287 apurv yadav
DESCRIPTION
EconomicsTRANSCRIPT
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Impact of Financial stability of Banks on Financial
Inclusion in India
Apurv yadav PGP/18/287
Business Research Methods Proposal
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Abstract:
This paper examines the impact of Financial stability of banks on
financial inclusion. Given the fact that the Indian Economy has
been growing at 6-8% per annum but at the same we are facing
rising disparity between rich and poor. This means that though we
have been able to control poverty but fruits of growth are not
equally distributed. Governments focus was initially increasing
productivity thus drafted schemes to provide credit but after
launching financial reforms in 19991 we saw sudden regulation to
improve the financial health of the banks. This paper also includes
a rich theoretical framework in terms of the academic research
done on the effect of financial stability on financial inclusion in India.
The research would make use of both Primary and Secondary Data
from banks throughout India. Both public and private sector banks
would be covered. The nature of data collected would be qualitative
as well as quantitative in nature. The paper looks into the key
trends in financial sector like Micro finance institutions and
contribution of them to achieve financial inclusion. The paper
concludes by saying that to realize Indias Banks full potential
in terms of reach, a lot of parameters such as systematic
reformation of Banking sector, cumulative synergies of financial
institutions, government needs to be worked on.
Introduction (Problem Description)
India is a country where majority of the population still depends up
on agriculture heavily. Describing India, the AIRCS had said, India
is essentially Rural India and Rural India is virtually the cultivator,
the village handicraftsman and the agricultural laborer.
Independent India adopted developmental strategy focusing on
enhancing production and productivity. To achieve these
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objectives, the stance of policy towards rural credit was to ensure
provision of sufficient and timely credit at reasonable rates of
interest to as large a segment of the rural population as possible.
The strategy was based on expansion of the institutional structure,
directed lending to disadvantaged borrowers and sectors and lower
interest rates. The chosen institutional vehicles for the task were
cooperatives, commercial banks and Regional Rural Banks and
government was to some extent successful in achieving its target
as the growth of credit during 1970-95 in real terms at 7 percent
was greater than the annual growth in GDP, Real public agricultural
capital formation at 3 per cent, Real private agricultural capital
formation at 4 per cent, Real agricultural input spending at 6 per
cent. However in the recent times, the policies adopted by RRBs,
commercial banks are more focused on improving balance sheet
rather than serving their basic purpose of providing easy and
simple credit to poor and needy farmers.
Problem Definition
Banks focus on financial sustainability can be attributed to a lot of
factors like:
Improved return on assets
Increased commercial freedom
Growing Capital adequacy
Neglect of small and marginal farmers
Attention to qualitative aspects of lending
Increased profitability
Gained freedom to invest in the money market
All these factors imply that commercial banks, RRB started given
more weightage to financial indicators of performance. However,
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much of this turnaround has resulted from shift to investment in
government bonds and loans to the non-poor in rural areas. The
focus on financial sustainability has cost outreach dearly. Recent
years have witnessed a sharp decline in the share of rural and
small loans in the portfolio of the banks.
Problem Structuring
Behavior over Time Graph
Following are the variables:
Capital freedom
Capital adequacy
Return on assets
Financial inclusion
Neglect of small and marginal farmers
Attention to qualitative aspect of lending
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Financial inclusion Capital
Freedom
Capital Adequacy
Return on Assets
Neglect of small and
marginal farmers
Attention to qualitative
aspect of lending
Theoretical Explanation of the BOT Graph
It is observed that Financial stability of Public and Private sector
banks has been improving over the time and this could be further
reinforced by improvement in return on assets, profitability, capital
adequacy of banks. However, financial stability of banks is
achieved at the cost of wider outreach of banks as small and
marginal farmers are neglected and thus informal credit market is
strengthened day by day. In fact, financial inclusion has been
decreasing.
Time
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Stakeholder Chart
Government
Public and Private sector Banks
Micro finance
institutions
Regulatory authority
Customers
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Specific Stakeholder chart
Government:Central
State
Panchayat
Customers:Rich Farmers
Small and Marginal Farmers
General Borrowers
Public and Private sector banks:
RRB
Schdelued commercial Banks
Cooperative Banks
Regulatory authority:
NABARDRBI
Micro Finance Institutions:SEWABandhan
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Research Objective and Research Questions
Research Objective
The overall objective of research is to suggest ways to improve the
contribution of banks towards achieving financial inclusion which
has been declining and much skewed in the light of reforms
initiated by central government over the last 7-8 years.
Research Questions
What are the factors which impediment Financial inclusion in
India?
How Financial stability of Banks affects broader goal of
providing cheap credit to rural, poor household?
