scheme to come up with Rupay Debit Card, Accidental cover of Rs. 1Lakh & over-draft facility upto Rs.5000 after 6 months C) A/cs to be linked with Aadhar card for Direct Benefits Trans-fer under for schemes such as MNREGA, Sub-sidies, LPG subsidy, etc. D) All A/cs will be online in nature & con-nected with CBS net-work of Banks & will provide services such as Mobile Banking, Balance Enquiry, Online transfers, etc E) Business Corre-spondent Model will be used to reach to re-mote villages & 50,000 Business Correspon-dents will be recruited for this. All the above provi-sions make this scheme very attrac-tive, however reality is far away. Excited by this scheme I decided

The Financial Inclu-sion is the new buzz-word in the area of banking & finance, bringing with it im-mense career oppor-tunities for finance students along with social welfare for ur-ban & rural poor, hith-erto excluded from formal finance & banking system of the country. The impor-tance of financial in-clusion, based on the principle of equity and inclusive growth, has been engaging the attention of policy makers nationally & internationally from as early as 1950s when findings of All India Rural Credit Survey underlined the importance of greater financial access to all households in India. In keeping pace with it many governments in India & Central Bank has formulated many policies & pro-grams to promote fi-nancial inclusion

which have also been partly successful & lat-est & most popular among them being Pradhan Mantri Jan Dhan Yojna (Here after referred as PMJDY). Among considerable publicity & popularity PM Modi announced a new time bound finan-cial inclusion mission aimed at providing bank account to each household in country named Pradhan Mantri Jan Dhan Yojna (PMJDY). The PMJDY scheme is supple-mented with bouquet of many other financial services aimed at vi-able financial inclusion of poor, which were another reason of scheme’s huge popular-ity. Outline of PMJDY A) Target of opening over 7.5 crore bank A/cs in next five months. B) Each Bank A/c opened under this

P M J A N D H A N Y O J A N A : T H E W A Y F O R W A R D

V O L U M E 3 , I S S U E 5

MI’BYTES BUSINESS LETTER

P A G E 1

S E P T E M B E R 2 0 1 4

MASTER OF INTERNATIONAL BUSINESS

CENTRE FOR MANAGEMENT STUDIES

JAMIA MILLIA ISLAMIA

I N S I D E T H I S

I S S U E :

PM Jan Dhan Yojana: The

Way Forward

1

Corporate speak 2

Quick bytes 3

Quote for the Month 4

P a g e 2

Ques 1: What's one example of a risky, out-of-the-box approach you took with a client's PR initia-tive that turned out to be really effective? Ans 1: I can think of two recent examples. The first one is a campaign we did to launch Ford EcoSport. Public relation is usually not credited with driving sales but here is a fitting example of how public relations took lead in creating a high impact campaign driving business objec-tives. In 2013, after having announced EcoSport - a Compact Urban SUV back in 2012, Ford had a car only in name. Our team was tasked to keep the product in news and sustain positiv-ity around it, while keeping in mind that the consumers had begun to lose confidence. A two-stage strategy was devised – an integrated print and digital campaign that generated positive word of mouth, backed by a multipronged urban influencer outreach which let them experi-ence the car ahead of its launch. A sustained, high decibel campaign made Ford EcoSport a runaway success with more than 30,000 pre-orders in the first fortnight following the launch announcement. The second example is of a campaign we did for an upcoming university. The client had a strict no advertisement approach when we began their outreach. This was a deliberate step as they did not wish to be part of a clutter as well as wished to link our outreach to tangible re-sults. A philanthropic project, this university is founded by successful businessmen and entre-preneurs who share a dream of creating a truly world-class university that can be India’s an-swer to Oxford. The problem is that when we started, this belief had not yet translated into reality – the university was nothing more than a scale model. We were asking aspirants and their parents to choose an upcoming university over established names, trust a private insti-tution over government colleges and pay INR 2 million when a similar course cost INR 20,000 at any public university. With a no-advertisement approach, earned media had to help the up-coming university attract 1000 applications for its inaugural 150 seats. We judged our success by establishing the university as a game changer and by attracting over 3200 applications till June 2014. The university is still yet to begin. Ques 2: How do you keep your cool when clients and senior-level executives are simultaneously clamouring for your time and attention? Ans 2:Our business, like any other, is built on relationships. I don’t use the term lightly. For me this means that I care about the ups and downs of those I am associated with, whether they are clients or senior-level executives. When you do that, you also realise why they are asking for your time and attention—maybe they are going through their own time of stress and cri-sis. Once you understand their pain—and once they realise that you understand—the rela-tionship works at a completely different level. Yes, there are constraints of time and you can’t give everyone the same level of attention, but if they are secure in knowing you are there when they need you, they themselves help you prioritise. Ques 3: What previous experience and education lead your interest in a public relations position? Ans 3:In 1989, I met Priya Paul of the Apeejay Surrendra Group that owns the Park Hotel. They were looking for an image change without going for advertising. Thus was born ‘Going Public at the Park’ a monthly speaking event that brought attention to the hotel as a high-profile hospitality location. I didn’t know then that what I did came under the realm of public relations.

