Banking the Unbanked: A Step Towards Financial Inclusion in Indian Mandis

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This book aims to develop a key strategy for financial inclusion in an unbanked area and developing and effective payment Strategy for cash intensive commercial marketplace viz. Indian Mandi. Mandi was targeted as financial inclusion after extensive survey and secondary research as the number of cash transactions that take place in Indian Mandis are very huge. An alternative mechanism known as Parchi System is also used in Mandi to carry out transactions. But a major drawback to these prachi system is that it leads to unaudited transactions as they are not recorded in any banking or regulatory framework. Also it’s a tedious job to manage these parchis’ as well it leads to wastage of time and effort. In the due course of managing Parchi, they even get lost and the transaction get converted to bad debts and becomes very difficult or even impossible to recover as it is not recorded anywhere in formal documentation. Therefore a system called "Mandi Bill" has been introduced. This system aims to digitize the transactions to prevent the usage of PARCHI which in turn saves a lot of paper, time and effort as well as making entire transaction smooth, seamless and trouble free.


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Bibliographic information

Banking the Unbanked: A Step Towards Financial Inclusion in Indian Mandis
1st ed.
Authorspress, 2018