Financial Inclusion in India – Yet Another

Ritual or An Integrated Tool for Poverty

Alleviation?
Prof Chowdari Prasad
Alliance Business School, Bangalore
December 30, 2008
at
International Conference on
“Better Business Practices for Sustainable Social
Change” Organised by JKSHIM, Nitte, India and
School of Social Policy and Practice,
University of Pennsylvania, USA
 Millennium Development Goals
• More than one billion people struggle to
survive on less than one dollar a day. Another
2.7 billion live on less than two dollars a day

• In 2000, 147 nations (UN) agreed that, together,

the citizens of the world must work to put an end
to severe poverty by 2015. They drafted eight
important goals which, when achieved, will
improve the lives of the three billion people living
in dire poverty

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 The Eight Goals
1. Eradicate Extreme Poverty and Hunger
2. Achieve Universal Primary Education
3. Promote Gender Equality and Empower
Women
4. Reduce Child Mortality
5. Improve Maternal Health
6. Combat HIV/AIDS, Malaria and Other
Diseases
7. Ensure Environmental Sustainability and
8. Develop a Global Partnership for Development
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12/07/21 JKSHIM, Nitte, India 4
 World Savings Bank Institute
• Only global representative of savings and retail
banks
• Founded in 1924, represents savings and retail
banks and associations in thereof in 86 countries
of the world (Asia-Pacific, the Americas, Africa
and Europe – via the European Savings Banks
Group)
• At the start of 2005, assets of member banks
amounted to more than 7,506 bn Euros

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UNO : International Year of
Micro Credit - 2005

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 Financial Inclusion & Development indicator
Recent data shows that countries with large proportion of population
excluded from the formal financial system also show higher poverty
ratios and high inequality.
Country Composite index of financial inclusion Poverty (percent of population
(percent of population with access to below poverty line)
financial services)
India 48 28.6 (1999-00)
Bangladesh 32 49.8(2000)
Brazil 43 22.0(1998)
China 42 4.6(1998)
Indonesia 40 27.1(1999)
Korean Republic 63
Malaysia 60 15.5(1989)
Philippines 26 36.8(1997)
Sri Lanka 59 25.0(1995-96)
Thailand 59 13.1(1992)
Source : World Bank (2006) and (2008)

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 The Dimensions of the
Challenge in India
1. Area - 3.3 million square
kilometers
2. Population - 1 billion +
3. GDP ~ US$3.9 trillion
4. Annual Growth rate 8.5 to 9%
last 5 Years
5. Total number of banks in
operation in country - 300+
6. Total number of bank branches
in country – 76,000 +
7. Unbanked Population: 400
Million !

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 The bare truth
• 37.7% of Indian households do not have
access to a nearby water source
• 49% do not have a proper shelter
• 69.5% do not have access to suitable toilets
• 85.2% of Indian villages do not have a
secondary school and
• 43% of Indian villages do not have an all-
weather road connecting them

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WHAT IS FINANCIAL EXCLUSION?
No
Savings
No No
assets Insurance
Financial
Exclusion

No bank No affordable No access to

account credit money advice

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 Financial Exclusion and Allied
Phenomena

Financial
Exclusion

Financial Financial
Discrimination Illiteracy

Financial
Exploitation
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 Who are Financially Excluded
1. Poor
2. Socially under-privileged
3. Disabled
4. Old as well as children
5. Women
6. Uneducated
7. Ethnic Minorities
8. Un-employed

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 Financial Inclusion - Definition

“The process of ensuring access to

financial services and timely and
adequate credit where needed by
vulnerable groups such as weaker
sections and low income groups at an
affordable cost.” - NABARD

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Financial Inclusion : The Indian Perspective
Empowerment
Bank A/Cs - Credit Cards of SHGs
Savings

Payments +
Remittances Financial Inclusion Insurance

Lack of
Financial Affordable Credit Assets (for
Advice
Collateral)
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 Financial Inclusion – Institutionalisation
milestones since early 1900’s
1904 - Cooperative Societies Act
1954 - Rural Credit Survey Committee
1955 - State Bank fo India created for rural penetration
1969 - 19 Commercial Bank Nationalised, All India Rural
Credit Review Committee
1970 - Lead Bank Scheme - States/Districts
1975 - Regional Rural Bank - Hybrid banks
1981 - 6 more Commercial Banks nationalised
1992 - SHG - Bank Linkage Programme
2001 - Kisan Credit Card / Swarojgar Credit Card / Gramin
Tatkal Card
2006- Committee on Financial Inclusion Set up
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 State Bank of India
• Imperial Bank of India nationalised in 1955
• Opened 400 rural branches immediately
• SBG with seven other associates - 1959
• Rural, Village, Satellite, ADBs, ABD Branches
• Employed Graduates in Agri and Veterinary
Sciences
• Adopted Villages, Slums and Schools
• Group Guarantee Scheme for liberal lending
• Technology, Biometric ATMs, hill-tops, waterways
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 SBI’s Mobile ATM in Kerala

