Financial Inclusion and the Urban Economy

Session: Plenary

Topic: Financial Access to the Informal Economy
Speakers: Rajesh Bansal and Harvey Koh
Topic: Operationalising Financial Inclusion
Speakers: MS Sriram and Dr. V. Gayathri
Topic: Financing local governments
Chair: Karen Coelho
Speakers: Govinda Rao and Vikram Kapur

Session: Deep Dives

Topic: Financing public infrastructure in small cities: types of data and impacts
Chair: Azhar Tyabji
Topic: Access to finance for individuals, households, and enterprises: data and decision making
Chair: Amy Mowl
Topic: Financing housing for the poorest urban households: access to finance and data gaps
Chair: Rakhi Mehra
Topic: Data Creation as Meaningful Participation in the Informal City
Chair: Nithya Raman
Rajesh Bansal
Rajesh Bansal is currently the Assistant Director General with the UIDAI responsible for integration of Aadhaar for the financial sector. He is responsible for handling relationships with the banking, insurance and securities market regulators and the respective market players. He has 18 years of experience in the area of Payment Systems both as a practitioner and a policy maker at Reserve Bank of India. He has worked closely on the Committees of RBI for providing Access to Finance to the SME sector & Committee on Securitization of Trade Credit Receivables and has been a member of the RBI Group on Financial Literacy. He has been awarded the Golden Jubilee Scholarship of RBI. He holds a Masters in Economics and also a Masters in International Development Policy from Duke University.
Harvey Koh
Harvey Koh is a principal in the Inclusive Markets practice of Monitor Group in Mumbai, where he leads projects in the low-income housing programme and other market-based solution areas. Until recently, Harvey was the founding Head of Investment & Performance at Private Equity Foundation (PEF), a London-based venture philanthropy fund backed by leading US and European private equity firms, with a focus on breaking the cycle of poverty for young people. Whilst at PEF, Harvey authored Building Powerful Agents of Change: A Perspective from Venture Philanthropy (UK Government Cabinet Office, December 2010) and co-authored Measuring Social Results (PEF, March 2010). Before PEF, Harvey led strategy development for portfolio organisations at The One Foundation, a pioneering European venture philanthropy fund partnered with US-based New Profit Inc, and also worked at New Philanthropy Capital, a leading nonprofit sector advisor based in London. Until 2005, Harvey was a senior manager at Monitor Group in London. The focus of his private-sector project experience was competitive and growth strategy for clients in a number of industries including banking, consumer goods, hospitality and life sciences, across northern Europe and North America. His public-sector project experience includes healthcare system reform, national economic competitiveness and business cluster development. Harvey was born and raised in Malaysia, and holds an MA (Cantab) from Robinson College, University of Cambridge.
Dr. Kshama Fernandes
Dr. Fernandes heads the Risk Management team at IFMR Capital. She has extensive experience in the capital markets space, and has been previously involved in financial advisory, consulting and academia. Prior to joining IFMR Capital, she was a Professor and Head of Finance at the Goa Institute of Management. She has worked on consulting assignments for the World Bank, the Chicago Mercantile Exchange, the Government of India (Ministry of Finance), and NSE.IT, and was a core committee member of the Percy Mistry Committee on ‘Making Mumbai an International Financial Centre’. She has also developed the SEBI mandated certification programme for derivatives for the National Stock Exchange and NCDEX. Dr. Fernandes holds a Ph.D. in Finance, an MBA, an FRM certification from GARP, and an undergraduate degree in Mathematics.
M S Sriram Abstract
PGDRM [IRMA], and Fellow [IIM Bangalore]
Sriram is Adjunct Professor at IIMA and a Distinguished Fellow of the Institute for Development of Research in Banking Technology where he spends time in addition to being an independent researcher. He was till 2010 the ICICI Bank Lalita D Gupte Chair Professor of Microfinance, at IIMA. He was also Vice President at BASIX, and faculty of IRMA. He is currently on the board of Union Bank, NABFINS, IRMA and BIRD.
Dr. V. Gayathri Abstract
Dr. V. Gayathri is an Advisor at Maya-LabourNet and Sattva Media and Consulting Private Limited. She holds 16 years of experience in Managing and Leading development and implementation of projects. She has successfully developed research and project proposals; set up and managed as part of a core team, programmes and teams, defined concrete and achievable development outcomes, planned and executed LabourNet-MAYA’s flagship social enterprise and ILO’s largest child labour project within specified timeframes.
