i rl i v i ngs t a nda r ds .S ot heNHPS s houl dbec ons i de r e das i g ni fic a ntmov et owa r dsuni v e r s a lhe a l t h c ov e r a g e . S e c ond, whi l enota l l i ns ur a nc epr og r a mme sa r es uc c e s s f ul , t he r ei s s uffic i e nte v i de nc et ha ti fi mpl e me nt e dwe l l ,i ns ur a nc ec a ns a v e l i v e sa ndi mpr ov efina nc i a l we l l be i ng T hi r d, e x i snge v i de nc es howst ha tpr ov i di ngi ns ur a nc et ot hepoor notonl ys a v e sl i v e sbuti sa l s o“ c os t e ffe cv e ” .T ha ti s ,i tpr ov i de s g oodv a l uef ormone ya st hebe ne fit sofi ns ur a nc ef a rout we i g ht he c os t s .Howe v e r ,c os t e ffe cv ehe a l t hc ov e r a g emus tc ov e rpr i ma r y c a r e .T hi si swhe r et he s e c ond f e a t ur e ofAy us hma n Bha r a t Pr og r a mme —c r e aon of150, 000 we l l ne s sc e nt r e sa c r os st he c ount r y —i sa v e r ys i g ni fic a nt a nd we l c ome a nnounc e me nt . S ubc e nt r e s( a ndpr i ma r yhe a l t hc e nt r e s ) a r et hefir s tl i neof c ont a c t ofc iz e nst ot hepubl i che a l t hs y s t e mi nI ndi a . S t r ongpr i ma r yc a r e i sf unda me nt a lt ok e e pi ngov e r a l la c c e s st ohe a l t hc a r ee qui t a bl e a nda ffor da bl ei nt hec ount r y . Ourbi g g e s tc ons t r a i ntt oma k i ngt hi s ha ppe ni snots hor t a g eofc a pi t a lori nf r a s t r uc t ur e ,buta na c ut e s hor t a g eofhuma nr e s our c e s .Mos tpubl i che a l t hc a r ef a c i l ie s ( pr i ma r y ,s e c onda r ya nd t e ra r y )ha v es i g ni fic a nts hor t a g e of doc t or s , nur s e sa ndot he rhe a l t hwor k e r s , oe nhi g he rt ha n50%.
Ma k ei ns ur a nc eea s yt ous e I ns ur a nc et ha ti sdi ffic ul tt ous ewi l lnotbeus e d.T he r e f or e ,we ne e dt os t r e a ml i nebot ht hee nr ol l me ntpr oc e s sa nda c c e s st oc a r e onc ee nr ol l e d. Aa dha a rma k e si te a s yt ov e r i f ye l i g i bi l i t ya nde nr ol .
Cont r a c t wi t h pr i v a t e hos pi t a l sa ndc l i ni c s Ne a r l y75%ofout pae ntde pa r t me nt c a r e a nd 55% of i npae nt de pa r t me ntc a r ei nI ndi ai se x c l us i v e l y f r om t he pr i v a t es e c t or .T he r e f or e , pr i v a t ehos pi t a l sa ndc l i ni c spr ov i de c a r et oal a r g ef r a con of t he popul aona ndt he yne e dt obepa r tof NHPS .Y e s ,pr i v a t ehos pi t a l swi l l t r yt o e x pl oi tNHPS . Butt hes ol u oni snott o e x c l udet he m butt o moni t ort he m a nd c r e a t et he r i g hti nc e nv e sf or t he m.
Us e da t at o l ea r n a nd e v ol v e T heNHPSwi l lha v ea c c e s st ohe a l t h i nf or maon of500 mi l l i on pe opl e . T hi si sa nunpr e c e de nt e da mountof da t aa ndi fc ur a t e dwe l l ,i tc a nha v e f a r r e a c hi ng a ppl i c aons .I tc a n be us e dt oi mpr ov et hehe a l t hs y s t e m a ndunde r s t a ndhowdi ffe r e ntde l i v e r y a nd fina nc i ng de s i g ns a ffe c tc a r e out c ome sa ndc os t s .I tc a nbeus e dt o i mpr ov et r a ns pa r e nc y by pr ov i di ng i nf or maon on qua l i t y of c a r e pr ov i de d by di ffe r e nt hos pi t a l s or c l i ni c si nI ndi a . Awe l lr unNHPSha st hepot e na lt o be c ome t he c or ne r s t one ofI ndi a ’ s he a l t hc a r e ne e dsf ors e v e r a lf ut ur e g e ne r aons .