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 History of strategies for Inclusive
Growth/Financial Inclusion
in India
• Phase I (1960 – 1980)
 Social control of Banks – (1960)
 Nationalisation of Banks – (1969)
 Setting up of Regional Rural Banks – (1975)
 Priority Sector lending stipulation by RBI -
(1972)
 Lead Bank scheme – (1969)

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 History of Inclusive Growth/
Financial Inclusion
in India
l Phase II (1980 – 2005)
 Integrated Rural Development programme/
SGSY promoted by Govt. Of India
 Microfinance programme– SHG – Bank linkage
facilitated by NABARD

• Phase III (2005 onwards)

 Development of MFIs
 Financial Inclusion in a “MISSION” mode

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 Analysis of Financial Inclusion

 State wise Exclusion

Extent of States
Financial
Exclusion
> 75% Meghalaya, Arunachal Pradesh, Mizoram,
Manipur, Assam, Uttaranchal, Jharkhand
50 to 75% Bihar, Chattisgarh, Orissa
Himachal Pradesh, J & K, UP, Nagaland, Tripura,
Sikkim
25 to 50% Karnataka, Kerla, MP, Maharashtra,
Punjab, Tamilnadu, West Bengal,
< 25% Andhra Pradesh,

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 Analysis of Financial Inclusion

 State wise Exclusion

(Figures in ‘000)
Social Population % Included %
Group Excluded
S.C 15592.6 50.23 49.77
S.T 11924.1 36.32 63.68
OBC 37043 51.42 48.58
Others 24688.4 49.42 50.58
Total 89248.1 48.64 51.36
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 Model for Financial Inclusion
Less constrained spending
Low cost services
Social/wider inclusion
Good Social,economic & Health outcomes Free Use of Money
Financial
inclusion
High standard of living Easy pathway out of poverty

Asset ownership Low or controlled debt Mainstream product

Attributes: fees;
High Income Penalties,bundling,marketing
Which suit those with higher
income/assets
Employment Financial lliteracy Good financial habits

Good education

Macro -environment
12/07/21 Personal characteristics
JKSHIM, Nitte, India Commercial & regulatory environment
23
 Eleventh Plan (2007-2012)
Is divided into three volumes (I) Inclusive Growth (II) Social Sector and
(III) Agri-culture, Rural Development, Industry, Services and
Physical Infrastructure

Objectives:-
1. Income and Poverty:
– Accelerate GDP growth from 8% to 10% and maintain at 10% in
the next Plan to double the per capita income by 2016-17
– Increase agricultural GDP growth rate to 4% per year to ensure a
broader spread of benefits
– Create 70 million new work opportunities
– Reduce educated unemployment to below 5%
– Raise real wage rate of unskilled workers by 20 per cent
– Reduce the headcount ratio of consumption poverty by 10
percentage points

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 Eleventh Plan (2007-2012) contd...
2. Education
3. Health
4. Women & Children
5. Infrastructure and
6. Environment

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 Banking system - 1969

Commercial banks Public Private Total

Number of banks 8 81* 89
Total Branches 6,596 1,666 8,262
Rural Branches 1,504 329 1,833
(% to total branches) (22.8) (19.7) (22.2)
Total Credit (Rs. bil) 30 6 36
% share of Priority Sector in total 15 10 14
credit
% share of agriculture in total 2.2 negligib 2.2
credit le