How is Financial stability of Banks related to Financial
inclusion?
What measures are needed to be taken to fully realize Indias
banking network potential?
How Micro-Finance could bridge the existing gap between
demand and supply of credit?
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Literature review
The basic aim of the financial sector reforms was to improve the soundness, efficiency and productivity of all credit institutions, including rural credit institutions whose financial health was far from satisfactory. The reforms sought to enhance the areas of commercial freedom, increase their outreach to the poor and stimulate additional flows to the sector. The reform programme also included far reaching changes in the incentive regime through liberalizing interest rates for cooperatives and RRBs, relaxing controls on where, for what purpose and whom rural financial institutions [RFIs] could lend, introducing prudential norms and restructuring and recapitalizing of RRBs. [1] Over its entire lifetime, the formal rural banking system in India has struggled to balance the dual objectives of outreach and financial performance. A post -reform shift in focus has benefited the latter only at the expense of the former. Over its entire lifetime, the formal rural banking system in India has struggled to balance the dual objectives of outreach and financial performance. A post -reform shift in focus has benefited the latter only at the expense of the former.[2] Besley (1994) examines the view that credit market interventions should be restricted to cases where a market failure has been identified, given reports of financial repression. A case in point is government regulations to hold interest rates on loans below market clearing levels. Without a market clearing mechanism, savings and credit are misallocated. Many of these policies were not consistent with helping the poor. The default rates were high, and much of the benefits of credit subsidies accrued to the wealthier farmers.[3]
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A market failure occurs when a competitive market fails to achieve
an efficient allocation of credit. Loans are traded competitively
and the interest rate is determined by supply and demand. A
Pareto efficient outcome for credit is when the loans cannot
be reallocated to make one individual better off without making
another worse off. Failure to repay a loan either because of a
contingency or unwillingness to pay require a legal enforcement
framework. But if the costs of enforcement are high, a lender may
cease to lend. Another difficulty is informational imperfections.
Willingness to lend depends on the reliability of the borrower and
on the likelihood of the borrower using the funds wisely.
Absence of such Information is an impediment to lending to
some.[4]
As monitoring is not costless and enforcement and information are far from perfect, a constrained Pareto efficiency criterion is invoked.This allows for the full set of feasibility constraints. So a market failure occurs when the credit allocation is not constrained Pareto efficient. Markets also operate inefficiently when there are externalities. Three features of rural credit markets are salient. (a) Collateral that could be seized if the borrower defaults is typically scarce in rural areas. The borrowers are too poor to have assets that could be collaterised. This difficulty is exacerbated by the absence of well- defined property rights that come in the way of appropriating collateral in the event of a default. (b) Lack of literacy, and weak communications tend to make formal bank arrangements costly for many individuals. Absence of complementary markets such as insurance Markets compounds the repayment problems. If individuals could insure against Income volatility, the default may be less of a problem.
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(c) A related but distinct feature is that agriculture on which large segments of the rural population still depend for their livelihood is prone to weather shocks, and volatility of market prices that affect whole regions. Such shocks result in large-scale defaults. This problem is exacerbated if large groups withdraw their savings at the same time. If lenders loan portfolios were more diversified, the severity of these risks would be considerably lower. In fact, however, rural credit markets tend to be segmented in the sense that a lenders portfolio is concentrated on a group of borrowers that face a common income shock-either because they are concentrated in one geographic region, or because they produce a particular crop, or because they belong to a particular kinship group.[5] Segmented credit markets depend on informal credit, such as local money lenders, friends and relatives, rotating credit and savings associations that use local information and enforcement mechanisms. As a result of segmentation, funds fail to flow across regions or groups of individuals despite potential gains from doing so, as credit needs differ across locations. For example, a drought may require credit to diversify livelihoods. Deposit retention schemes that require a percentage of deposits to be reinvested in the same region further exacerbate the segmentation. Optimal financial intermediation involves a trade-off: while local lenders have better information and may be more accountable to their depositors than large, national lenders, the latter have better access to more diversified portfolios. [6] Overall, the concerns in relation to rural credit other than those relating to structural issues - are generally expressed in terms of-
Inadequacy of credit
Constraints on timely availability of credit
High interest rates
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Neglect of small and marginal farmers
Merging and revamping of RRBs that are predominantly located in tribal/ backward regions is seen as a potentially significant institutional arrangement for financing the excluded. Such an exercise is currently on and the State Governments and Sponsor Banks have to come together and cooperate in this area. [7] Lets focus on the whole issue those who are financially excluded in the rural areas and the extant institutional response to them. The survey data point out that of the 147.90 million rural
households in the country, around 89.35 million households or
roughly 60% are cultivator households. Of these cultivator
households, 48.6% translating into 43.40 million households are
indebted to either formal sources or non-formal sources or to both.