T RADEWAR T heg l oba l t r a dewa ri she angupa sma j or e c onomi e sc on nuet oi mpos et a r i ffsone a c hot he r . I ndi ai st hel a t e s tt oj oi nt he t f or t a tba l eby s l a ppi ngt a r i ffsa shi g ha s50%onal i s tof30g oods i mpor t e df r om t heU. S .Re c e nt l y ;U. S .Pr e s i de nt Dona l dT r umpa nnounc e dt ha theha dor de r e dhi s a dmi ni s t r aont of r a mene wt a r i ffson$200bi l l i on wor t hofChi ne s ei mpor t s .T hi swa si nr e t a l i aont o t a r i ffson $50-bi l l i on wor t hi n Ame r i c a ng oods i mpos e dbyChi nai nr e s pons et oMr . T r ump’ se a r l i e r r oundoft a r i ffsonChi ne s eg oods .T hefir s ts hoti n t hes pi r a l l i ngt r a dewa rwa sfir e dbyt heU. S .i n Ma r c h whe n Mr .T r ump unv e i l e d t a r i ffs t o di s c our a g et hei mpor tofs t e e la nda l umi ni um i nt o t hec ount r y .T hel a t e s tr oundoft a r i ffsi mpos e dby t heU. S .wi l lbet hehi g he s ti nt e r msoft hev a l ueof g oods .I na l l ,U. S .t a r i ffswi l lnow a ffe c tChi ne s e g oods wor t h $450 bi l l i on — t o put t hi si n pe r s pe cv e ,t ot a l Chi ne s ei mpor t si nt ot heU. S .l a s t y e a rwe r ewor t ha r ound$500bi l l i on. T heE ur ope a n Uni on a l s oj oi ne dt he t r a de wa rt hi s mont h, i mpos i ngt a r i ffson$3. 3bi l l i onofAme r i c a ng oods . Whi l et heI ndi a U. S .t a r i ff ffc oul de s c a l a t e ,t he a mount sbe i ngdi s c us s e dr i g htnow a r emi nus c ul e c ompa r e dt ot hos eunde rt hr e a ti nt heunf ol di ng U. S . Chi nas i t uaonore v e nt hes pa tbe t we e nt he U. S . a ndt heE U. I ndi a ’ sno fic aont ot heWT Os a y s t ha tU. S .t a r i ffsons t e e la nda l umi ni um woul dc os t I ndi a$241mi l l i on,a ndt ha tt het a r i ffsi mpos e don t heU. S .woul dbr i ngi nac omme ns ur a t ea mount .I t ha sa l s oi ndi c a t e di t spr e f e r e nc et ode a lwi t ht he i s s uet hr oug h di a l og ue ,a nd not“ me a s ur e sa nd c ount e r me a s ur e s ” .
F or l ong ,g l oba lfina nc i a lma r k e t s l a r g e l yi g nor e dr i s k sof a na l l outt r a de wa ra mong ma j ore c onomi e s ,but t hi ng sa r ec ha ng i ngqui c k l y .T heDow J one sI ndus t r i a lAv e r a g ef e l lbya s muc ha s1. 6%,whi l et heS he nz he n Compos i t eI nde xwa sdown5. 8%. T hi s f r e s hr ound of v ol al i t ys ug g e s t s i nv e s t or sma ybebe g i nni ngt ot a k e t hr e a t sofat r a dewa rmor es e r i ous l y . T hef a c ti st ha ta l ls i de se ng a g e di na t r a dewa re v e nt ua l l yl os e .T hel ong e r i tg oe son,t heg r e a t e rt hec os ta s g r owt h s l ows down unde rt he i nc r e a s i ngbur de noft a x e s .T heonl y g a i ne r si nat r a dewa rwi l lbes pe c i a l i nt e r e s tg r oups ,s uc ha st heU. S .s t e e l i ndus t r y ,whi c ha l s oha ppe nst obea ma j orv ot eba nkf orMr .T r ump.E v e n r e t a l i a t or yt a r i ffsa i me da tpus hi ng ba c kt heU. S . ma yonl ype r pe t ua t et he v i c i ousne g av e s um g a mei ns t e a dof br i ng i ng t he wa rt oa ne nd.Mr . T r ump’ s r e j e con of t he G7 c ommuni que t ha t e ndor s e d a “ r ul e s ba s e dt r a di ngs y s t e m”f ort he wor l ds ug g e s t st he r ema ybenooffe r oft r uc ef r om hi ss i dea ny mes oon. v e r t he l e s s ,g l oba lpowe r smus tt r y Ne t he i rbe s tt o br i ng a ne nd t ot he ong oi ngt r a dewa rbe f or ei tg e t sout ofha nd.
RBI ’ SONEDAYDE F AUL T Ami dr i s i ngba dl oa nst heRBIon12t hF e b2018r e l e a s e dar e v i s e df r a me wor konba dl oa nr e s ol u onunde r whi c hba nk swi l l ha v et odi s c l os ede f a ul t se v e ni fi nt e r e s tr e pa y me nti sov e r duebyj us toneda y . AsonApr i l30,ov e r4, 000bor r owe r swi t hout s t a ndi ngdue sofRs1. 2l a k hc r or eha v ede f a ul t e dunde rt he Re s e r v eBa nkofI ndi a ' s( RBI )one da yde f a ul tnor m. I naRi g htT oI nf or maon( RT I )r e pl y , t hec e nt r a l ba nks a i d 4, 210pe opl eha v ebe e nc l a s s i fie da sde f a ul t e r sunde rt heone da yde f a ul tnor m.AsonApr i l1,2, 810 bor r owe r swe r el a t eonr e pa y me nt sa ndowe dba nk sRs1. 18l a k hc r or e , RBI a dde d. T heRBIha se nf or c e danor mt ha tg a v eba nk s180da y st of or m ar e s ol u onpl a nt ohe l pde bt r i dde n c ompa ni e s .I ft heba nki snota bl et oc omeupwi t has ol u oni n180da y s , t hea c c ountmus tber e f e r r e dt ot he Naona l Compa nyL a wT r i buna l ( NCL T ) . E a r l i e r , t heonl ya s s e tc l a s s i fic aont ha tma e r e dwa st ha tofnonpe r f or mi nga s s e t( NP A) . Ac c ount sov e r due by90da y sa r ec l a s s i fie da sNP As . Ba nk e r swoul dt y pi c a l l ys t a r tf ol l owi nguponov e r duepa y me nt sonl yc l os e t ot he90da yma r ks oa st opr e v e nta na c c ountbe i ngt a g g e da sNP A. v e r , wi t ht hene wnor ms , ba nk e r sa r ebe i ngf or c e dt of ol l owupona c c ount se v e ni fdue sa r ede l a y e dby Howe ada yf orl e g ima t er e a s ons .O e nl a r g ec ompa ni e sf a l lbe hi ndt hepa y me ntdueda t ebe c a us eofde l a y si n i nt e r naona l a nde v e ng ov e r nme ntpa y me nt s . Al a r g enumbe rof bor r owe r swhomi g htbepa r tof t heone da y de f a ul tl i s ta r er e pa y i ngt he i rl oa nswi t hi nt hefir s tt wowe e k s . Ac c ount swhi c hha v eout s t a ndi ngdue sofmor e t ha nRs2, 000c r or e ,i npa rc ul a r ,a r emi ndf ulofe ns ur i ngt ha tdue sa r er e pa i dqui c k l yt oa v oi das c e na r i o whe r eba nk si nia t er e s t r uc t ur i ngpl a ns . Nota l l c ompa ni e st ha ta r ei nt heone da yde f a ul tc a t e g or ya r ec a s e swhe r et hepr obl e mi st e c hni c a l i nna t ur e . F ors omea c c ount s ,t hede l a y e dpa y me nt sr e fle c tabui l dupofs t r e s s .S uc hc ompa ni e sc oul dmov et owa r ds i ns ol v e nc y .