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CORPORATE SPEAK Ms. Prema Sagar Principal and Founder Genesis Burson-Marsteller

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I then went on to do a course at the Frank Jefkins Institute of Public Relations in London later. In November 1992, Genesis PR came to life.

Ques 4: What are the elements that make up interactive public rela-tions? Ans 4:People today are used to digital mediums that allow for inter-activity. It is critical for public relations to incorporate that as well. Depending on the stakeholder you are dealing with—media, con-sumer, employee, government, other key opinion leaders—you de-ploy public relations with varying levels of interactivity. The tradi-tional vehicles of press conferences and editor interactions still hold good, but today you need to go a step ahead and make sure that you are also reaching out through other means. At our centre of excellence The GBM Live Newsroom, we offer inno-vative distribution methods like webinars and webcasts, which allow for interactvitity that goes beyond the usual set of people you reach out to.

Ques 5: When responding to media and public inquiries, what do you find most difficult to answer? Ans 5:There isn’t anything that is difficult to answer if you have your messaging in place. Even if it’s a crisis, you can answer queries confi-dently if you are prepared. We conduct media trainings and crisis communication workshops for our clients to ensure that they can respond to inquiries in the most appropriate way.

Ques 6: What will be your message/advice to international business students at Jamia Millia Islamia? Ans 6:The most important thing to remember when you enter the corporate world is to hold on to your values, ethics and integrity. No matter how tempting it is to move away from them, you can never lose sight of them, because that is your individual reputation in the market. Secondly, when it comes to communication, there are no boundaries left. When you manage communications for a company, keep that in mind. Whether the company is a multinational or a small outlet in a mall, their reach may be different, but in the digital world, communi-cation reaches far. When you understand that, you can design better communication programmes for the company. Third, and most important, make sure you take others along when you grow. It is important to give back to society. It is only when eve-ryone grows that we can truly rise.

Q U I C K B Y T E S

1.Fifty percent of the ownership of Domino’s pizza was once traded for a used Volkswagen beetle. 2.The founder of McDonald’s has a bache-lor degree in Hambur-geology. 3. Warren Buffet started out as a pinball repair-man.

4.Today, Amazon sells 158 items per second. 5.Google was originally called BackRub. 6.David McConnell named his company Avon after the birth-place of William Shake-speare, Stratford on Avon.

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P A G E 4

MASTER OF INTERNATIONAL BUSINESS

CENTRE FOR MANAGEMENT STUDIES

JAMIA MILLIA ISLAMIA

QUOTE FOR THE MONTH “Take risks, ask big questions. Don’t be afraid to make mistakes; if you don’t make mistakes , you are not reaching far enough”

—David Packard

E-mail: suban.ajam@gmail.com,

waquar.nayyar@gmail.com

9650430820,8802677352

P M J A N D H A N Y O J A N A : T H E

W A Y F O R W A R D

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to visit banks in my area & open a A/c un-der this scheme. I vis-ited 3 banks & 1 Busi-ness Correspondent outlet in my area & none opened my A/c citing issues such as A/c opening form unavail-ability or simply post-poning future dates, which marks various challenges to this rosy appearing scheme. Challenges Ahead The Scheme sets an am-

bitious target of cover-

ing 7.5 households in 5

months, however state

run banks have not yet

been provided with ba-

sic necessary resources

such as stationery The schemes targets of

opening around 7,000 bank branches, 20,000 ATMs & 50,000 Busi-ness correspondents(BC) in coming years, however recruiting staff to meet the re-quirement of growing branches & recruiting rural cadre as BCs will pose a huge challenge to banks, who are al-ready facing shortage of about 50,000 per-sonnel & are expected to have retirements of above 1,00,000 em-

EDITOR-IN-CHIEF:

Ms. Sunayana Kumar

STUDENT EDITORS:

Suban Khalique Ajam

Faisal Anis

Abdul Wakar

INTERVIEW BY:

Suban Khalique Ajam

ployees in next 5 years as per Khan-delwal committee report

Even if this scheme has its way, the banks will need ad-ditional corpus of Rs. 37,500 crores to provide overdraft facility to 7.5 crore new accounts.

This scheme aims at providing universal banking facilities to all A/c account hold-ers even in rural ar-eas through CBS network of banks, however as per cen-sus 2011, 50,000 villages do not have internet connec-tivity & in much lar-ger no. of villages the telecom infra-structure is not fit for banking opera-tions.

Low level of Finan-cial literacy in rural areas continues to pose a big challenge to success of new age of banking tech-nology such as ATMs & Debit Cards.

High Level of Rural NPA(Non Perform-ing Assets) is an-other factor to be considered.

Conclusion PMJDY is a innova-tive & new age tech-nology enabled fi-nancial inclusion mission with ambi-tious targets & strict time frame deserv-ing applause from all classes. But suc-cess of this depends on critical examina-tion of various chal-lenges which needs to be addressed at earliest. If issues pertaining to it are not timely ad-dressed, the PMJDY may be termed as another populist scheme not serving any purpose other than political gains. We wish all success to this scheme & expect issues are addressed & this scheme proves to be a milestone in finan-cial inclusion mis-sion for India.

By-Anshul Aggarwal

M.I.B. 1ST Year

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