By implication, nearly 51% of cultivator households translating into
45.95 million households or over 200 million, poor are not indebted
at all. It is pertinent to note that in the non-indebted category, 88%
of the households are headed by SF/MFs with farm holdings of less
than 2 hectares. [8]
Financial inclusion refers to delivery of financial services at an affordable cost in a fair and transparent terms and conditions to vast sections of disadvantages, weaker and low income groups including household enterprise, small medium enterprise and traders. It not only enhances overall financial intensity of agriculture but also help in increasing rural nonfarm activities which lead to development of rural economy and improve economic condition of people. Financial inclusion include micro credit, branchless banking, no- frills bank accounts, saving products, pension for old age, microfinance,self help group, entrepreneurial credit etc. In short Financial Inclusion is: NFA + Banks+ OFIs+ MFI+ IT = Financial Inclusion
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Where, NFA - No frills bank account OFIs - Other financial Institutions MFI - Micro financial Institutions IT Information Technology Thus, financial inclusion needed for equal opportunities to all section of people in country, inclusive growth, economic development, social development and business opportunity. Around 45% of Indian population suffers from poverty and hunger in which only 31% has access banking services and 80% populations are without life, on-life and health insurance etc. Due to seeking vast opportunity of Growth of Indian banking system Indias national vision for 2020 has mission to open nearly 600 million new customers banks account and services through a variety of channels as micro finance, micro insurance, Regional rural banks, NABARD, Self-help groups, new bank branches in unbanked areas etc.[9] The financially excluded sections largely comprises of marginal farmers, landless labourers, self-employed and unorganized sector enterprises, urban slum dwellers, migrants, ethnic minorities and socially excluded groups, senior citizens and women. The majority of the group included those people living in rural areas and inaccessible to financial services. [10] Consequences of financial exclusion will vary depending on the nature and extent of services denied. It may lead to increased travel requirements, higher incidence of crime, general decline in investment, difficulties in gaining access to credit or getting credit from informal sources at exorbitant rates, and increased unemployment, etc. The small business may suffer due to loss of access to middle class and higher-income consumers, higher cash handling costs, delays in remittances of money. According to certain researches, financial exclusion can lead to social exclusion. [11]
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An interesting feature which emerges from the international practice is that the more developed the society is, the greater the thrust on empowerment of the common person and low income groups. It may be worthwhile to have a look at the international experience in tackling the problem of financial exclusion so that we can learn from the international experience. In UK, one out of 12 households do not have basic current account with any bank. The Financial Inclusion Task Force in UK has identified three priority areas for the purpose of financial inclusion, viz., access to banking, access to affordable credit and access to free face-to-face money advice. UK has established a Financial Inclusion Fund to promote financial inclusion and assigned responsibility to banks and credit unions in removing financial exclusion. Basic bank no frills accounts have been introduced. An enhanced legislative environment for credit unions has been established, accompanied by tighter regulations to ensure greater protection for investors. A Post Office Card Account (POCA) has been created for those who are unable or unwilling to access a basic bank account. The concept of a Savings Gateway has been piloted. This offers those on low-income employment 1 from the state for every 1 they invest, up to a maximum of 25 per month. In addition the Community Finance Learning Initiatives (CFLIs) were also introduced with a view to promoting basic financial literacy among housing association tenants. [12] In USA, among the low income families, 22percent do not have either a current or savings account. The USA government has taken various measures to deal with the problem of financial inclusion. A civil rights law, namely Community Reinvestment Act (CRA) in the United States prohibits discrimination by banks against low and moderate income neighbourhoods. The CRA imposes an affirmative and continuing obligations on banks to serve the needs for credit and banking services of all the
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communities in which they are chartered. In fact, numerous studies conducted by Federal Reserve and Harvard University demonstrated that CRA lending is a win-win proposition and profitable to banks. In this context, it is also interesting to know the other initiative taken by a state in the United States. Apart from the CRA experiment, armed with the sanction of Banking Law, the State of New York Banking Department, with the objective of making available the low cost banking services to consumers, made mandatory that each banking institution shall offer basic banking account and in case of credit unions the basic share draft account, which is in the nature of low cost account with minimum facilities. An interesting feature of basic banking account scheme is the element of transparency i.e. the banking institution should, prior to opening the account, furnish a written disclosure to the account holder describing the main features of the scheme i.e. the initial deposit amount required to open the account, minimum balance to be maintained, charge per periodic cycle for use of such account, maximum number of withdrawal transactions without any additional charge and other charges imposed on transactions for availing electronic facility not operated by the account holders banking institution, etc. [13] In France, as per the 1984 Banking Act, any person refused a bank
account can approach the Bank of France, which will identify and
nominate an institution to provide thebank account. In 1992, French
banks signed a charter undertaking to open bank accounts at an
affordable cost with related payment facilities to all.