CHANDAKOCHHARI SHUGE BE NE F I CI ARYOFVI DE OCON L OAN? Onc el a ude df orhe rr ol ei ns ha pi ngt her e t a i l ba nk i ngs e c t ori nt hec ount r ya nde s t a bl i s hi ngI CI CI Ba nkdur i ng t he1990s , Cha ndaKoc hha rs e e mst obec a ug hti nas wi r l ofne po s ma ndc onfli c tofi nt e r e s tc ha r g e si nt heRs 3, 250Vi de oc onGr oupl oa nc ont r ov e r s ye v e na st heBoa r dha se x pr e s s e df ul lf a i t ha ndc onfide nc ei ni t s ma na g i ngdi r e c t ora ndc hi e fe x e c uv eoffic e r . I CI CIBa nka ndVi de oc onGr oupi nv e s t orAr v i ndGupt aha dr e dfla g g e dt heba nk ' sl e ndi ngpr a cc e sa nd a c c us e dKoc hha roff a v our i ngt heVe nug opa l Dhoot l e dc ong l ome r a t ei nal ee ra ddr e s s e dt oPr i meMi ni s t e r Na r e ndr aModionMa r c h15,2016.Gupt aa c c us e dKoc hha roff a v our i ngVi de oc onbya ppr ov i ngt wol oa ns t ot a l l i nga r oundRs4, 000c r or ea nd" a ma s s i ngwr ong f ul pe r s ona l g a i nsde c e i v i ngs t a k e hol de r s , s ha r e hol de r s , publ i c / pr i v a t es e c t orba nk sa ndI ndi a nr e g ul a t or ya g e nc i e sf orunj us ta ndi l l e g a l e nr i c hme ntt hr oug hc or r upt ba nk i ngpr a cc e s " . Ac c or di ngt oRe g i s t r a rof Compa ni e sfil i ng s , t heI CI CI c hi e f ' shus ba ndDe e pa kKoc hha ra ndDhoots e tupaj oi nt v e nt ur eNuP owe rRe ne wa bl e sPv tL t d( NRPL )i nDe c e mbe r2008. I CI CIBa nkl e ntc l os et oRs4, 000c r or et ot heVi de oc onGr oupbe t we e n2010a nd2012,a ndDHRe ne wa bl e s pumpe dRs325c r or ea ndRs66c r or ei nt oNRPL . I CI CI Ba nkl e ntRs3, 250c r or et ofiv eVi de oc onc ompa ni e si n Apr i l 2012a ndqui c k l yf ol l owe di tbya not he rl oa nofRs660c r or et oas he l l c ompa nyont heCa y ma nI s l a nds . I CI CI ha sde ni e daqui dpr oquoi nwha ti snowaba dl oa nofRs3, 250. I CI CI Ba nkL t d. On29j une2018ha sna me dr er e dbur e a uc r a tGi r i s hCha t ur v e di a si t spa r t -menone x e c uv e c ha i r ma na ta met heboa r d’ sr ol eha sbe e nc a l l e di nt oque sonov e rhow i tha ndl e da l l e g aonsof i mpr opr i e t ya g a i ns tChi e fE x e c uv eOffic e rCha ndaKoc hha r . Hewi l l t a k eov e rwhi l eKoc hha ri sonl e a v epe ndi ngapr obei nt oa na nony mouswhi s t l e bl owe r ’ sa l l e g aonsof i mpr opr i e t ya g a i ns the r . Whi l et heba nkdi dn’ tr e v e a l t hede t a i l s , s heha sbe e nunde rt hes c a nne rov e rs our e d l oa nst ot heVi de oc onGr oup, whos epr omot e rVe nug opa l Dhootha dbus i ne s sde a l i ng swi t hhe rhus ba nd. T he boa r di nia l l yba c k e dKoc hha rbutt he nde c i de dt os e tupa ni nde pe nde ntpr obe . I tna me dS a nde e pBa k hs hi a si t sc hi e fope r angoffic e rt or unt heda y t oda yope r aonsi nhe ra bs e nc e .