Anand Sahasranaman
Anand Sahasranaman leads the work of the IFMR Finance Foundation, working on issues of financial system design such as consumer protection and capital markets development. He also drives the agenda of sustainable financing of public infrastructure and services in small cities and villages. Prior to IFMR Finance Foundation, Anand was a founding member of IFMR Capital, a company that provides debt markets access for institutions that impact low income households, such as MFIs and SMEs. Anand previously worked on the structured credit desk at Broadstreet Group, a New York based hedge fund. He graduated with an MBA from Carnegie Mellon University and has a bachelor’s degree in engineering.
Mr. Vikram Kapur Abstract
Mr. Vikram Kapur, is an officer of the Indian Administrative Service, borne on the Tamil Nadu State cadre of 1988 batch. He is a graduate in Physics from St. Stephens College, Delhi and a post graduate in Public Policy and Management from the Indian Institute of Management, Bangalore and Maxwell School of Citizenship and Public Affairs, University of Syracuse, New York. Mr Kapur has worked in the State of Tamil Nadu in various capacities including as Member Secretary, Chennai Metropolitan Development Authority, MD & CEO, Tamil Nadu Urban Development Fund, Executive Director, Tea Board of India and District Collector, Dindigul. He has authored several papers on small farmers, cooperatives and public private partnerships. His current area of interest is in the field of urban development and infrastructure finance.
Azhar Tyabji
Azhar Tyabji is trained in urban planning, social anthropology, and architectural history. He is an adjunct professor at IFMR, Chennai, and a consultant to the IFMR Finance Foundation, where his research focuses on infrastructure needs assessments for small cities and the valuation of heritage real estate. Tyabji has consulted on a range of projects which combine participatory planning with statutory development planning, and has published and presented papers widely. He holds an MPhil in Social Anthropology (Cambridge University) and a Master's in Community Planning (Univ. of Maryland, College Park).
Dr. M. Govinda Rao Abstract
Dr. M. Govinda Rao is the Director, National Institute of Public Finance and Policy. He is also a Member of the Economic Advisory Council to the Prime Minister. His past positions include Director, Institute for Social and Economic Change, Bangalore (1998-2002) and Fellow, Research School of Pacific and Asian Studies, Australian National University, Canberra, Australia (1995-98). Dr. Govinda Rao has a number of advisory roles including: Member, International Advisory Panel on Governance, UNDP; Member, Expert Committee on Multilevel Planning, Planning Commission, Government of India; Chairman, Expert Group on Taxation of Services; Chairman, Technical Experts Committee on VAT. He is a Member of the Taxation Policy Group in the Initiative for Policy Dialogue led by Prof. Joseph Stiglitz of Columbia University. Dr. Rao’s research interests include public finance and fiscal policy, fiscal federalism and State and Local finance. He has published technical articles extensively in a number of reputed journals besides 12 books and monographs on various aspects of Public Finance. His recent books include, Political Economy of Federalism in India, Oxford University Press, 2005, Sustainable Fiscal Policy for India: An International Perspective (edited with Peter Heller), Oxford University Press, (2005) and Poverty, Development and Fiscal Policy, Oxford University Press, 2002 (Paperback, 2004).
Karen Coelho
Karen Coelho is an Assistant Professor at the Madras Institute of Development Studies, Chennai, India, where she specializes in urban governance and reforms. Her research interests include urban collective action, reforms, and water policy.
Raj Cherubal
Raj Cherubal is the coordinator for City Connect and Janaagraha in Chennai. He is interested in improving urban governance, urban quality of life and promoting market-based solutions to poverty. He has written and worked to promote decentralisation, good urban governance, promote economic freedom for urban entrepreneurs like street hawkers and others in the informal sector and for their recognition as profit seeking entrepreneurs. He holds a M.S. in Physics from the University of Louisville and a M.S. in Nuclear Engineering from the University of Michigan, Ann Arbor. He has worked in the software industry in area like computational physics and visualisation, telecom and finance.