Thus, it is observed that even in developed countries, the State has
accepted financial inclusion as an important measure for socio-
economic development of the poor and disadvantaged groups.
Various proactive and positive actions have been initiated by the
Governments to deal with the problem of financial exclusion. [14]
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The process of financial inclusion in India can broadly be classified
into three phases.
During the First Phase (1960-1990), the focus was on channeling
of credit to the neglected sectors of the economy. Special
emphasis was also laid on weaker sections of the society. Second
Phase (1990-2005) focused mainly on strengthening the financial
institutions as part of financial sector reforms. Financial inclusion in
this phase was encouraged mainly by the introduction of Self- Help
Group (SHG)-bank linkage programme in the early 1990s and
Kisan Credit Cards (KCCs) for providing credit to farmers. The
SHG-bank linkage programme was launched by National Bank for
Agriculture and Rural Development (NABARD) in 1992, with policy
support from the Reserve Bank, to facilitate collective decision
making by the poor and provide door step banking. During the
Third Phase (2005 onwards), the financial inclusion was explicitly
made as a policy objective and thrust was on providing safe facility
of savings deposits through no frills accounts. The Report
Committee on Financial Inclusion headed by
Dr.C.Rangarajan(2008) has observed that financial inclusion must
be taken up in a mission mode and suggested a National Mission
on Financial Inclusion (NMFI) comprising representation of all
stakeholders for suggesting the overall policy changes required,
and supporting stakeholders in the domain of public, private and
NGO sectors in undertaking promotional initiatives. [15]
World Bank study in April 2012, which had shown half of the worlds
population held accounts with formal financial institutions. The
study said only nine per cent of the population had taken new loans
from a bank, credit union or microfinance institution in the past
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year. In India, only 35 per cent have formal accounts versus an
average of 41 per cent in developing economies. India also scored
averagely in respect of credit cards, outstanding mortgage, health
insurance, adult origination of new loans and mobile banking.
Financial inclusion remains a substantially unfinished agenda,
said the report. RBI has admitted that they have faced criticism
from extreme votaries of strong interventionist policies to promote
financial inclusion and it was argued that such directed lending
rates leads to misallocation of resources. However, the central
bank said it has striven to ensure a balance between equity and
efficiency considerations so that financial inclusion is furthered
while not compromising on the financial health and the lending
capacities of the banks. [16]
Latest figures indicate that there are over 110,000 business
correspondents employed, which is not a large number in context
of the number of banked villages, RBI said. However, the regulator
said, they have taken several initiatives to make financial inclusion
high on the agenda of Indian banking in the recent years. It required
banks to provide no-frills account, tried to improve the outreach of
banks through the business facilitator and business correspondent
(BC) models and set up goals for banks to provide access to formal
banking to all 74,414 villages with population over 2000.
RBI also adopted the information, communication, technology-
based agent bank model through BCs for door-step delivery of
financial products and services since 2006. However, in its annual
report, RBI said the BC model has not been effective in addressing
financial inclusion needs. The model, by itself, cannot serve the
financial inclusion objective. It cannot substitute the services and
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the customer confidence that the brick and mortar bank branches
provide, said RBI in the report. [17]
Financial inclusion calls for significant investment in technology
based applications, related research and development efforts,
comprehensive MIS and monitoring and valuation systems. Banks,
especially those who desire to have much longer exposure to
under-banked/unbanked population could collaborate with
technology service providers (TSPs), mobile network operators
(MNOs), corporate houses and various categories of BCs to
develop efficient delivery models. It is heartening to note that a few
banks have also started taking initiatives with couple of them
appointing Mobile Service Providers (MSP) to act as their BC. The
strategy should aim to create a facilitating eco-system, leveraging
on technology and promote partnerships of brick and mortar
branches including ultra-small branches with the ICT based BC
outlets for evolving an effective financial inclusion delivery
mechanism. [18]
Banks have to look at their policies and procedures to develop
new product lines rather than merely adopting the complex
products of urban India in the rural milieu. Providing simple and
basic banking services in the form of deposit account with
remittance services and small credit facility would ideally suffice for
bringing the unbanked into the folds of banking system. This will
require easy-to-understand documentation process, preferably in
the vernacular language, sufficient to meet the legal requirements
of the banking entity or the service provider. Innovations, however,
should not be restricted merely to product designing. Given the fact
that poor are generally susceptible to events that can adversely
affect their already fragile livelihoods, more focus is required on
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enhancing the staying power of the poor. Here comes the
importance of insurance which need to be enmeshed with banking
products in a seamless manner. Banks should institute systems of
reward and recognition for personnel initiating, ideating, innovating
and successfully executing new product initiatives and services in
the rural areas. [19]
Campaigns for spreading awareness about financial inclusion and
financial literacy need to be intensified. This can be done through
innovative dissemination channels including films, documentaries,
pamphlets and road shows. Stakeholders, including the regulators
and policy makers, may launch large scale awareness
programmes. Reserve Bank of India is in the process of launching
electronic Banking Awareness And Training (e-BAAT)
programmes to increase awareness about technology enabled
financial services. Initiatives need to be taken for including financial
literacy as a regular curriculum in school syllabus. Training
programmes for bank staff, particularly for the frontline staff, should
include aspects relating to financial education of the customers.