T RUMP’ SS T RI NGE NTPOL I CI E S ONI MMI GRAT I ON Pr e s i de ntDona l dT r umpha ss i g ne da ne x e c uv eor de rt oe ndhi spol i c yofs e pa r angundoc ume nt e d i mmi g r a ntc hi l dr e nf r om t he i rpa r e nt st het r uei mpa c twi l lde pe ndl a r g e l yonhowCong r e s sa ndt hec our t s r e s pondt oi t .T heor de rs i g ne dpur por t st or e v e r s ea na dmi ni s t r aonpol i c yoff a mi l ys e pa r aona tt heU. S . bor de rwi t hMe x i c o, buti tr e l i e smos t l yont hehopet ha tt hel e g i s l av eorj udi c i a l br a nc he sof g ov e r nme ntwi l l s t e pi nt oma k et hec ha ng epe r ma ne nt . T hema i ndr i v e roft hes ur g ei nf a mi l ys e pa r aons— T r ump’ sown“ z e r ot ol e r a nc e ”pol i c yofpr os e c u nga l l whoc r os st hebor de ri l l e g a l l y— “ I tc on nue st obeaz e r ot ol e r a nc e , ” t ’ snotc l e a rhowt hea dmi ni s t r aonwi l l r e t ur nc hi l dr e nwhoha v ea l r e a dybe e ns e pa r a t e dt ot he i rpa r e nt s I T r ump’ sor de ra l s oc a l l sont hea or ne yg e ne r a lt og i v epr i or i t yt oi mmi g r aonc a s e si nv ol v i ngf a mi l i e s , a l l owi ngf orde por t aonsorg r a nt sofa s y l umt obepr oc e s s e dmor er a pi dl ywhe nc hi l dr e na r ei nv ol v e d. I nt he me a n me ,t heor de rc a l l sont heDe f e ns eDe pa r t me nta ndot he rf e de r a la g e nc i e st opr ov i depot e na l f a c i l ie st ha tDHSc oul dus et ode t a i nundoc ume nt e df a mi l i e swhoa r ea r r e s t e da tt hebor de r . .T r umpha sma deat oug hs t a nc eoni mmi g r aonc e nt r a l t ohi spr e s i de nc y .I nr e c e ntda y s , t heRe publ i c a n Mr Pr e s i de ntha di ns i s t e dt ha thi sha ndswe r ee dbyl a wont hei s s ueoff a mi l ys e pa r aonsa nds oug htt obl a me De moc r a t s , a l t houg hi twa shi sa dmi ni s t r aont ha ti mpl e me nt e dt hepol i c yofs t r i c ta dhe r e nc et oi mmi g r aon l a w. U. S .Cus t omsa ndBor de rPr ot e cons a i di nas t a t e me ntt ha t“ t heBor de rP a t r olwi l lc on nuet or e f e rf or pr os e c u ona dul t swhoc r os st hebor de ri l l e g a l l y ”whi l ema i nt a i ni ng“ f a mi l yuni t y ”f ort hos ewhoc r os swi t h c hi l dr e n.
GE OPOL I T I CALT E NS I ONSANDI NDI AN S T OCKMARKE T Whi l et he I ndi a ns t oc ki nde xg a i ne d ne a r l y7pe r c e nti nJ a nua r y2018a ndhi ta l i f e mehi g h,i ti sdowna bout4pe r c e nt s i nc et he n,t r a c k i ngt her outi ng l oba l e quie sa s wor r i e s of a t r a de wa r be t we e nt heU. S . a ndChi nai nt e ns i fie d. Mor et ha nha l ft hel os s e ss of a rt hi sy e a r ha v e c ome a e r a n i nc onc l us i v e Ka r na t a k as t a t ee l e con e a r l i e rt hi s mont h.T ha tha sa l s oc oi nc i de dwi t ht he t ur moi li ng l oba lfina nc i a lma r k e t sa mi d t hepol ic a l c ha osi nI t a l y . Ahe a doft hene x ty e a r ’ sg e ne r a le l e con a ndong oi ngg l oba l pol ic a l unc e r t a i ne s , t hes t oc kma r k e twi l lnots howa nyl a r g e up or down mov e , r e ma i ni ng c ons ol i da t e d, but ,i ft he ( c ur r e nt ) g ov e r nme ntwi nst hema j or i t yofs e a t si n P a r l i a me nt ,s t oc kpr i c e swoul dr a l l yon hope sofqui c kpol i c yde c i s i ons . I nde e d,t hemor et e mpe r e dv i e wf ora ma r k e tus e dt o doubl e di g i tg a i ns i n r e c e nty e a r swa sdr i v e nbyt hepol ic a l s i t uaoni nKa r na t a k awhi c hha sc l oude d t he out l ookf org e ne r a le l e consne x t y e a r . T he s ur g ei nc r ude oi lpr i c e s ,I ndi a ’ s bi g g e s ti mpor ti t e m,ha sa l s owe i g he don s t oc k sa si ti si nflaona r ya nd ha v e pus he dRBI t or a i s et her a t e si nJ une .
I ndi a ’ s e c onomy pr oba bl y g a i ne d a l il e mome nt um i nt hefir s tt hr e emont hsof2018 whi c hs houl de ns ur et ha ti tr e ma i nst hewor l d’ s f a s t e s tg r owi ng ma j or e c onomy Sl l ,f or e i g n porol i oi nv e s t or s( F PI s )s ol d$1. 4bi l l i onofI ndi a n s t oc k st hi smont h,i nl i newi t hawi des e l l offi n e me r g i ngma r k e t s , dr i v e nbyt her e c e ntr i s ei nU. S . T r e a s ur yy i e l ds . Ame r i c a n Pr e s i de ntDona l dT r ump a nnounc e d i mpor tdu e sof25pe rc e nta nd10pe rc e nton s t e e la nda l umi ni um r e s pe cv e l yT heE Ur e t or t e d bypr opos i nga25pe rc e ntt a r i ff onUSs t e e l , c l ot hi ng ,a ndot he ri ndus t r i a lg oods .T heUSt he n we ntont ol e v ya25pe rc e ntt a r i ffonmor et ha n 1, 300Chi ne s eg oods .AndChi nar e s ponde dby l e v y i nga ddiona l dut yon106Ame r i c a npr oduc t s . E v e nami nordi s r up oni nUSfina nc i a lma r k e t s c a nha v ema j ori mpl i c aonsf orI ndi a .T het hr e e e x t e r na l r i s kf a c t or s— hi g he rt a r i ffs , r i s i ngi nt e r e s t r a t e s ,a nde l e v a t e dbonds a l e s— c omea ta me whe nt hedome scba nk i ngs y s t e mi sg r a ppl i ng wi t har e ne we ds t r e s sofba dl oa ns .T heI ndi a n e c onomy , e s pe c i a l l yfina nc i a l ma r k e t s , wi l l ne e dt o br a c ef ors i g ni fic a ntv ol al i t ya nds t r e s sf r om t he c ombi ne d e ffe c t s of g l oba la nd dome sc c ha l l e ng e s . Buti nt hel ongt e r m, af ul l fle dg e dt r a dewa ri sba d ne ws .I ti nv a r i a bl yl e a dst oahi g he ri nflaona r y a nd l ow g r owt hs c e na r i o.I nflaon i sg e ne r a l l y g ood f ora s s e t ss uc ha sg ol d,whi l e ha v i ng a ne g av ei mpa c tonc ur r e nc ya nds omes e c t or si n t hee qui t yma r k e t .
