Dvara Research

On 6 August, India's markets regulator released a consultation paper proposing overhauling the regulatory framework for registered investment advisers (RIA) and research analysts (RA). The proposals' tone marks a sharp departure from the changes introduced in the RIA regulations in 2020. While the 2020 changes significantly tightened the RIA rules-that some would argue were stifling-the recent proposals seek to relax many rules and could usher in a new era for the Indian investment advisory sector. Deepti George and Ravi Saraogi, CFA write in LiveMint Read here: https://lnkd.in/g9iP3cdK #investment #advisor #sebi

𝐇𝐞𝐚𝐝𝐬 𝐔𝐩: 𝐀𝐩𝐩/𝐔𝐗 𝐝𝐞𝐬𝐢𝐠𝐧𝐞𝐫𝐬, 𝐩𝐫𝐨𝐝𝐮𝐜𝐭 𝐦𝐚𝐧𝐚𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐞𝐚𝐠𝐞𝐫 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡𝐞𝐫𝐬! We found that users face challenges in engaging with Grievance Redress Mechanisms within UPI Apps. At Dvara Research, we have chosen to solve these for in-app GRMs for UPI. This endeavor has led to the creation of a 𝐓𝐨𝐨𝐥𝐤𝐢𝐭. The UPI GRM Toolkit is a comprehensive resource for product and UX research enthusiasts and professionals to enhance user satisfaction for aggrieved users, streamline issue resolution processes, and elevate the overall user experience of UPI applications. It has been created to support anyone navigating the complexities of designing a GRM system within an application offering UPI services. Check it out and write to us for more information https://lnkd.in/g2ZNCgHm #UX #toolkit #design #productdesign #grievanceredress #UPI #research Achyutha Sharma Narayan Gopalan

