When referring to the developments in the FinTech space in India in the recent times, the one underlying issue that still remains to be addressed in its promising roadmap is the dire need to inculcate banking (& financial) services till the last mile of the population. With the World Bank’s Global Findex Report data stating that the number of adults above the age of 15 not having a bank account in India is 191 million – meaning that 1 in every 5 Indians doesn’t have a bank account. So, in essence, lack of financial inclusion exists – though, with FinTech, real possibilities exist. The historically limiting factor of the extent (reach) of financial services was initially attempted to be resolved via the offering of direct transfer benefits (DTBs) incentive – although, even with this their overall income wasn’t convincing enough to persuade them to subscribe to regular banking services.
However, the changing times have now made available speedy training programs even for the unskilled workers – making them, to some extent, a recruitable earning resource for the platform companies, such as Uber, Ola, Swiggy, etc. The global ride-hailing aggregator, Uber, for instance, provided skill development and driver training to the unskilled for bettering their livelihoods. One such initiative was taken by Uber in 2016 when it partnered with the NSDC (National Skill Development Council) and Maruti to train 1 million unskilled workers as drivers. The arrival of new work avenues led to the framing and implementation of discriminating work policies and dismal remuneration practices, repercussions of which weren’t in favour of the compelled informal workforce.Continue reading “BON Credit: The Gig Workers’ Credit Destination”