F I NT E CH T hey e a r2017wi t ne s s e dr e c or dde a l sbyt hePr i v a t ee qui t y/Ve nt ur eCa pi t a l i s tfir msc l oc k i nga r oundUS D24 Bni nv e s t me nt si nI ndi awhi c hi sa bout50%hi g he rt ha nt ha tof2016. T het e c hnol og ys pa c ec omma nde dt he hi g he s ti nv e s t me nt si nt e r msofde a lv a l uef ol l owe dbyfina nc i a ls e r v i c e s .T heF i nT e c hs e c t ori sa tt he i nt e r s e conoft e c hnol og ys pa c ea ndfina nc i a l s e r v i c e s .T hes t a r t ups pa c ebe ne fie ds i g ni fic a nt l ydur i ngt he y e a ra ndi se sma t e dt oha v er a i s e da r oundUS D13. 5Bni ni nv e s t me nt sa ndF i nt e c hs e c t ora tUS D3Bn. T hi s i sba c k e dbys t r ongi nv e s t orc onfide nc ei nI ndi a nma r k e t sduet ot heoppor t uni t yofl a r g eunt a ppe di nf or ma l e c onomya l ongwi t hGov e r nme nt ' spus ht oboos tc a s hl e s st r a ns a consa nde c onomi ci nc l us i onoft heI ndi a n popul aon. F i nT e c hs pa c ei sa e mp ngt os ol v emulpl epr obl e msa ndt he yc a nbec a t e g or i z e di nt of ol l owi ngbr oa d c a t e g or i e s :
Pa y ment sa ndMone yt r a ns f er T hemobi l eba s e dpa y me nt ss uc ha sWa l l e t s , P2P( P e r s ont oP e r s on)t r a ns f e ra ppsa ndmobi l e P oS( P oi ntofS a l e )a ppl i c aonsf a l lunde rt hi s c a t e g or y .I n2017,ma j or i t yofF i nt e c hf undi ng ha ppe ne di nt hi ss pa c e , wi t hP a y t m, r a i s i ngUS D 1. 4Bna ndPhone P e( owne dbyF l i pk a r t )r a i s i ng US D500Mn. Outoft he78t opF i nt e c hs t a r t ups i nI ndi a ,a bout29a r ewor k i ngi nt hi ss pa c e . Ae rGov e r nme nt ' sde mone z aon dr i v ei n 2016,t he r ewa saphe nome na lboos tt ot he numbe rofdi g i t a l t r a ns a cons . P a y t mwi t ne s s e d 700% i nc r e a s ei n ov e r a l lt r a ffic a nd 1000% g r owt h t o P a y t m wa l l e t s . Ov e r a l l di g i t a l pa y me nt ss ur g e d55% i n2017.Gov e r nme nt ' s ' Pr a dha nMa nt r iJ a nDha nY oj a na '( PMJ DY )i sa s c he mef orfina nc i a l i nc l us i onbypr ov i di ngba nk a c c ount st oa l l .Wi t hJ a nDha na c c ount sl i nk e d wi t hAa dha a ra ndMobi l enumbe r s( J AM t r i ni t y ) , Gov e r nme nt i st a r g e ng t o pr ov i de di r e c t s ubs i di e st ounde r pr i v i l e g e ds e consofs oc i e t y
Addiona l l y , t hi sha sope ne dupphe nome na l oppor t unie si ndi g i t a l t r a ns a cons . Naona l P a y me ntCor por aon ofI ndi a( NPCI ) ,a n i niav eofRe s e r v eBa nkofI ndi a( RBI )a nd I ndi a n Ba nk s ' As s oc i aon ( I BA) ,i sa n umbr e l l aor g a ni z aonf orc r e angar obus t pa y me nta nds el e me nti nf r a s t r uc t ur e . T he i r pr oduc t sRupa yc a r ds ,Bha r a tI nt e r f a c ef or Mone y( BHI M)a l ongwi t hUni t e dP a y me nt s I nt e r f a c e( UPI )a r ea l r e a dyqui t epopul a r . T he UPIi sus e d bys e v e r a lba nk sa nd mobi l e pa y me nt a pps . NPCI ha ss e v e r a l ot he r pr oduc t sa ndi niav e s .Howe v e rt he r eha s be e nadi pi nt hedi g i t a lt r a ns a consa e r e mone z aoni n2017.I ti se sma t e dt ha t r di g i t a lt r a ns a consc onst ut eonl y10% of ov e r a l l t r a ns a consi nt e r msofv ol ume . Wi t h i nc r e a s ei ns ma r t phone pe ne t r aon a nd r e duc i ngmobi l eda t ac os t , t he r ewi l l bef a s t e r a dop on ofdi g i t a lpa y me nt s .T he I ndi a di g i t a lpa y me nt si ndus t r yi se x pe c t e dt obe US D500Bnby2020a c c or di ngt oar e por tby Goog l ea ndBos t onCons ulngGr oup.
