[Music] [Applause]
over one third of people in India do not
over one third of people in India do not have access to basic financial services
have access to basic financial services
have access to basic financial services we ask to be put on do not call or do
we ask to be put on do not call or do
we ask to be put on do not call or do not disturb lists so that financial
not disturb lists so that financial
not disturb lists so that financial services companies do not keep harassing
services companies do not keep harassing
services companies do not keep harassing us for loans or insurance services that
us for loans or insurance services that
us for loans or insurance services that we do not want to buy with economic
we do not want to buy with economic
we do not want to buy with economic reform loans and insurance have gotten
reform loans and insurance have gotten
reform loans and insurance have gotten cheaper but only for those people that
cheaper but only for those people that
cheaper but only for those people that don’t want it let’s take the case of
don’t want it let’s take the case of
don’t want it let’s take the case of Asha my mother-in-law’s maid who spent
Asha my mother-in-law’s maid who spent
Asha my mother-in-law’s maid who spent her entire life working for them
her entire life working for them
her entire life working for them misfortune struck one day when a biker
misfortune struck one day when a biker
misfortune struck one day when a biker hit her and all of a sudden she had a
hit her and all of a sudden she had a
hit her and all of a sudden she had a broken ankle some good Samaritans found
broken ankle some good Samaritans found
broken ankle some good Samaritans found her and took her to the closest hospital
her and took her to the closest hospital
her and took her to the closest hospital the hospital authorities did a shabby
the hospital authorities did a shabby
the hospital authorities did a shabby job they simply bandaged her ankle and
job they simply bandaged her ankle and
job they simply bandaged her ankle and let her breathe through the night in the
let her breathe through the night in the
let her breathe through the night in the morning they suggested surgery the
morning they suggested surgery the
morning they suggested surgery the surgery would cost 75 thousand rupees
surgery would cost 75 thousand rupees
surgery would cost 75 thousand rupees that asha did not have so the hospital
that asha did not have so the hospital
that asha did not have so the hospital discharged her and asked her to be moved
discharged her and asked her to be moved
discharged her and asked her to be moved to the closest government hospital the
to the closest government hospital the
to the closest government hospital the government hospital authorities did not
government hospital authorities did not
government hospital authorities did not get to her till the next day by which
get to her till the next day by which
get to her till the next day by which time gangrene had set in and the
time gangrene had set in and the
time gangrene had set in and the suggested amputation of her leg that was
suggested amputation of her leg that was
suggested amputation of her leg that was when I got a frantic call asking if
when I got a frantic call asking if
when I got a frantic call asking if there was any way for her leg to be
there was any way for her leg to be
there was any way for her leg to be saved
saved
saved we are blessed that we have some great
we are blessed that we have some great
we are blessed that we have some great friends in Pune so we took her to the
friends in Pune so we took her to the
friends in Pune so we took her to the closest best orthopedic hospital and at
closest best orthopedic hospital and at
closest best orthopedic hospital and at 4 a.m. in the morning some expert
4 a.m. in the morning some expert
4 a.m. in the morning some expert doctors came together to perform surgery
doctors came together to perform surgery
doctors came together to perform surgery on Nash’s leg and see if there was a way
on Nash’s leg and see if there was a way
on Nash’s leg and see if there was a way to save it unfortunately that did not
to save it unfortunately that did not
to save it unfortunately that did not happen
happen
happen Asha lost her leg it took three months
Asha lost her leg it took three months
Asha lost her leg it took three months after that for the wound to heal so that
after that for the wound to heal so that
after that for the wound to heal so that we could attach a prosthetic Asha walked
we could attach a prosthetic Asha walked
we could attach a prosthetic Asha walked again after nine months during which
again after nine months during which
again after nine months during which time lakhs of rupees had been spent in
time lakhs of rupees had been spent in
time lakhs of rupees had been spent in an effort to get her to walk again
an effort to get her to walk again
an effort to get her to walk again if Asha had insurance that day it would
if Asha had insurance that day it would
if Asha had insurance that day it would have simply been a case of fixing a
have simply been a case of fixing a
have simply been a case of fixing a broken leg and the entire trauma of Asha
broken leg and the entire trauma of Asha
broken leg and the entire trauma of Asha losing her
losing her
losing her could have been prevented there are two
could have been prevented there are two
could have been prevented there are two reasons why this happens to people
reasons why this happens to people