🚨#EventAhead We are pleased to announce our stellar lineup of speakers for the upcoming workshop "𝗥𝗲𝗶𝗺𝗮𝗴𝗶𝗻𝗶𝗻𝗴 𝗗𝗮𝘁𝗮 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗔𝗜 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲," hosted by Infosys Topaz scheduled for September 18, 2024. 𝗗𝗶𝘀𝘁𝗶𝗻𝗴𝘂𝗶𝘀𝗵𝗲𝗱 𝘀𝗽𝗲𝗮𝗸𝗲𝗿𝘀: 👤Rama Vedashree- 𝘍𝘰𝘳𝘮𝘦𝘳 𝘊𝘌𝘖, 𝘋𝘢𝘵𝘢 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘺 𝘊𝘰𝘶𝘯𝘤𝘪𝘭 𝘰𝘧 𝘐𝘯𝘥𝘪𝘢, 𝘔𝘦𝘮𝘣𝘦𝘳 𝘰𝘧 𝘵𝘩𝘦 𝘌𝘹𝘦𝘤𝘶𝘵𝘪𝘷𝘦 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦, 𝘊𝘰𝘙𝘌-𝘈𝘐 👤V Rajesh Kumar CIPP, CIPM, FIP - 𝘚𝘦𝘯𝘪𝘰𝘳 𝘎𝘳𝘰𝘶𝘱 𝘔𝘢𝘯𝘢𝘨𝘦𝘳 - 𝘗𝘳𝘪𝘷𝘢𝘤𝘺 𝘢𝘯𝘥 𝘋𝘢𝘵𝘢 𝘗𝘳𝘰𝘵𝘦𝘤𝘵𝘪𝘰𝘯, 𝘐𝘯𝘧𝘰𝘴𝘺𝘴 👤Vinay Kesari- 𝘋𝘪𝘳𝘦𝘤𝘵𝘰𝘳- 𝘖𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯𝘴 & 𝘚𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘚𝘦𝘵𝘶 𝘈𝘤𝘤𝘰𝘶𝘯𝘵 𝘈𝘨𝘨𝘳𝘦𝘨𝘢𝘵𝘰𝘳 👤Shweta M.- 𝘙𝘦𝘴𝘦𝘢𝘳𝘤𝘩𝘦𝘳, 𝘊𝘦𝘯𝘵𝘳𝘦 𝘧𝘰𝘳 𝘐𝘯𝘵𝘦𝘳𝘯𝘦𝘵 𝘢𝘯𝘥 𝘚𝘰𝘤𝘪𝘦𝘵𝘺 👤Subhashis Nath- 𝘈𝘝𝘗 - 𝘋𝘦𝘭𝘪𝘷𝘦𝘳𝘺 𝘏𝘦𝘢𝘥, 𝘈𝘯𝘢𝘭𝘺𝘵𝘪𝘤𝘴, 𝘐𝘯𝘧𝘰𝘴𝘺𝘴 👤Aadya Misra- Counsel - 𝘗𝘳𝘪𝘷𝘢𝘤𝘺, 𝘋𝘢𝘵𝘢 𝘗𝘳𝘰𝘵𝘦𝘤𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘊𝘺𝘣𝘦𝘳𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘺, 𝘚𝘱𝘪𝘤𝘦 𝘙𝘰𝘶𝘵𝘦 𝘓𝘦𝘨𝘢𝘭 👤Sarayu Natarajan- 𝘊𝘰-𝘍𝘰𝘶𝘯𝘥𝘦𝘳, 𝘈𝘢𝘱𝘵𝘪 𝘐𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 👤Sridhar Vaidyanathan- 𝘊𝘩𝘪𝘦𝘧 𝘙𝘦𝘷𝘦𝘯𝘶𝘦 𝘖𝘧𝘧𝘪𝘤𝘦𝘳, 𝘔𝘺𝘦𝘭𝘪𝘯 𝘍𝘰𝘶𝘯𝘥𝘳𝘺 👤Manjunatha Kukkuru- 𝘝𝘗 - 𝘗𝘳𝘪𝘯𝘤𝘪𝘱𝘢𝘭 𝘙𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘈𝘯𝘢𝘭𝘺𝘴𝘵, 𝘪𝘊𝘌𝘛𝘚, 𝘐𝘯𝘧𝘰𝘴𝘺𝘴 👤Beni Chugh - 𝘏𝘦𝘢𝘥 – 𝘍𝘶𝘵𝘶𝘳𝘦 𝘰𝘧 𝘍𝘪𝘯𝘢𝘯𝘤𝘦, 𝘋𝘷𝘢𝘳𝘢 𝘙𝘦𝘴𝘦𝘢𝘳𝘤𝘩 This exclusive workshop will delve into the critical balance between data utility and privacy in AI, exploring how models process various forms of data, from public to private. ➡ 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿 𝘆𝗼𝘂𝗿 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗵𝗲𝗿𝗲: https://lnkd.in/g5pnmmy5 𝘚𝘦𝘢𝘵𝘪𝘯𝘨 𝘪𝘴 𝘭𝘪𝘮𝘪𝘵𝘦𝘥. 𝘐𝘯𝘷𝘪𝘵𝘢𝘵𝘪𝘰𝘯𝘴 𝘸𝘪𝘭𝘭 𝘣𝘦 𝘴𝘦𝘯𝘵 𝘵𝘰 𝘤𝘰𝘯𝘧𝘪𝘳𝘮𝘦𝘥 𝘱𝘢𝘳𝘵𝘪𝘤𝘪𝘱𝘢𝘯𝘵𝘴 𝘰𝘯𝘭𝘺. 🔗 𝗩𝗶𝘀𝗶𝘁 www.core-ai.in 𝘛𝘩𝘦 𝘊𝘰𝘢𝘭𝘪𝘵𝘪𝘰𝘯 𝘧𝘰𝘳 𝘙𝘦𝘴𝘱𝘰𝘯𝘴𝘪𝘣𝘭𝘦 𝘌𝘷𝘰𝘭𝘶𝘵𝘪𝘰𝘯 𝘰𝘧 𝘈𝘐 (𝘊𝘰𝘙𝘌-𝘈𝘐) 𝘪𝘴 𝘩𝘰𝘶𝘴𝘦𝘥 𝘸𝘪𝘵𝘩𝘪𝘯 The Dialogue Centre for Internet and Society (CIS) | Setu AA | Dvara Research | Spice Route Legal | Myelin Foundry | Aapti Institute | Kazim Rizvi | Kamesh Shekar | Jameela Sahiba | Akriti J. | Kriti Singh | Ashwin Chadha | #dataprotection #AI #regulation #dataprivacy #stakeholderengagement #responsibleai

Today, more than 80% of all UPI transactions are small and less than Rs.500 each. As UPI expands further into remote Tier V and Tier VI locations, it has progressively brought under its fold, a tidal wave of first-time users who belong to low-income backgrounds, have low literacy or poor digital proficiency or a combination of these.   At Dvara Research, we chose to think about these users and their pain points in engaging with UPI, especially pertaining to grievance redress. We have created a #microsite that hosts a framework for UPI that lays the foundation for our solution approach and a #toolkit that is a comprehensive resource for product, design & research teams to improve the user-centricity of grievance redress mechanism. Visit the site here: https://lnkd.in/gc74dznZ   We asked Aishwarya Narayan, who has worked on this project, to state the importance of our work, keeping in mind the constrained users mentioned above. She says, "The story of UPI becoming India’s default payment method is one of how a tremendously diverse population became slowly accustomed to digital payments through creation of a seamless and intuitive user experience. UPI has come a very long way in being user-friendly, but there are some parts of the grievance redressal experience particularly, that can be strengthened even further. The time is ripe for all actors in the ecosystem to take serious note of what users expect regarding a grievance redressal experience - and match up the design of apps to it." #FinancialInclusion #ConsumerProtection #PublicGood #Innovation #Research #UPI #PolicyResearch #ActionResearch #GrievanceRedress