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T hi si se x pe c t e dt obeoneoft hemos tpr omi s i ng a r e a sf org r owt hi nI ndi a .T he r ei sahug eunba nk e d popul aon l i k e s ma l l bus i ne s s e s whom t he t r a diona lba nk sdonotfina nc e .Addiona l l y ,t he r e a r eal a r g enumbe rofS ME sa ndMS ME swhoa r e c r e di thung r yt ome e tt he i rwor k i ngc a pi t a lne e ds a ndi nne e dofs hor tt e r m fina nc i ng .T heAl t e r nav e l e ndi ngs pa c ei st a r g e ngt oc a t e rt ot hi ss e g me nt wi t he ffe cv e us e of t e c hnol og y .P e e r t ope e r l e ndi ng( P2P) ,Cr owdf undi nga r emos tpr omi ne nt unde rt hi sc a t e g or y .T heP2Pl e ndi ngs t a r t upsoffe r onl i nepl a or mst oma t c hl e nde r swi t hbor r owe r s . Whi l et r a diona l ba nk sr e l yonc r e di ts c or e sf r omt he c r e di t bur e a u, t he P2P l e ndi ng s t a r t ups us e a l g or i t hmsa nd i nt e g r aon wi t hI ndi aS t a c ka nd Aa dha a r .T he c r e di tpr ofil i ngus e sl otmor e da t a poi nt s( l i k es oc i a lme di a )t ha nt ha tofc r e di tbur e a u a ndt r i e st oqua nf ynotonl yt hea bi l i t yt opa ybut a l s oi nt e n ont opa ybyt hec us t ome r .F ur t he r ,t he e nr ec r e di tpr ofil i ngc a nha ppe ni nama e rof 3045 mi nse na bl i ngqui c kc us t ome ronboa r di ng .T heP2P l e ndi ngi ss a i dt obeaf or m ofc r owdf undi ngbut a l ongwi t hde btfina nc i ng ,c r owdf undi ngpl a or ms r a i s ee qui t yc a pi t a lt oof ors t a r t ups .Ma nys t a r t ups ha v epa r t ne r e dwi t hba nk sa ndNBF Csf orfina nc i ng a l ong wi t hc ommi ng t he i r own c a pi t a l .F or e x a mpl e , s t a r t upBi l l i onL oa nsha spa r t ne r e dwi t hY e s Ba nka ndI CI CIBa nk .Ont heot he rha nd,s t a r t ups Ki s s hta ndE a r l y S a l a r ya r el e ndi ngt he i rownmone y i ns t e a dof pa r t ne r i ngwi t haba nk . S omeF i nt e c hfir ms l i k e Kr e dX s pe c i a l i z ei n ma r k e t pl a c ef ori nv oi c e di s c oun ng t o pr ov i de qui c ka c c e s st o wor k i ng c a pi t a l .I nOc t obe r2017,t heRe s e r v eBa nkofI ndi a ( RBI )r e l e a s e dg ui de l i ne sf orNBF Cst oope r a t eP2P L e ndi ng pl a or m de fini ng i t ss c ope ofa cv ie s , r a ns pa r e nc ya nd di s c l os ur er e qui r e me nt sa ddi ng t mor ec l a r i t ya ndl e g a l i t yt ot hebus i ne s s .Al t e r nav e f undi ngi ss a i dt obet hes e c ondmos tf unde ds pa c e f r om pa s tf e wy e a r s .I nH12017, Al t e r nav eL e ndi ng s t a r t upsha dr a i s e da boutUS D50Mnf undi ngt ha t i nc l ude sMone y T a p,E a r l y S a l a r y ,L oa nT a p,Z i pL oa n a ndf e w ot he r s .Ac c or di ngt oI nc 42Da t a l a bs ,t hi s bus i ne s sc oul dg r owupt oUS D4Bn-5Bnby2023.