reasons why this happens to people working in the informal sector the first
working in the informal sector the first
working in the informal sector the first reason is cash payments and the second
reason is cash payments and the second
reason is cash payments and the second is verbal agreements that are never
is verbal agreements that are never
is verbal agreements that are never documented anywhere lack of proper
documented anywhere lack of proper
documented anywhere lack of proper documentation and cash payments prevent
documentation and cash payments prevent
documentation and cash payments prevent any employment history or financial
any employment history or financial
any employment history or financial history from being created that allows a
history from being created that allows a
history from being created that allows a financial institution to make decisions
financial institution to make decisions
financial institution to make decisions about the loan worthiness of a
about the loan worthiness of a
about the loan worthiness of a particular individual lack of access to
particular individual lack of access to
particular individual lack of access to capital causes serious imbalance of
capital causes serious imbalance of
capital causes serious imbalance of power respect and dignity issues for
power respect and dignity issues for
power respect and dignity issues for people that provide us essential
people that provide us essential
people that provide us essential services hence most people do not want
services hence most people do not want
services hence most people do not want their kids to follow in their footsteps
their kids to follow in their footsteps
their kids to follow in their footsteps and working in this sector is not a
and working in this sector is not a
and working in this sector is not a career choice but a necessity can you
career choice but a necessity can you
career choice but a necessity can you imagine for a second what would happen
imagine for a second what would happen
imagine for a second what would happen if all of a sudden there were no
if all of a sudden there were no
if all of a sudden there were no babysitters no means no drivers to help
babysitters no means no drivers to help
babysitters no means no drivers to help you run your daily life the problem does
you run your daily life the problem does
you run your daily life the problem does not restrict itself to those people that
not restrict itself to those people that
not restrict itself to those people that work in the informal sector in your
work in the informal sector in your
work in the informal sector in your household the same problem applies to
household the same problem applies to
household the same problem applies to people that work in small to medium
people that work in small to medium
people that work in small to medium businesses as well
businesses as well
businesses as well the typical small business in India
the typical small business in India
the typical small business in India hires about five to six people and it is
hires about five to six people and it is
hires about five to six people and it is not uncommon for the compound or that
not uncommon for the compound or that
not uncommon for the compound or that works in the dispensary to be paid in
works in the dispensary to be paid in
works in the dispensary to be paid in cash or for the beautician that works in
cash or for the beautician that works in
cash or for the beautician that works in the beauty parlor to also collect her
the beauty parlor to also collect her
the beauty parlor to also collect her monthly salary in cash the household
monthly salary in cash the household
monthly salary in cash the household income of these people is rarely the
income of these people is rarely the
income of these people is rarely the issue a driver’s household income could
issue a driver’s household income could
issue a driver’s household income could be anywhere between 40,000 to 50,000
be anywhere between 40,000 to 50,000
be anywhere between 40,000 to 50,000 rupees a month and that is because even
rupees a month and that is because even
rupees a month and that is because even if the driver made fifteen thousand his
if the driver made fifteen thousand his
if the driver made fifteen thousand his wife might make another fifteen thousand
wife might make another fifteen thousand
wife might make another fifteen thousand and maybe they have a son that works as
and maybe they have a son that works as
and maybe they have a son that works as a security guard it makes another ten
a security guard it makes another ten
a security guard it makes another ten thousand that’s forty thousand rupees
thousand that’s forty thousand rupees
thousand that’s forty thousand rupees the problem always is when they require
the problem always is when they require
the problem always is when they require large sums of money for either care for
large sums of money for either care for
large sums of money for either care for somebody that they love maybe the
somebody that they love maybe the
somebody that they love maybe the mothers had an accident and is
mothers had an accident and is
mothers had an accident and is hospitalized or maybe the daughter needs
hospitalized or maybe the daughter needs
hospitalized or maybe the daughter needs to be married and for that they need
to be married and for that they need
to be married and for that they need money the source of the borrower is the
money the source of the borrower is the