Sujatha Srinivasan
Sujatha Srinivasan is a Researcher with CDF’s Urban Infrastructure and Governance group. Her current research focuses on egovernance design and its effectiveness and understanding governance processes. Her previous experience was as a Financial Analyst in investment banking operations. She has also worked in implementation of SAP finance/accounting modules in the defense industry. She holds an MBA from Suffolk University and an undergraduate degree in Chemistry from the University of Madras.
Raghu Rama Swamy Abstract
Raghu Rama Swamy is the Chief Executive Officer of iDeck. He has over fifteen years of experience in infrastructure advisory, development, project finance and management consulting practices. He has assisted various government agencies, multi-lateral agencies and private sector clients in the urban infrastructure, integrated transportation, tourism, energy, commercial and industrial infrastructure verticals. He has strong experience in development of public private partnership (PPP) frameworks – conceptualization, transaction advisory, policy advisory activities. A mechanical engineer and a MBA by education, he started his career with Avalon Consulting, a management strategy consulting firm. Subsequently, he has worked with GMR Group, assisting in development of the 220 MW barge mounted power plant at Mangalore. He is a member of various committees in infrastructure sector in the state and a visiting faculty at management/ law schools.
P.S. Vastrad
P.S. Vastrad is Deputy Commissioner of Mysore. Mr. Vastrad earlier served as Deputy Commissioner of Haveri and Davangere. Mr. Vastrad cleared the KAS in 1982. He has also served as Block Development Officer in K.R. Nagar and as Tahsildar in Periyapatna. He was promoted to the IAS in 1998. He served as Chief Executive Officer of the Zilla panchayats in Kodagu, Bagalkot, Bidar, and Dharwad. He was also previously Commissioner of Hubli-Dharwad Municipal Corporation (HDMC) and pre Deputy Secretary at Raj Bhavan.
Anand Raman
Anand Raman is the Chief Marketing Officer of EKO. Anand is deeply passionate about mass market consumer offerings, is obsessed with brands and is a great believer in technology as an enabler of access and inclusion. Anand has over 17 years of experience spanning Media, Telecom and IT businesses. In his last role, he was responsible for B2B/B2C interactivity and content initiatives for Star India’s mobile entertainment division. His tryst with Telecom started as a developer of software applications for BT and ignited his growth to the head of value added services for Idea Cellular. As CMO at Eko, Anand is fulfilling his long cherished dream to be part of a start-up and build a consumer brand from scratch. Anand holds a Bachelors degree in electrical engineering from IIT Roorkee.
Amrita Sharma
Amrita Sharma is currently working with the Migration Resource Center at Aajeevika Bureau, the knowledge generation and technical support unit of the organisation. She has also worked as a policy researcher with International Water Management Institute (IWMI). Some of her publications include –“The Tipping Point” in Indian agriculture: Understanding the withdrawal of Indian rural youth”, Asian Journal for Agricultural Development, The Changing Agricultural Demography of India: Evidence from a Rural Youth Perception Survey, International Journal for Rural Management.
Vineet Sukumaris
Vineet Sukumaris the Head of Origination and Treasury, IFMR Capital. Vineet has several years of experience in strategy, corporate finance and investment banking roles in large corporates and in the financial services industry. Prior to joining IFMR Capital, he worked with Standard Chartered, managing the bank’s largest corporate relationship. Vineet has also worked with the Tata Group in leadership roles across diverse industries. Vineet graduated from IIT Kharagpur and completed his MBA from IIM Bangalore.
Carol Furtado
Carol Furtado is the Chief Operating Officer of the South region of Ujjivan, after serving as Head of Operations and Manager of Operations previously.Prior to Ujjivan, Carol has worked with BankMuscat and ANZ Grindlays. Carol completed her PUC at Jyothi Nivas College, her Degree at St. Joseph’s College of Arts & Science and her MBA (post graduate) at Mount Carmel Institute of Management, Bangalore.
Amy Jensen Mowl
Amy Jensen Mowl is a professor at the Institute for Financial Management and Research, where her research focuses on household economic behavior. Previously, she was a senior researcher and head of the longitudinal studies programme at the Centre for Micro Finance, IFMR. Ms Mowl currently implements the Yale ECG-IFMR Socioeconomic Mobility Survey, a long-term panel study of 10,000 households in Tamil Nadu. She continues to serve as an advisor to CMF. Previous to her work at IFMR, Ms Mowl worked on issues related to renewable Entergy and early childhood education. She is a graduate of the University of California and Harvard Kennedy School.