+ about 340 cooperative banks with 100,000 primary societies for

giving crop loans thru’ refinance from the Central Bank
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 Rural Banking / Finance Schemes
• Bank Credit – in Rural & Urban Areas
• Institutional & Non-Institutional Channels
• Institutional Channels
– Banks, Cooperatives, Micro Finance Institutions
• Non-Institutional Channels
– Landlords, Shop-keepers, traders/suppliers and Money
Lenders
– Share down from 91% (1951) to 45% (1991)
• 87% SF/MF do not access formal system
• Intt rates range from 24 - 60 & even 120% pa
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 Rural Banking - Committees
• Rural Banking Enquiry Com – 1950
• All India Rural Credit Survey – 1954
• State Bank of India – 1955; Associates - 1957
• National Credit Council – 1967
• Gadgil Study Group : LBS : 1969
• 14 Banks Nationalisation : 1969
• Differential Interest Scheme : 1972
• Dantwala Committee : RRBs : 1975
• 6 Banks Nationalisation : 1980
• Service Area Approach : 1989 : Loan Melas, Debt Waivers
• Financial / Banking Sector Reforms : 1991 / 1997
• IRDP, DWCRA, TRYSEM, NREGP, Kisan Credit Cards...
• Dr Raghuram Rajan Committee on FSR...2007
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 Financial Sector Reforms
• Transparency of Balance Sheets – No Accrual but actual a/c system
• Corporate Governance and Disclosures
• NPA Norms – Provisioning for Bad Debts, DRTs, CDR, OTS
• Privatisation, Mergers, Consolidation of Banks
• Basel I & II Norms, KYC, AML guidelines
• Deregulation of Interest Rates, Wealth Management...
• Downward Revision of CRR, SLR...
• Introduction of PLR, CAR (Tier I & II Capital) ...
• Re-organisation – Branch Relocations, Closure / Timings..
• Computerisation – ATMs, Mobile/Internet Banking, Credit/ Debit Cards
• Voluntary Retirement Scheme -
• Customer Service, CRM., Ombudsman Scheme
• Asset Liability / Risk Management
• New Products / Services – Outsourcing, Franchisees, DSAs,
• Dematerialisation, ARCIL, Bancassurance, CIBIL, SMERA, MSMED
Act, CGTSME, Mutual Funds, Educational Loans, Retail Banking...
• Roadmap for new Foreign Banks / Branches - 2009
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 Bank network for rural credit
June 2002

Reserve Bank of India Government of India

NABARD

Public Sector Private Foreign

Banks (27) RRBs (196) Banks (31) Banks (41)

TOTAL
Rural 19,275 12,060 1,138 0 32,473
Semi-urban 10,903 2,037 1,761 2 14,703
Urban 8,737 359 1,322 20 10,438
Metro 7,203 17 1,155 180 8,555
Total 46,118 14,473 5,376 202 66,169

+ the cooperative banks

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Com’l Banks & branch expansion
Banks 2002 2003 2004 2005 2006
SBG 13,722 13,751 13,799 13,921 14,039
PSBs 33,832 34,182 34,465 34,988 35,356
Foreign 252 212 224 245 261
RRBs 14,689 14,717 14,716 14,746 14,747
OSBs 5,600 5,592 5,949 6,448 6,746
NSBs 20 24 27 25 28
TOTAL 68,115 68,478 69,180 70,373 71,177

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 Formal Bank Network In India
Reserve Bank of India
Government of India

NABARD

Public Sector RRBs (96) Private Credit

Banks (28) LABs (4) Banks (24) Cooperatives

Rural 18,197 11,444 / 5 987 SCB – 31

Semi-urban 11,736 2,481 / 14 2,077 DCCB – 367
Urban 10,247 522 / 11 2,102 PACS – 108779
Metro 9,726 59 / 0 1,901 SCARDB – 20
Total 49,906 14,506 / 30 7,067 PCARDB - 727

13,104 NBFCs registered with RBI.

1853 Urban Co-operative banks with 7217 branches.
 Foreign Banks Urban – 43, Semi Urban – 2, Metro – 227. (Total 272)

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 Com’l Banks and Branches
Banks Jun’07 Sep’07 Dec’07 Mar’08 Jun’08
No. 181 179 176 173 171
ASCBs 177 175 172 169 166
-RRBs 96 95 92 90 88
Rural Brs. 30,409 30,438 30,546 30,732 30,955
SUrban 16,332 16,481 16,743 17,212 17,771
Urban 12,967 13,209 13,510 13,944 14,412
Metro 11,789 11,989 12,214 12,438 12,865
TOTAL 71,497 72,117 73,013 74,326 76,003

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 Priority Sector Lending and
Poverty Alleviation Programs
• NCC recommendations in 1968
• Priority Sector defined – Agl, SSI & Others
• Target 33-1/3 % (1979) revised 40% (1985)
• Foreign Banks too to lend 32% of NBC
• CS Murthy (RBI) Working Group revision
and new guidelines in April 2007
• To include Small and Micro Enterprises as
per MSMED Act, 2006
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 Outstanding Credit to Priority Sector
from Banking Sector
(Rs in Crore)