money the source of the borrower is the problem it’s often the loan shark in the
problem it’s often the loan shark in the
problem it’s often the loan shark in the locality that is giving them this money
locality that is giving them this money
locality that is giving them this money at huge interest rates maybe one hundred
at huge interest rates maybe one hundred
at huge interest rates maybe one hundred and eighty percent a year maybe two
and eighty percent a year maybe two
and eighty percent a year maybe two hundred and forty percent a year we tend
hundred and forty percent a year we tend
hundred and forty percent a year we tend to take loans at less than ten percent
to take loans at less than ten percent
to take loans at less than ten percent the government has done a superb job of
the government has done a superb job of
the government has done a superb job of putting together a lot of initiatives to
putting together a lot of initiatives to
putting together a lot of initiatives to be able to
be able to
be able to right services to them for example the
right services to them for example the
right services to them for example the pradhan mantri Avenue Gena allows for
pradhan mantri Avenue Gena allows for
pradhan mantri Avenue Gena allows for affordable housing but it has
affordable housing but it has
affordable housing but it has restrictions on how much money can be
restrictions on how much money can be
restrictions on how much money can be borrowed which is really sad because if
borrowed which is really sad because if
borrowed which is really sad because if you really take a look at the amount of
you really take a look at the amount of
you really take a look at the amount of money that can be borrowed against
money that can be borrowed against
money that can be borrowed against somebody that makes 40,000 to 50,000
somebody that makes 40,000 to 50,000
somebody that makes 40,000 to 50,000 rupees a month their creditworthiness
rupees a month their creditworthiness
rupees a month their creditworthiness could be as much as 40 to 50 lakh rupees
could be as much as 40 to 50 lakh rupees
could be as much as 40 to 50 lakh rupees but yet they are restricted and buying a
but yet they are restricted and buying a
but yet they are restricted and buying a house that might be maybe what six lakh
house that might be maybe what six lakh
house that might be maybe what six lakh rupees maybe 10 lakh rupees when you
rupees maybe 10 lakh rupees when you
rupees maybe 10 lakh rupees when you start looking at the differences between
start looking at the differences between
start looking at the differences between people that work in formal sector and
people that work in formal sector and
people that work in formal sector and get calls from financial institutions to
get calls from financial institutions to
get calls from financial institutions to the point of harassment versus people
the point of harassment versus people
the point of harassment versus people working in the informal sector that
working in the informal sector that
working in the informal sector that struggle for small amounts of money
struggle for small amounts of money
struggle for small amounts of money you’ll find that there is a very small
you’ll find that there is a very small
you’ll find that there is a very small difference and the difference really is
difference and the difference really is
difference and the difference really is the documentation and the presence of a
the documentation and the presence of a
the documentation and the presence of a balance sheet for somebody working in
balance sheet for somebody working in
balance sheet for somebody working in operate an employee working for a
operate an employee working for a
operate an employee working for a company has three very important records
company has three very important records
company has three very important records number one an employment contract number
number one an employment contract number
number one an employment contract number two a salary slip that is accompanied by
two a salary slip that is accompanied by
two a salary slip that is accompanied by a direct deposit in a bank and number
a direct deposit in a bank and number
a direct deposit in a bank and number three a credit score by a recognised
three a credit score by a recognised
three a credit score by a recognised credit bureau that establishes him or
credit bureau that establishes him or
credit bureau that establishes him or her as a responsible borough this
her as a responsible borough this
her as a responsible borough this records or these three things put
records or these three things put
records or these three things put together establishes the risk associated
together establishes the risk associated
together establishes the risk associated with giving that person alone
with giving that person alone
with giving that person alone unfortunately people working in the
unfortunately people working in the
unfortunately people working in the informal sector do not have any of these
informal sector do not have any of these
informal sector do not have any of these three they do not have a agreement that
three they do not have a agreement that
three they do not have a agreement that is documented equivalent of an
is documented equivalent of an
is documented equivalent of an employment contract they do not have
employment contract they do not have
employment contract they do not have invoices or receipts that could be the
invoices or receipts that could be the
invoices or receipts that could be the equivalent of a salary slip and they