Oneoft hebi g g e s tbe ne fic i a r i e sofde mone z aon wa spe r ha pse qui t yma r k e t s . ByNov e mbe r2017, one y e a ra e rt hea nnounc e me ntofde mone z aont he S e ns e xa nd Niy ha dg a i ne d 22% a nd dome sc mut ua lf undsha di nv e s t e dofRs . 1. 17l a k hc r or e s .I t wa sne v e rabe e r mef orWe a l t hMa na g e me nt Adv i s or i e sa nd a l ong wi t ht r a diona lpr a cc e s , Roboa dv i s or y s e r v i c e s ha v e s t a r t e d g a i ni ng popul a r i t y .I nv e s t ope di ade fine sRoboa dv i s ora s“ a n onl i ne we a l t h ma na g e me nts e r v i c et ha tpr ov i de s a ut oma t e d,a l g or i t hmba s e dporol i oma na g e me nt a dv i c ewi t houtt heus eofhuma nfina nc i a l pl a nne r s . ” T he mootpoi nti swha ti tme a nst ot r a diona l pl a y e r s .I nt e r e sng l y ,a ut oma t e da dv i c eg e ne r aon ha sbe e na r oundf orqui t es ome me . As s e ta l l oc aon ba s e donc l i e nt s 'pe r s ona l ,fina nc i a la ndr i s kpr ofil e da t aa l s oha sbe e ni nv og uef orde c a de s .Howe v e r ,i t wa smos t l yde s i g ne df orus ebya dv i s or sr a t he rt ha n t hee ndc ons ume r s .Roboa dv i s or st a k et hi st ot he ne x tl e v e lwhe r ei nv e s t or sc a ndi r e c t l ya c c e s st he s e s e r v i c e st hr oug ht he Roboa dv i s orpl a or ms .T he fina nc i a la dv i s or yma r k e ti sf a s ta dop ngt he s et ool s t or e a c houtt ot hemi l l e nni a l swhoa r ee x pe c t e dt obe i nhe r i t or sofUS D 2t r i l l i on a s s e t sa l ongwi t hi t s a c c ompa ny i ngg r owt h.Roboa dv i s or ypl a or msc a n bede s i g ne dt os e r v et hi shug ema r k e tc os te ffe cv e l y byoffe r i ngi ta sa na dde dl a y e rt oe x i sngs e r v i c e sf or ma s s a fflue nt ,HNIa ndUHNIc l i e nt s .I ndi a ,wi t ht he s i g ni fic a nts ma r t phone a nd da t a pe ne t r aon,t he i nt r oduconofAa dha a rba s e dE KY C,J a nDha nba nk a c c ountf ora l la nd bi g pus ht o di g i t a lpa y me nt c ha nne lpos tde mone z aon,i sope ni ngg a t e sf ora mor ef or ma le c onomy .Di g i t a lpl a y e r sl i k eP a y t m Mone ya ndot he r sa r ee y e i ngas i g ni fic a ntma r k e t s ha r eus i ngt het e c hnol og i c a lpr owe s s ,t he ypos s e s s . S omefir msl i k eCl e a r f undsa ndS c r i pboxoffe ronl y Mut ua lF unds , whe r e a s fir ms l i k e Wi x i fia nd F unds I ndi a offe rRoboa dv i s or ys e r v i c e sf orbot h Mut ua lF undsa ndE qui t y .Al s opl a y e r sl i k eS c r i pbox , F unds I ndi aha v ea dopt e dt r a diona lMut ua lF und di s t r i bu onmode la nds omeot he r sl i k eCl e a r f unds a ndAr t ha Y a nt r aha v ea dopt e dI nv e s t me ntAdv i s or y mode l byc ha r g i ngaf e et oc l i e nt s .
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T hi ss e c t ori swi t ne s s i ngi nc r e a s i ngi nt e r e s tf r om I nv e s t or s wi t h ne w pl a y e r se nt e r i ng a l ong wi t h i nc umbe nt I ns ur e r s offe r i ng t e c hnol og y ba s e d s ol u on. I ns ur t e c h i s l e v e r a g i ng on offe r i ng c us t omi z i ng i ns ur a nc e s ol u ons a nd r e duc i ng I ns ur e r s 'c os t s .Howe v e r ,t he r ei sag oods c opef or t e c hnol og i e sl i k e Arfic i a lI nt e l l i g e nc e( AI )a nd Ma c hi ne L e a r ni ng ( ML ) ,bi g da t aa nd a na l yc s , bl oc k c ha i nt oc ont r i but ebybr i ng i nge ffic i e nc i e si n t e r msofc us t ome ronboa r di ng ,c l a i ms el e me nt s . US ba s e ds t a r t up S ur e i f y offe r sa pl a or m t ha t c onne c t sI ns ur e r swi t hc ons ume r s 'mobi l ephone s , he a l t ha ndwe a r a bl ede v i c e sa ndi nt e g r aonwi t h s oc i a lme di aa ndop ont oe ng a g ewi t ht he m.T he y ov i des ol u onst ha toffe rf a s tunde r wr inga l ong pr wi t ha c c ur a t er i s ka s s e s s me ntba s e dde c i s i onsa tt he poi ntofs a l e .T he r ea r ea l s oot he rbus i ne s smode l s l i k emi c r oi ns ur a nc et ha toffe r si ns ur a nc ef orv e r y s ma l lv a l ueors ma l l me f r a mea ndP2Pi ns ur a nc e t ha tpool spr e mi umsi nape e rne t wor kt oi ns ur e a g a i ns ta r i s k .Cur r e nt l y ,mos tf undi ng i nI ndi a n I ns ur t e c h s t a r t ups a r e onl i ne i ns ur a nc e br ok i ng/ a g g r e g a t or s .
F i nT e c hi snow dr i v i nga ne v ol u oni nt hee x i sng bus i ne s sa nd ope r aon mode l sofba nk s ,he l pi ng t he mc utdownov e r he a ds .I ti sr e s ulngi napul l mode l t ha tt a r g e t sc us t ome r si r r e s pe cv eofl oc aon. Wi t ht e c hnol og ye r a di c ang phy s i c a lbounda r i e s , ba nk sa ndfina nc i a l i nst u onsha v ea l s obe e na bl et o s uppl e me nta nd boos ts e r v i c e ss uc ha sc us t ome r a c qui s ion,onl i ne s hoppi ng ,t r a v e l / e nt e r t a i nme nt s e r v i c e sa ndmor e .I tha sl e dt ot her i s eofAI dr i v e n ma r k e t pl a c e s whe r ec us t ome r sa nd ba nk sa r e i nt e r a cng i n wa y s ne v e rs e e n be f or e .We a r e e x pe r i e nc i ngadi g i t a ls hi i na l lwa l k sofl i f e .Aswe pr og r e s s ,AIwi l lulma t e l ydr i v et hi ss hi wi t ht he ulma t eg oa l of i mpr ov i ngc us t ome re ng a g e me nta nd e r a l le x pe r i e nc e .T he s ea r et wo c r uc i a lf a c t or s ov me a s ur i ng bus i ne s ss uc c e s s ,a nd t he yc a n be pe r f e c t e dbyi mpl e me n ngAI t os t udyhi s t or i c a l da t a wi t hr e g a r dst oc us t ome rha bi t sa ndpr e f e r e nc e s . T he s ea cona bl ei ns i g ht si nt ot hee v ol v i ngne wa g e c us t ome re na bl et hes e r v i c epr ov i de rt odi ffe r e na t e t he ms e l v e sf r om t hec ompe on.Conv e r s aona lAI ( Cha tbott ha tc a ni nt e r a c ta tne a rhuma nl e v e l )pl a y s ak e yr ol ehe r e .Wha ti nia l l ybe g a na sas i mpl e c us t ome rr e s pons es y s t e m ha sbe c omeady na mi c v i r t ua la s s i s t a nt t ha te v e r y l e a di ng ba nk i s i mpl e me n ng .HDF COnCha ta ndE VA,S BII nT ouc h, Y E SmP owe r ,Y E SP a yBota ndDi g i ba nka r ej us taf e w not a bl ee x a mpl e s .