Category 2004 2005 2006 2007 2008

Priority Sector 2,63,834 3,74,953 5,10,975 6,32,647 7,72,186

(a+b+c) (24.7) (42.1) (36.1) (24.0) (22.0)
a. Agriculture 90,541 1,24,269 1,73,875 2,30,180 3,06,387
(23.2) (37.3) (39.9) (32.4) (33.1)
b. Small Scale 65,855 74,189 91,020 1,16,908 1.94,720
Industries (9.0) (12.7) (22.7) (28.4) (66.6)
c. Other Priority 1,07,438 1,76,495 2,45,280 2,85,559 2,71,079
Sectors (38.3) (64.3) (39.0) (16.4) (- 5.07)

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 Population Group-wise o/s credit
(% to Total)
Popn’ Gr. Mar’2001 Mar’2005 Mar’2006 Mar’2007

Rural 10.1 9.2 8.4 7.9

S Urban 11.5 11.3 10.0 9.7

Urban 16.8 16.4 16.4 16.2

Metro 61.6 63.1 65.3 66.1

All India 5,564 11,578 15,175 19,146

(Rs Bn.)
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FGD
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 Financial Inclusion and
Micro Finance
• Commenced in seventies sporadically
• SEWA in India set up in the year 1975
• Foundation for International Community
Assistance (FINCA) in 1984 started Village
Banking by Dr John Hatch, a Full Bright
Scholar working in Bolivia
• UN Millennium Development Goals : 2000
• 2005 – International Year of Micro Credit
12/07/21 JKSHIM, Nitte, India 42
 Business Facilitators and
Business Consultants
• MFIs operating in 19 countries in different
continents (including India)
• Outsourcing of Financial Inclusion
permitted by RBI – NGOs, SHGs, MFIs,
Civil Society Organisations, etc
• Pilot Project by Indian Post – 5 Districts of
Tamil Nadu – NABARD experiment – to be
extended to Maharashtra, Madhya
Pradesh, Meghalaya, etc..
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 Post Offices (for savings, the
figure is small)
Population No of Post Population
State In Villages Offices served by a PO
Andhra Pradesh 55.22 14857 3717
Karnataka 34.81 8569 4062
Kerala 23.60 4195 5626
Tamil Nadu 34.87 10205 3417
Gujarat 31.98 8234 3884
Maharashtra 55.73 11270 4945
Rajasthan 43.27 9648 4485
Source: www.indiastat.com
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 Indian MFIs in the Top 50 List in
the World – 2007
S No. Rank Name of MFI
1 2 Bandhan (Society and NBFC)
2 13 Microcredit Foundation of India
3 15 Saadhana Microfin Society
4 19 Grameen Koota
5 23 Sharada’s Women Association
6 29 Asmitha Microfin Ltd.,
7 44 SKS Microfinance Private Ltd.
12/07/21 JKSHIM, Nitte, India 45
 Index of Financial Inclusion (IFI)
• Proposed by Ms Mandira Sharma, ICRIER
• Measured in 100 countries
• A multi-dimensional index, captures information on various
dimensions
• Easy to compute and is comparable across countries
• Three basic dimensions – Banking Penetration, Availability
of Banking Services and Usage of Banking System
• India ranked poorly, below African countries like Kenya and
Morocco – ranked 50th much below China but above
Russia considering number of bank branches, ATMs,
people served, amounts of bank deposits and credit

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 Micro Credit Rating
International Ltd. (M-CRIL)

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 NABARD’s Largest Financial
Inclusion Programme in the World
• 58 million poor households provided access
to banks through 3.48 million SHGs.
• Savings of SHGs with banks $ 703 million.
• Bank loans availed by SHGs $ 2473 million
• NABARD Refinance support $1412 million
NABARD Promotional support $5.5 million
•SHG- Bank Linkage programme in India facilitated
by NABARD, implemented by Banks, NGOs and
Government agencies

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Outreach of the SHG Bank Linkage Program
800
12
No of Households in Thousands

11 700

No of SHGs in Thousands
10
9 600
8 500
7
6 400
5 300
4
3 200
2
100
1
0 0
1994-95

1995-96

1998-99

2001-02

2002-03
1992-93

1993-94

1996-97

1997-98

1999-00

2000-01
No. of SHGs in Thousands No. of Households in Million
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 Micro-Finance reach in India
• Microfinance in India through its two major channels –
SHG Linkage and MFIs – served over 33 million Indians,
up by 9 million over FY 2006-07
• 4 out of 5 microfinance clients in India are women.
• Micro-credit portfolio of India Microfinance was
Rs. 22,000 crore
• 75% are accounted for by SHG Linkage, 20% by large
MFIs and 5% by medium and small MFIs
• SHG Linkage reports over Rs. 3,500 crore savings, only
MFI Bank, KBS Bank reports about Rs. 40 crore savings
portfolio
• MFIs operate in 209 out of 331 districts of the country,
28% of the new clients are from Urban areas.
 Source : Sa-dhan, Bharat Micro-finance Report, 2008