equivalent of a salary slip and they
equivalent of a salary slip and they definitely do not have any records in a
definitely do not have any records in a
definitely do not have any records in a credit bureau because most of the loans
credit bureau because most of the loans
credit bureau because most of the loans that they have taken are typically from
that they have taken are typically from
that they have taken are typically from individuals or loan sharks and borrowing
individuals or loan sharks and borrowing
individuals or loan sharks and borrowing money from these and repayment of these
money from these and repayment of these
money from these and repayment of these loans do not make that entries into
loans do not make that entries into
loans do not make that entries into those credit bureaus as a result they do
those credit bureaus as a result they do
those credit bureaus as a result they do not get access to the financial services
not get access to the financial services
not get access to the financial services that we normally take for granted when
that we normally take for granted when
that we normally take for granted when we realize that that was the crux of the
we realize that that was the crux of the
we realize that that was the crux of the problem we hit upon a very simple idea
problem we hit upon a very simple idea
problem we hit upon a very simple idea if we could mimic those corporate best
if we could mimic those corporate best
if we could mimic those corporate best practices in the informal sector then
practices in the informal sector then
practices in the informal sector then people in the informal sector could be
people in the informal sector could be
people in the informal sector could be brought into the financial inclusion
brought into the financial inclusion
brought into the financial inclusion agenda of this country the
agenda of this country the
agenda of this country the infrastructure required to build systems
infrastructure required to build systems
infrastructure required to build systems like these was already starting
like these was already starting
like these was already starting to fall in place through the Jan Trinity
to fall in place through the Jan Trinity
to fall in place through the Jan Trinity the Jonathan yogena account allows
the Jonathan yogena account allows
the Jonathan yogena account allows everybody to have a bank account through
everybody to have a bank account through
everybody to have a bank account through which you could make payments digitally
which you could make payments digitally
which you could make payments digitally into those accounts number two add her
into those accounts number two add her
into those accounts number two add her which is allowed us to establish an
which is allowed us to establish an
which is allowed us to establish an identity for a person and minimize fraud
identity for a person and minimize fraud
identity for a person and minimize fraud and the third element is the mobile
and the third element is the mobile
and the third element is the mobile phone every household has one there is
phone every household has one there is
phone every household has one there is at least one digital literate in every
at least one digital literate in every
at least one digital literate in every household that means apps can be built
household that means apps can be built
household that means apps can be built for people that work in the informal
for people that work in the informal
for people that work in the informal sector to allow for self-service to
sector to allow for self-service to
sector to allow for self-service to happen as well as using the mobile phone
happen as well as using the mobile phone
happen as well as using the mobile phone was starting to get cheaper and cheaper
was starting to get cheaper and cheaper
was starting to get cheaper and cheaper by the day
by the day
by the day that was when we decided to start a
that was when we decided to start a
that was when we decided to start a company named served that would bring
company named served that would bring
company named served that would bring financial services and eventually
financial services and eventually
financial services and eventually respect dignity and ambition to people
respect dignity and ambition to people
respect dignity and ambition to people that have been largely invisible and
that have been largely invisible and
that have been largely invisible and hence subconsciously ignored by all of
hence subconsciously ignored by all of
hence subconsciously ignored by all of us sir looks at people working in the
us sir looks at people working in the
us sir looks at people working in the informal sector as individual
informal sector as individual
informal sector as individual entrepreneurs and refers to them as
entrepreneurs and refers to them as
entrepreneurs and refers to them as service providers and people that
service providers and people that
service providers and people that consume their services as service
consume their services as service
consume their services as service consumers so as an example the housewife
consumers so as an example the housewife
consumers so as an example the housewife in a household context is the service
in a household context is the service
in a household context is the service consumer and the maid is a service
consumer and the maid is a service
consumer and the maid is a service provider similarly in the small to
provider similarly in the small to