S t a r t ups l i k eP ol i c y ba z a a r ,Cov e r f ox f a l li nt hi s c a t e g or y .T heI ns ur a nc es e c t ori sboundbyhe a v y r e g ul aona ndt het e c hnol og yi nnov aonsmus tg o ha nd i n ha nd wi t h ope ni ngup ofr e g ul aonst o f a c i l i t a t ene wbus i ne s smode l s . Aspe rT heE c onomi c S ur v e y2018,i ns ur a nc epe ne t r aon-t her aoof pr e mi um unde r wr ie ni nag i v e ny e a rt ot heg r os s dome scpr oduc t( GDP)i nI ndi ai sonl y3. 49%a ndi s wa ybe l owg l oba la v e r a g ei nc l udi ngChi na ' swhi c hi s a t4. 77%. T hi ss howst ha tt he r ei sahug eoppor t uni t y f ort hi ss pa c ei nI ndi a .
Bl oc k c ha i n( Di g i t a lL e dg e rT e c hnol og y )ma y ha v e g a i ne d popul a r i t yf r om t he c ont e x t of c r y pt o c ur r e nc i e s .Butt he r ea r eot he rus ec a s e st ha tt he fina nc i a l i nst u onsa r el e v e r a g i ngt hi st e c hnol og yi n t hea r e a sofs ma r tc ont r a c t s ,s el e me nt sa ndt r a de fina nc e .Bl oc k c ha i n offe r sc ompl e t ea nd s e c ur e t r a ns a conswi t houtt hene e df orc e nt r a la ut hor i t y . T he ya l l ow P e e r t ope e r( P2P)t r a ns a const ha ta r e mor ee ffic i e nta nds e c ur ewhe nc ompa r e dt oe x i sng t e c hnol og i e s .T he s ma r tc ont r a c t sc a n by i t s e l f e x e c ut e ,v e r i f ya nd e nf or c et he pe r f or ma nc e of c ont r a c t sa ndt he yc a nfindt he i ra ppl i c aonsi nt r a de fina nc e ,de r i v av e st r a di ngori nt o Roboa dv i s or y s e r v i c e s . T heRBI ha ss ug g e s t e dar oa dma pf ort hea dop onof bl oc k c ha i ni nI ndi a , a ndha sa l r e a dy onduc t e d a pr oofofc onc e pt( POC)f orT r a de c F i na nc e ,j oi nt l y wi t h NPCI ,S BI ,PNB,HDF C,Ci Ba nk , De ut s c heBa nka ndMone t a Go.I nt hel a s tf e w y e a r s ot he r ba nk s l i k e I CI CI Ba nk , Kot a k Ma hi ndr a Ba nk ,Ma hi ndr a&Ma hi ndr a ,Y e sBa nka nd Ax i s ba nk ha v et e s t e d Bl oc k c ha i n us ec a s e si n pa r t ne r s hi pwi t hot he ri nst u ons .
F Reg T ec h Re g ul a t or yT e c hnol og yi ssl la tana s c e nts t a g ebut pr omi s e se nor mouss c opeofoppor t unie s . F i na nc i a l i nst u ons s pe nd e nor mous l y on r e g ul a t or y c ompl i a nc e .T heRe g T e c hfir msus et e c hnol og i e sl i k e c l oudc ompu ng ,bi gda t a ,a rfic i a li nt e l l i g e nc ea nd bl oc k c ha i nt ohe l pfina nc i a li nst u onst oc ompl y wi t hr e g ul aonse ffic i e nt l ya nda tal owe rc os t .T he y he l p moni t or bus i ne s s pr oc e s s e s , r e g ul a t or y r e porng ,pr ot e cngc us t ome ri nt e r e s ta nd f r a ud de t e con. Wi t ht het e c hnol og yt he yha v ea dv a nt a g e s l i k es ha r e du l ie sbe t we e nfir ms , a dv a nc e da na l yc s t ha tc a ni nt e r pr e tl a r g ea mount sofs t r uc t ur e da nd uns t r uc t ur e dda t aa ndi nt e r a cv et e c hnol og y( Robo ha ndbook )t ha ta l l ows fir ms t o unde r s t a nd t he i mpa c tofr e g ul aonsont he i rs y s t e msa ndpr oc e s s e s . F i x Ni xi sa nI ndi a nfir mt ha tpa r t ne r swi t hRBIa nd offe r ss ol u onsi nt hea r e aofGov e r na nc e ,Ri s ka nd Compl i a nc e( GRC)t oi nst u onsl i k ec oope r av e ba nk s ,l e ndi ngi nst u onsa ndpa y me ntba nk s . T he I ndi a ns t a r t ups pa c ei se x pe c t e dt owi t ne s ss i g ni fic a nt i nv e s t me nt si nt hi sa r e a .