The bulk of cash-in cash-out (CICO) operators across the country rely on Aadhaar enabled Payments System or AePS for enabling transactions. In response to concerns of fraud perpetrated over AePS, on 31st July 2024, RBI issued (draft) directions to all banks and to the NPCI for onboarding and ongoing due diligence of AEPS touchpoint operators. This is very welcome. However, the RBI has also reiterated an older 2010 prohibition disallowing CSPs from offering services of multiple acquiring banks at his/her location. Our field research indicates that this could result in loss of convenience for the last mile cash-reliant customer. Banks' server failure/downtime is a recurring issue for AePS - As a workaround, CSPs acquire licenses from multiple providers at a time and use them when a particular bank server is down. This 'multi-homing' practice that has been observed by our researchers on the ground for many years now and has been corroborated by other stakeholders we have spoken to. By multi-homing, CSPs ensure continuous availability of AePS withdrawal services to customers who approach them. The prohibition may help prevent organised fraud, but for CSPs who genuinely want to service customers and make a viable business of it, they can quite easily find a workaround to this rule - after all, it's in their interests to maintain a reputable, reliable & sustainable business. We humbly submit that the RBI may consider alternative approaches - Non-exclusivity may be enabled by requiring banks and the NPCI to adopt a graded, risk-based approach. Operators who have been regularly active, have a long history of undertaking CICO transactions in the exact location, operators who do not appear in the NPCI blacklist, who do not have a history of customer complaints, can be assessed for this permission, by the acquiring banks as well as by NPCI itself, and network managers, depending on where the data for each layer rests. Those CSPs with higher risk score may be disallowed from accessing the AePS servers through any bank other than the one which shows more prominent activity for. The score can be updated on a convenient cadence to allow for genuine operators to expand their business and customer-convenience offerings. Can we prioritise convenience for the last-mile consumer and use technology fully to solve for monitoring and safety? - perhaps there is a DPI to be built? Seeking comments and feedback Dilip Modi sameer nagpal Reserve Bank of India (RBI) National Payments Corporation Of India (NPCI) Ram Rastogi 🇮🇳 Kuldeep Pawar Spice Money Sub-K IMPACT Solutions Ltd Sasidhar Thumuluri BUSINESS CORRESPONDENT FEDERATION OF INDIA #uninterruptedCICO #customerconvenience #customerservice We submitted our response to the RBI, available at https://lnkd.in/dNfKmMGs Dvara Research

Users face challenges in engaging with Grievance Redress Mechanisms (GRMs) within UPI. At Dvara Research, we chose to solve these for in-app GRMs for UPI. Visit the site here: https://lnkd.in/gc74dznZ   We asked Deepti George, Deputy Executive Director & Head of Strategy and the main lead for this project, to explain what the project outputs mean for designers and product heads at Third-Party Application Providers. Find her response below.   #TPAP #UPI #productdevelopment #grievanceredress #microsite #toolkit #userexperience

We are Glad to Welcome the Speakers of the Conclave on Risk Management in Microfinance scheduled to be held on 10th September at Flora Airport Hotel, Kochi. You may register for the Conclave in the following link https://lnkd.in/g4DmcvDs Ravi Mohan P.R. Jiji Mammen A M Karthik Sathyananda Prabhu sunil john Kunguma Sharmila Udeesh Ullas RAMANATHAN ANNAMALAI Nimisha J Vadakkan Jagadish Ramadugu Pragati Finserv Private Limited Wilson Cyriac Anoop T P, FRM Natarajan R Belstar Microfinance Limited Charles Francis Xavier Radiant Cash Management Services Ganesh Gopalan Lissomsoft Technologies Dwijaraj Bhattacharya Dvara Research Spandana Sphoorty Financial Limited Sasidhar Thumuluri Sub-K IMPACT Solutions Ltd LOYAL QUADRAS Somesh Dayal Karthick Ramadas Shyamasree Nandan Sa-Dhan ESAF SFB ICRA Ujjivan Small Finance Bank Federal Bank Avanti - Financial Inclusion For 100 Million Muthoot Microfin NABARD - National Bank for Agriculture and Rural Development Radiant Acemoney south India Finvest Private Limited

