Television banking: A milestone to rural financial inclusion

Q.What is TVB?

A. TVB follows a dedicated digital channel for banking purposes provided with split screen feature. The account holder can carry out various bank transactions like PIN change, balance enquiry, balance transfer and so on by simply logging in with the account number and PIN. There has been successful implementation of TVB in countries like China, UK and Nordic nations since it’s inception in 2013.

Q.Why TVB?

A. The Pradhan Mantri Jan Dhan Yojana (PMJDY) envisioned to provide universal financial inclusion to rural and urban households. The government and commercial banks have accomplished remarkable feat of opening 12.8 crore accounts within past six months. About sixty percent of these accounts are in rural India. There is a considerable infrastructural need required for extending banking given their remote location. Further, nearly two third of these have zero balance implying, among other reasons, either lack of financial literacy or willingness to bank, probably because of distance from the branch or lack of confidence in business correspondents(BC). In such a scenario when Television has reached every corner of even rural India is the most optimum solution for financial literacy paving way to financial inclusion. HSBC is the pioneer in TVB way back in 2001. TVB has immense potential in developing economies . The contribuition of DTH service providers as well as DurDarshan is catalyst in the path framing for better financial inclusion. Since the cost of opening a branch is high and accessability to TV is nationwide even in every hook and crook of India, TVB is the most optimum solution present. Considering the urban population we can say that,the TV Banking solution is going to change the way banks connect with their finances. Without leaving the couch, it allows to: check their account balance, transfer money or pay bills in an absolutely secure way. It is also possible to access information regarding banking products or consult campaign details created exclusively for them

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