provider similarly in the small to medium business context the beauty
medium business context the beauty
medium business context the beauty parlor owner is the service consumer and
parlor owner is the service consumer and
parlor owner is the service consumer and the beautician is the service provider
the beautician is the service provider
the beautician is the service provider by using terminology such a service
by using terminology such a service
by using terminology such a service provider and service consumer we level
provider and service consumer we level
provider and service consumer we level the playing field and establish the two
the playing field and establish the two
the playing field and establish the two parties as business entities that want
parties as business entities that want
parties as business entities that want to transact business together
to transact business together
to transact business together the second step in any of such
the second step in any of such
the second step in any of such transactions is the establishment of a
transactions is the establishment of a
transactions is the establishment of a contract or the terms of engagement
contract or the terms of engagement
contract or the terms of engagement which establishes what is one party
which establishes what is one party
which establishes what is one party going to do in return for what that
going to do in return for what that
going to do in return for what that contract or those terms of engagement
contract or those terms of engagement
contract or those terms of engagement become the governing framework for
become the governing framework for
become the governing framework for financial transactions that arise from
financial transactions that arise from
financial transactions that arise from the business transactions of services
the business transactions of services
the business transactions of services being given to service consumers the
being given to service consumers the
being given to service consumers the terms of engagement do not have to be
terms of engagement do not have to be
terms of engagement do not have to be onerous they can be as simple as let’s
onerous they can be as simple as let’s
onerous they can be as simple as let’s say say we were trying to set up a
say say we were trying to set up a
say say we were trying to set up a contract for the driver the terms of
contract for the driver the terms of
contract for the driver the terms of engagement would simply say that the
engagement would simply say that the
engagement would simply say that the driver works for eight hours a day six
driver works for eight hours a day six
driver works for eight hours a day six days a week and gets a salary of fifteen
days a week and gets a salary of fifteen
days a week and gets a salary of fifteen thousand rupees
thousand rupees
thousand rupees in addition we may want to call out
in addition we may want to call out
in addition we may want to call out certain perk visits like maybe we
certain perk visits like maybe we
certain perk visits like maybe we reimburse the school fees for the
reimburse the school fees for the
reimburse the school fees for the drivers kids or we get them clothes or
drivers kids or we get them clothes or
drivers kids or we get them clothes or gifts during Diwali it can be as simple
gifts during Diwali it can be as simple
gifts during Diwali it can be as simple as that we could also include other
as that we could also include other
as that we could also include other terms like health insurance it is our
terms like health insurance it is our
terms like health insurance it is our belief that we must provide health
belief that we must provide health
belief that we must provide health insurance to people that work in our
insurance to people that work in our
insurance to people that work in our household simply because these are
household simply because these are
household simply because these are unspoken expectations from the service
unspoken expectations from the service
unspoken expectations from the service provider in any case even if you did not
provider in any case even if you did not
provider in any case even if you did not agree explicitly to give the driver
agree explicitly to give the driver
agree explicitly to give the driver health insurance when someone in the
health insurance when someone in the
health insurance when someone in the family falls ill the drivers first
family falls ill the drivers first
family falls ill the drivers first choice is to go to the people he works
choice is to go to the people he works
choice is to go to the people he works for with an expectation that they would
for with an expectation that they would
for with an expectation that they would pick up the hospital bill this sometimes
pick up the hospital bill this sometimes
pick up the hospital bill this sometimes as a source of friction between a
as a source of friction between a
as a source of friction between a service consumer and a service provider
service consumer and a service provider
service consumer and a service provider because these types of terms are never
because these types of terms are never
because these types of terms are never discussed when the engagement begins
discussed when the engagement begins
discussed when the engagement begins once the contract has been established
once the contract has been established
once the contract has been established the system generates invoices for
the system generates invoices for
the system generates invoices for services provided based on the billing