There is also a great need for certain amount of standardization of
services/facilities extended by the Financial Literacy and Credit
Counselling Centre (FLCC) being set up at several centre by the
Lead Banks. Such facilities should cover the entire gamut of the
requirements of the under-privileged/inadequately informed
customers (e.g. basic financial concepts, appropriateness of
savings ad credit products, use of credit cards, financial planning
and debt management, retirement planning/micro-pension,
insurance, investment, grievance redressal mechanism,
awareness about electronic banking and the safeguards to be
followed, etc.). It is hoped that the efforts to evolve a nationwide
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strategy of financial literacy involving all the financial sector
regulators across banking, insurance, capital market and pension
products would bear the fruits. [20]
Proposed Methodology and Methods
Methodology
The research would make use of both Primary and Secondary
Data from banks, farmers throughout India. Both public and
private sector banks would be covered. The nature of data
collected would be qualitative as well as quantitative in nature. The
methods of collection would include questionnaires and personal
interviews.
Methods
1. Personal Interviews
A total of around 60 private & public sectors banks would
be interviewed . Personal interviews would be conducted
with the branch manager of the various rural banks and the
average time period per interview would be approximately
an hour.
The interview would gauge the following:
Level and Scope of Financial inclusion
Reason for neglecting small and marginal farmers
Strength of informal credit market
Strategies followed by banks to achieve financial stability
Scope of Microfinacial institutions
Impact of financial stability on financial inclusion
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Questionnaires
Detailed questionnaires would be sent through mail across various
Micro financial institutions as taking an interview for all banks is not
possible. These questionnaires would analyse the investment
trends in money market, capital market, the attitude of banks with
respect to lending to small and marginal farmers. This will give an
insight into what the ground reality is, what banks are willing to
invest and what actions does the government need to take to
encourage banks to offer lending to small and marginal farmers.
Secondary Data
In addition to primary data collected, research would require
secondary data based on the reports like Economic Survey of India
published by Finance Ministry. Other prestigious report published
by Mckinsey, Crisil, Ernst and Young and other government
departments in order to analyse data with respect to financial
inclusion. Rising profitability, improving return on assets, financial
prudence affects tendency of offering credit to small and marginal
farmers.
Significance of the study
The role of the financial system in India, until the early 1990s,
was primarily restricted to the function of channelling resources
from the surplus to deficit sectors. Whereas the financial system
performed this role reasonably well, its operations came to be
marked by some serious deficiencies over the years. The banking
sector suffered from lack of competition, low capital base, low
productivity and high intermediation cost. Reforms were launched
and in the banking sector, the focus was on imparting operational
flexibility and functional autonomy with a view to enhancing
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efficiency, productivity and profitability, imparting strength to the
system and ensuring accountability and financial soundness.
In order to outpace chinas growth, India needs to achieve
ambitious goal of financial inclusion as suggested by Nachiket Mor
and other panel members. Financial inclusion include not only
banking products but also other financial services such as
insurance and equity products.
Limitations of the Study
The study is proposed to study the quantitative and qualitative
aspects of the impact of financial stability on financial inclusion.
Large samples are required and there are logistical difficulties
present in gathering large samples. Moreover using large samples
will increase the cost of research. The interviews taken would be
very rigid as quantitative analysis will not allow for flexibility.
It is difficult to form a sample which is large enough and
representative of the population as it has to cover the entire country
across public and private sectors banks. Moreover financial
institutions of large, medium and small sizes need to be taken into
account as the contribution of each of them need to be analyzed.
The results cannot be generalized to past, future situations as topic
of study involves several complex variables so one must take other
inputs while coming to conclusion.
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