V Satyanarayana
V Satyanarayana is the CEO of Aarusha Homes. Satyanarayana holds a master’s degree in housing planning from CEPT, Ahmedabad, and a bachelor's degree in civil engineering. He was Project Finance Advisor at the Slum Upgrading Facility (SUF), a global facility of the United Nations Human Settlements Programme (UN-HABITAT) to attract domestic and commercial capital into slum and urban upgradation in Asia and Africa.
Madhusudhanan Menon Abstract
Madhusudhanan Menon is the Chairman of Micro Housing Finance Corporation Ltd. Madhu is a Chartered Accountant with over 23 years of banking experience, initially with the Reserve Bank of India and then with American Express Bank (“AEB”). Since leaving AEB in 2002 as Senior Director, responsible for Commercial Banking and Capital Market activities in India, he has been an advisor to various business groups in India as a wealth management and capital market specialist. He has a keen interest in using commercially viable business models to stimulate and sustain social change.
Durganand Balsavar (Nandan)
Durganand Balsavar (Nandan) is the principal Architect of Artes - Human settlements development Collaborative co-founded with Aneela Rao. He received his formal training from School of Architecture, Ahmedabad and ETH-Zurich. Balsavar has been a visiting faculty at CEPT, Ahmedabad since 1990 and SAP, Chennai and has guest lectured at IIM-Ahmedabad. He has also been a visiting faculty for the CEPT- India studios of the Rensealller Polytechnic New York, Bartlett - London and several other international schools of Architecture. Nandan also contributes on urban development issues, renewable energy, urban ecology in both national newspapers and international publications. Over the last two decades since he graduated, he has been involved in rural development, alternative technologies, disaster mitigation, housing and urban planning. After apprenticeship with Ar Bernard Kohn in Paris, he returned to work in the atelier of Ar B V Doshi on projects like IIM Bangalore, New Bombay, Township for L & T and a Classical Music school for Pt Bhimsen Joshi.
Rakhi Mehra
Rakhi Mehra is co-founder of mHS and determined to make people and players think more creatively about urban housing and building inclusive cities. A Rhodes scholar and an MBA from Harvard (‘09) she has many years of international development experience with CARE, Ashoka Fellows, Grameen Bank, RABO Bank, Jeffery Sachs’ office at Columbia University. Rakhi was a competitive swimmer for India, swam in the winning English Channel Relay for Oxford University and remains an enthusiast for outdoor sport. She studied Economics at St. Stephens College, Delhi (2001), and read Politics, Philosophy & Economics at Oxford University (2001-03).
Dunu Roy
Dunu Roy, formerly A.K. Roy, is a chemical engineer by training, social scientist by compulsion, and political ecologist by choice. He worked for over four decades in both rural and urban scenarios, on land and water management, secure settlements, safe work, environmental planning, leadership training, and pollution control. His work is poised on the delicate borderline between environment and development. He is the founder of the Hazards Centre, which provides research support to community and labor organizations in Delhi.
Lalitha Kamath
Lalitha Kamath is an Assistant Professor in the School of Habitat Studies, Tata Institute of Social Sciences. Her research interests include critical explorations of both formal and informal practices of planning and governance in cities, especially those to do with infrastructure sectors, the politics of public participation, and urban reforms. She received her doctoral degree from Rutgers, The State University of New Jersey.
Siddharth Hande
Siddharth Hande recently graduated from Monash University in Melbourne with a Masters in Environment and Sustainability. He is currently a researcher at Transparent Chennai, a government accountability project at CDF, IFMR that provides information to empower residents who want to take action on civic issues. His interests include community engagement, collaborative data creation and geo-spatial analysis. He was also one of the founding members of Reclaim Our Beaches, a campaign that focuses on widening the debate on issues relating to waste management in the city of Chennai.
Nithya V. Raman
Nithya V. Raman is an urban planner and researcher based in Chennai, whose work has focused on questions of government accountability and citizen participation, informal settlements and land rights, urban policies, and urban poverty. Most recently, she founded and continues to head the Transparent Chennai project, housed at the Centre for Development Finance, IFMR. Her work has been published in EPW, Seminar, Caravan, in newspapers, and as book chapters. She has a BA in political science from Harvard University and a Masters in urban planning from MIT.