services provided based on the billing
services provided based on the billing terms that you have agreed upon so
terms that you have agreed upon so
terms that you have agreed upon so perhaps on the first of every month and
perhaps on the first of every month and
perhaps on the first of every month and invoice gets generated by the system
invoice gets generated by the system
invoice gets generated by the system from the driver and sent to the service
from the driver and sent to the service
from the driver and sent to the service consumer the money is then paid
consumer the money is then paid
consumer the money is then paid electronically using any of the payment
electronically using any of the payment
electronically using any of the payment systems of your choice the service
systems of your choice the service
systems of your choice the service consumers choice credit card debit card
consumers choice credit card debit card
consumers choice credit card debit card UPI
UPI
UPI net banking but the money always makes
net banking but the money always makes
net banking but the money always makes it directly into the bank account of the
it directly into the bank account of the
it directly into the bank account of the particular service provider the system
particular service provider the system
particular service provider the system then generates a receipt and sends it
then generates a receipt and sends it
then generates a receipt and sends it out to both parties this very simple act
out to both parties this very simple act
out to both parties this very simple act of generating invoices and receipts and
of generating invoices and receipts and
of generating invoices and receipts and putting the money digitally into the
putting the money digitally into the
putting the money digitally into the bank account of the service consumer
bank account of the service consumer
bank account of the service consumer changes everything for them when you see
changes everything for them when you see
changes everything for them when you see the simple act repeated over time things
the simple act repeated over time things
the simple act repeated over time things change dramatically for the service
change dramatically for the service
change dramatically for the service provider the direct deposit in the bank
provider the direct deposit in the bank
provider the direct deposit in the bank with three pieces of documentation
with three pieces of documentation
with three pieces of documentation supporting the transaction an invoice a
supporting the transaction an invoice a
supporting the transaction an invoice a receipt and the contract establishes the
receipt and the contract establishes the
receipt and the contract establishes the legitimacy of the transaction this gives
legitimacy of the transaction this gives
legitimacy of the transaction this gives the bank intelligence into the
the bank intelligence into the
the bank intelligence into the financials of the service provider it’s
financials of the service provider it’s
financials of the service provider it’s the beginning of the future balance
the beginning of the future balance
the beginning of the future balance sheet that will allow the service
sheet that will allow the service
sheet that will allow the service providers to take loans at a reasonable
providers to take loans at a reasonable
providers to take loans at a reasonable price
price
price this will also establish an employment
this will also establish an employment
this will also establish an employment history over time for the service
history over time for the service
history over time for the service provider served uses a mobile platform
provider served uses a mobile platform
provider served uses a mobile platform to allow all these interactions to
to allow all these interactions to
to allow all these interactions to happen between the service provider and
happen between the service provider and
happen between the service provider and the service consumer and help them
the service consumer and help them
the service consumer and help them secure their future despite the direct
secure their future despite the direct
secure their future despite the direct deposits the service providers may not
deposits the service providers may not
deposits the service providers may not be eligible for a loan because of a
be eligible for a loan because of a
be eligible for a loan because of a critical missing record the credit score
critical missing record the credit score
critical missing record the credit score the record of current liabilities and
the record of current liabilities and
the record of current liabilities and previous loan repayments that
previous loan repayments that
previous loan repayments that establishes them as responsible
establishes them as responsible
establishes them as responsible borrowers in a credit bureau to solve
borrowers in a credit bureau to solve
borrowers in a credit bureau to solve that problem we need to educate about
that problem we need to educate about
that problem we need to educate about how credit works
how credit works
how credit works followed by disbursements of small loans
followed by disbursements of small loans
followed by disbursements of small loans that we help them repay back and start
that we help them repay back and start
that we help them repay back and start to build records in the credit bureau
to build records in the credit bureau
to build records in the credit bureau over a period of time loans and