The rapid and widespread acceptance of UPI calls for greater thinking around how UPI customers can effectively resolve grievances that may arise at their end. To effectively address user grievances and solidify the in-app Grievance Redress Mechanism (GRM) as the epicentre for grievance redress in UPI, we can do well to prioritise 𝐬𝐞𝐚𝐦𝐥𝐞𝐬𝐬, 𝐭𝐢𝐦𝐞𝐥𝐲, 𝐚𝐜𝐜𝐞𝐬𝐬𝐢𝐛𝐥𝐞, 𝐞𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞, 𝐚𝐧𝐝 𝐮𝐬𝐞𝐫-𝐟𝐫𝐢𝐞𝐧𝐝𝐥𝐲 𝐫𝐞𝐝𝐫𝐞𝐬𝐬𝐚𝐥 𝐢𝐧𝐭𝐞𝐫𝐟𝐚𝐜𝐞𝐬. We have designed a Framework that can guide the development of in-app GRMs for UPI by UPI app providers to achieve these outcomes of interest. This UPI GRM Framework can be used to arrive at design guidelines for an effective GRM that upholds users’ values, cultivates trust, and reinforces the use of the in-app GRM as the first port of call by users. We have also created a 𝐔𝐏𝐈 𝐆𝐑𝐌 𝐓𝐨𝐨𝐥𝐤𝐢𝐭, a comprehensive resource for product and UX research professionals to enhance user satisfaction for aggrieved users, streamline issue resolution processes, and elevate the overall user experience of UPI apps. Project Head, Deepti George - Deputy Executive Director and Head of Strategy; Achyutha Sharma – Research & Product Expert; and Narayan Gopalan – Interaction Design Expert, speak about the USPs of this project for the UPI ecosystem. To visit the project’s microsite, click here - https://lnkd.in/gc74dznZ The Toolkit can be accessed here - https://lnkd.in/g2ZNCgHm  #FinancialInclusion #ConsumerProtection #PublicGood #Innovation #Research #UPI #PolicyResearch #ActionResearch

📰 Presenting to you the third and final article in our series on UPI related frauds. In today's rapidly evolving digital landscape, the convenience of digital payments comes with its own set of challenges, particularly around fraud and legal liability. This article by Deepti George & Anubhutie Singh, published in The Hindu businessline, delves into critical aspects of legal responsibility in cases of fraud in digital payment systems. With the increasing reliance on digital transactions, efforts are needed to resolve, at scale, challenges that can arise when things go wrong for the users of UPI. The authors take the idea of an 'automatic compensation' suggested by the Standing Committee on Finance in its report in July 2023, and expand on it. 🔗 Read the full article to learn more: https://lnkd.in/dQuBCvyA #DigitalPayments #Fintech #LegalLiability #FraudPrevention #ActionResearch #GrievanceRedress #UPI

The Pradhan Mantri Jeevan Jyoti Bima Yojana #PMJJBY and Pradhan Mantri Suraksha Bima Yojana #PMSBY have transformed access to #insurance for millions of low-income households in India. Despite the remarkable scale of these programs, challenges persist in their delivery and effectiveness.   Our latest policy brief delves into these issues, highlighting key customer protection concerns and structural inefficiencies that are undermining the success of these schemes. Through extensive fieldwork in #Rajasthan and #Gujarat, we have uncovered critical insights into customer experiences and the supply-side challenges faced by financial service providers.   We propose a set of targeted policy recommendations focusing on four main areas:   🔹𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐚𝐥 𝐃𝐞𝐬𝐢𝐠𝐧: Reassessing the program's architecture to better align with the needs of low-income households 🔹𝐏𝐫𝐨𝐜𝐞𝐬𝐬 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: Implementing Standard Operating Procedures (SOPs) for banks to ensure fair treatment and transparency at every stage of the customer journey 🔹𝐌𝐚𝐫𝐤𝐞𝐭 𝐌𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠: Adopting market monitoring tools to enhance supervision and improve service delivery 🔹𝐀𝐰𝐚𝐫𝐞𝐧𝐞𝐬𝐬 𝐚𝐧𝐝 𝐀𝐜𝐜𝐞𝐬𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲: Developing socio-cultural strategies to increase insurance penetration and awareness   By tackling these issues, policymakers can ensure more effective insurance coverage through these schemes.   ⬇️Policy Brief & Slide Deck - https://lnkd.in/dKiBQYWT   #FinancialInclusion #PolicyBrief #CustomerProtection #PolicyResearch #ActionResearch ✍🏼 Niyati Agrawal Misha Sharma