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 SBI’s e-Gram Project in Gujarat
• To provide all banking products / services
• Customers not to visit branches personally
• Target more than 5,000 rural ICT kiosks
• Villagers to start a bank a/c with Rs. 50
• Zero balance accounts also permitted
• MOU with Indian Postal Dept to act as a facilitator
for 50 Post Offices at Surendra nagar, Anand and
Bharuch districts
• Also signed with Gujarat Agro Ind Corp to market
bank’s products in 700 out of its 1200 outlets
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 Micro Finance Bill 2007
• Bill introduced in Parliament in March 2007
• To regulate MFIs in India
• Proposed NABARD as regulator
• Conflicting with promotional and participatory
role in SHG-Bank Linkage Program
• Bill referred to experts for opinion and kept in
abeyance
• To re-examine and finalise the provisions
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 Financial Education
• RBI’s Financial Education Initiative
• “Project Financial Literacy”, games, films...
• In 13 Indian Languages including English
• To disseminate information regarding
Central (Money Kumar) and General
Banking (Raju) concepts to various target
groups including school and college going
children, women, rural and urban poor,
defence personnel and senior citizen
• www.rbi.org/financialeducation
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 TECHNOLOGY
DEVELOPMENTS IN BANKING
• ALPMs
• CLEARING HOUSE
• CAR,CRR,SLR,PS,NPAs
• CREDIT/DEBIT CARDS
• NICNET,I-NET, RABMN
• INFINET, RBINET
• BANKNET, NDS, SFMS
• MICR, ATMs, SWIFT
• DEMAT, IT ACT-2000
• INTERNET BANKING
• ECS, EFT, SEFT, RTGS
• CROSS SELLING
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• ALM & RM, MIS
• CRM, KYC, AML
• Core Banking Solutions
• KISAN /SME CARD
• CREDIT INFO BUREAU
• DISASTER MANAGEMENT
• Cheque Truncation
• CYBER CRIMES –
HACKING, PHISHING,
PHARMING, TROJAN,
SKIMMING, ETC
• SMART CARDS
58
 ACCION International
ACCIÓN International, a private
nonprofit organization
Mission:
founded in 1961, Give people the tools they need to work
• works to reduce poverty their way out of poverty
• by providing financial
services
Means:
• through its network of By building strong microfinance
partner financial institutions
institutions
• to the millions of working
Core Operating Principles:
poor throughout the world
Social impact and scale
Sustainability
Link to commercial markets

Pervasive, permanent impact

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 Technology Solutions being
tried in India
• Smart card, hand held terminal, central
CPU
• Low cost ATMs
• Mobile Phone Banking
• SMS Banking
• Public Call Office (PCO) Connectivity.

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 Way Forward
Targets fixed for each Branch of Commercial
Bank/Regional Rural Bank to :
– Open 250 accounts every year
– Issue 100 Farmers’ Credit Card
– Issue 100 General Credit Card
– Distribute 100 micro insurance policies

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 Way Forward (contd...)
• Micro Finance Sector (Development and
Regulation) Bill, 2007 under consideration
• Setting up of Rural Credit Information Bureau
• Ensuring effectiveness of Business Facilitator
(BF) / Business Correspondent (BC)
• Micro finance Development and Equity Fund
• Micro finance Ombudsman
• Regulatory and developmental power to NABARD

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 Recommendations
• Benefits of economic development to percolate
down to needy sections of population
• GOI to concentrate on (i) infrastructure
development (ii) basic amenities (iii) integration of
water source (iv) setting up of SEZs (v) opening
of e-choupals (vi) strengthening of Postal
services (vii) enlisting of Farmers Clubs, NGOs,
etc., (viii) Agricultural Research Stations (ix)
Opening of Vocational Training Centres,
Industrial Training Institutes for rural youth ...
• Employment / Income generation leads to FI...
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 Conclusions
• 100% Housing, Employment, Electrification,
Literacy yet to be achieved after 6 decades of
planned development
• 100% Financial Inclusion in next 5 years?
• FI is existing in countries like UK, USA too
• FI is not to be an old wine in new bottle
• Financial Intermediaries are complying with all
developmental programs
• It is a collaborative effort between Govt, Banks,
NGOs, Development Financial Institutions, etc..

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 Questions please?

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Thanks for your Attention
Chowdari.p@absindia.org
chowdarip@gmail.com
Mob: 09242124642
080-27841605