over a period of time loans and
over a period of time loans and successful repayments of them to
successful repayments of them to
successful repayments of them to individuals or to loan sharks do nothing
individuals or to loan sharks do nothing
individuals or to loan sharks do nothing for the borrower’s ability simply
for the borrower’s ability simply
for the borrower’s ability simply because those repayment do not get
because those repayment do not get
because those repayment do not get captured in a formal credit bureau the
captured in a formal credit bureau the
captured in a formal credit bureau the third part of the equation is preventing
third part of the equation is preventing
third part of the equation is preventing people from the informal sector from
people from the informal sector from
people from the informal sector from getting caught in that loan spiral
getting caught in that loan spiral
getting caught in that loan spiral several times the reason for them taking
several times the reason for them taking
several times the reason for them taking loans has to do with the health issue
loans has to do with the health issue
loans has to do with the health issue for themselves or someone that they love
for themselves or someone that they love
for themselves or someone that they love in the family this can be avoided by
in the family this can be avoided by
in the family this can be avoided by getting them private health insurance
getting them private health insurance
getting them private health insurance well there are several government
well there are several government
well there are several government schemes that offer cheap insurance they
schemes that offer cheap insurance they
schemes that offer cheap insurance they do not always have the best services and
do not always have the best services and
do not always have the best services and the service providers do not understand
the service providers do not understand
the service providers do not understand the need for insurance nor do they trust
the need for insurance nor do they trust
the need for insurance nor do they trust the government hospitals as we found out
the government hospitals as we found out
the government hospitals as we found out in the case of Asha insurance companies
in the case of Asha insurance companies
in the case of Asha insurance companies – do not want to insure people that are
– do not want to insure people that are
– do not want to insure people that are working in the informal sector they do
working in the informal sector they do
working in the informal sector they do not find it profitable for three reasons
not find it profitable for three reasons
not find it profitable for three reasons one they believe that there is too much
one they believe that there is too much
one they believe that there is too much fraud in the system number two they have
fraud in the system number two they have
fraud in the system number two they have a question on the ability or the will to
a question on the ability or the will to
a question on the ability or the will to pay premiums and number three there is a
pay premiums and number three there is a
pay premiums and number three there is a significant belief that people that work
significant belief that people that work
significant belief that people that work in the informal sector tend to live in
in the informal sector tend to live in
in the informal sector tend to live in conditions that make them fall ill a lot
conditions that make them fall ill a lot
conditions that make them fall ill a lot more hence the claim ratio is pretty
more hence the claim ratio is pretty
more hence the claim ratio is pretty high we should worry too much about the
high we should worry too much about the
high we should worry too much about the premiums because just like corporates we
premiums because just like corporates we
premiums because just like corporates we believe that the service consumers must
believe that the service consumers must
believe that the service consumers must pay the premiums for the service
pay the premiums for the service
pay the premiums for the service providers it isn’t that best interest to
providers it isn’t that best interest to
providers it isn’t that best interest to do so because there is this unset
do so because there is this unset
do so because there is this unset expectation from
expectation from
expectation from service provider that the service
service provider that the service
service provider that the service consumer will take care of them and
consumer will take care of them and
consumer will take care of them and their families in times of need as far
their families in times of need as far
their families in times of need as far as fraud is concerned there is no data
as fraud is concerned there is no data
as fraud is concerned there is no data that supports that more fraud exists in
that supports that more fraud exists in
that supports that more fraud exists in people that work in the informal sector
people that work in the informal sector
people that work in the informal sector than people that work in the formal
than people that work in the formal
than people that work in the formal sector case in point
sector case in point
sector case in point microfinance it perhaps has the least
microfinance it perhaps has the least
microfinance it perhaps has the least rate of defaults compared to other loans
rate of defaults compared to other loans
rate of defaults compared to other loans from traditional financial institutions
from traditional financial institutions
from traditional financial institutions they know the value of the service
they know the value of the service
they know the value of the service because the service going away means the
because the service going away means the
because the service going away means the reversal in the life ambitions finally
reversal in the life ambitions finally
reversal in the life ambitions finally most of the people in the informal
most of the people in the informal
most of the people in the informal sector tend to work right till the end
sector tend to work right till the end
sector tend to work right till the end because they do not have any retirement
because they do not have any retirement
because they do not have any retirement plans or savings they tend to think of
plans or savings they tend to think of
plans or savings they tend to think of the children as insurance for that old
the children as insurance for that old
the children as insurance for that old age which does not always pan out the
age which does not always pan out the
age which does not always pan out the way they imagined it to be and that is
way they imagined it to be and that is
way they imagined it to be and that is where a significant amount of respect
where a significant amount of respect
where a significant amount of respect and dignity issues come into play in the
and dignity issues come into play in the
and dignity issues come into play in the informal sector it is very likely that
informal sector it is very likely that
informal sector it is very likely that we will have a serious shortage of
we will have a serious shortage of
we will have a serious shortage of service staff in a decade from now
service staff in a decade from now
service staff in a decade from now unless we make this a choice just like
unless we make this a choice just like
unless we make this a choice just like corporates provide gratuity benefits or
corporates provide gratuity benefits or
corporates provide gratuity benefits or retirement benefits it is incumbent upon
retirement benefits it is incumbent upon
retirement benefits it is incumbent upon us to enroll service providers in
us to enroll service providers in
us to enroll service providers in schemes that secure the golden years it
schemes that secure the golden years it
schemes that secure the golden years it is heartening for us to see several
is heartening for us to see several
is heartening for us to see several not-for-profits and government
not-for-profits and government
not-for-profits and government initiatives come together to deal with
initiatives come together to deal with
initiatives come together to deal with this problem such as perhaps gift a
this problem such as perhaps gift a
this problem such as perhaps gift a pension which is an NGO working towards
pension which is an NGO working towards
pension which is an NGO working towards that cause I want to sum up my
that cause I want to sum up my
that cause I want to sum up my presentation by acknowledging the winds
presentation by acknowledging the winds
presentation by acknowledging the winds of change the government NGOs and social
of change the government NGOs and social
of change the government NGOs and social impact companies are working together
impact companies are working together
impact companies are working together for financial inclusion of the
for financial inclusion of the
for financial inclusion of the underserved but it takes two to tango
underserved but it takes two to tango
underserved but it takes two to tango without participation of people these
without participation of people these
without participation of people these initiatives are likely to fail a
initiatives are likely to fail a
initiatives are likely to fail a contract cannot be created between the
contract cannot be created between the
contract cannot be created between the service provider and the service
service provider and the service
service provider and the service consumer with interest only from one
consumer with interest only from one
consumer with interest only from one party we must rise from what’s in it for
party we must rise from what’s in it for
party we must rise from what’s in it for me attitude and giving only at charity
me attitude and giving only at charity
me attitude and giving only at charity balls charity begins at home change
balls charity begins at home change
balls charity begins at home change begins at home
begins at home
begins at home change begins with us change begins with
change begins with us change begins with
change begins with us change begins with people around us change begins with
people around us change begins with
people around us change begins with serving the under
serving the under
serving the under served let’s do our bit to bring people
served let’s do our bit to bring people
served let’s do our bit to bring people like Asha into the financial inclusion
like Asha into the financial inclusion
like Asha into the financial inclusion agenda of this great nation with that
agenda of this great nation with that
agenda of this great nation with that I’m going to sum up my speech thank you
I’m going to sum up my speech thank you
I’m going to sum up my speech thank you for your time and attention this is
for your time and attention this is
for your time and attention this is Tarun Sharma signing off from TEDx a
Tarun Sharma signing off from TEDx a
Tarun Sharma signing off from TEDx a civil
civil
civil [Applause]
[Applause]
[Applause] [Music]
”
Be First to Comment