icici bank in micro- finance: breaking the barriers nachiket mor, executive director, icici bank san...

ICICI Bank in Micro-finance: Breaking the barriers

Nachiket Mor, Executive Director, ICICI BankSan Francisco, December 13, 2004

2

About ICICI GroupAbout ICICI Group

Agenda

ICICI Bank & Micro-financeICICI Bank & Micro-finance

New Revolutionary ChannelsNew Revolutionary Channels

Micro-finance in IndiaMicro-finance in India

What is Micro-financeWhat is Micro-finance

Going AheadGoing Ahead

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The ICICI Group today

Largest private sector bank in IndiaLargest private sector bank in India

Largest consumer credit provider in IndiaLargest consumer credit provider in India

Largest private sector life and general insurer in IndiaLargest private sector life and general insurer in India

Building a global presenceBuilding a global presence

Over 10 million retail customer accountsOver 10 million retail customer accounts

Asset base of Rs 1327.80 bnAsset base of Rs 1327.80 bn

Profit after Tax of Rs 16.37 bn for FY04Profit after Tax of Rs 16.37 bn for FY04

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Technology-enabled delivery

Branches

m-Banking

ATMsInternet Banking

Call Center

s

Multi-channel delivery model

Successful migration to technology channels such as ATMs, Internet, mobile banking and call centers Only 27% of transaction carried out at branches ICICI Bank’s annual technology operating expense per

customer estimated to be 5-10% of global banks

Successful migration to technology channels such as ATMs, Internet, mobile banking and call centers Only 27% of transaction carried out at branches ICICI Bank’s annual technology operating expense per

customer estimated to be 5-10% of global banks

5

Share of transactions in

March 2000


March 2000ChannelChannel

2%2%Internet & mobileInternet & mobile

3%3%ATMsATMs

94%94%BranchesBranches

Call centreCall centre 1%1%


May 2004


May 2004

17%17%

46%46%

27%27%

10%10%

Transforming channel usage

India’s largest online trading site with about 460,000 customers and 43% of NSE’s online trading volume

India’s largest online trading site with about 460,000 customers and 43% of NSE’s online trading volume

6

About ICICI BankAbout ICICI Bank

Agenda






7

What is micro finance…

The provision of thrift, credit & other financial services of very small amounts to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and improve living standards.

Micro credit

Insurance and Investments

Savings

Transfer Payment

8

Institutional micro-finance is important for poor people…

SavingsStore excess liquidity for future use

Obtain returns on investments

Keep savings secure and confidential

Avoid negative returns on savings

CreditExpand and diversify enterprises

Helps to reduce risk, improve management, raise productivity

Lower cost than credit from informal moneylenders

Helps increase household income

…and helps smoothen cash flows across time

9


Agenda






10

Indian banking system has achieved a formidable outreach in rural areas 49% (32,538) of all scheduled commercial

bank branches are rural 31% (131.1 million) of the total deposit

accounts are in rural India 43% (22.4 million) of total credit accounts

are in rural India Number of people per branch has reduced

from 64,000 in June 1969 to 15,000 in June 1997 (all India average)

Source: BSR, March 31, 2001, Table 1.3, RBIDeolalkar, G.H., “The Indian Banking Sector: On the road to progress”, A Study of

Financial Markets

Rural banking in India: progress made

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But large gaps persist in reaching out to the poor… For the rural population of 741.0 million

Population per branch: 22,793 Penetration of savings accounts is below 18%

As against 104% in urban and semi-urban areas

Number of villages per branch: 19 High dependence on informal sources

36% of rural credit from informal sources Dependence even higher for lower income

households: 78%Source:BSR, March 31, 2001, Table 1.3, RBICensus, 2001Mahajan, Vijay”A framework for building a sustainable rural financial system (RFS) for India”, BASIX, www.basixindia.com

12

Doorstep banking

Flexibility in timings

Timely availability of services

Low value and high volume transactions

Require simple processes with minimum documentation

High cost of service delivery

Timings and procedures: Rigid and inflexible

High transaction cost for the customers

Expansion of branch network expensive and time taking

Customer needsCustomer needs Present statusPresent status

Banking with the poor is challenging…

…and conventional banking may not be poised to meet these demands

13


Agenda






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Identification of potential growth areas…

Urban India is a third of Indian

population

Urban Middle to High income segment is highly competitive

Buyers’ market

…provided compelling reasons to look at low income clients

Underserved market of 741 million

Credit demand estimated at Rs.450.0 billion

Tremendous potential for all financial services

Urban Markets Urban Markets Low Income Markets

Low Income Markets

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Profitable business opportunities exist…

…setting the path for scale up

Market size and potential of low income clients

Market size and potential of low income clients

Low delinquency in pilot phase

Low delinquency in pilot phase

Creating bigger customers for future

Creating bigger customers for future

VisionTo be the largest provider of financial services in India with a ubiquitous presence; while becoming the major banking sector partner in impacting the economic development process in the country

VisionTo be the largest provider of financial services in India with a ubiquitous presence; while becoming the major banking sector partner in impacting the economic development process in the country

Stepping stone to the entire rural market

Stepping stone to the entire rural market

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Conventional Rural Banking

Conventional Rural Banking

Branch based

Branch based

Manpowerintensive

Manpowerintensive

Channeldriven

Channeldriven

Single Product focus

Single Product focus

Our strategyOur strategy Entrepreneur based

Entrepreneur based

Technology

intensive

Technology

intensive

Customerdriven

Customerdriven

Multiple Product

approach

Multiple Product

approach

An innovative strategy was evolved…

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For unraveling the Bottom of the Pyramid (BOP)

Low IncomeLow Income

Middle Middle ClassClass

Middle Middle ClassClass

Rich/ Rich/ SMESME

…through the right channels* Micro Finance Institutions

Franchisees

MFIs

Kiosks

Corporates

18


Agenda






19

Micro Finance Institutions

20

Existing micro finance models lacked scalability

SHG-Bank LinkageSHG-Bank Linkage

BankBank

SHGSHG

BranchBranch

Bank-MFI LinkageBank-MFI Linkage

MFIMFI

BankBank

Ind./SHG/JLGInd./SHG/JLG

•Bank on lends to MFIs based on their capital

•Bank on lends to MFIs based on their capital

•Branches assess credibility of individual SHG and monitor repayment process

•Group formation by NGOs

•Branches assess credibility of individual SHG and monitor repayment process

•Group formation by NGOs

NGO

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…which would leverage pre existing networks

…which would leverage pre existing networks

ICICI Bank realises the potential of the numerous MFIs and NGOs working in different regions of the country Leveraging their potential may be the

solution for expanding in new areas rather than expanding own network

ICICI Bank has been providing Term Loans to MFIs but scale is limited due to the risk absorption capacity of the MFIs

New structures were required…

22

Partnership Model: Joining Hands to Scale up

23

Bank

Extends loan to MFIs

Create charge on capital for the loan to MFI

Bank

Extends loan to MFIs

Create charge on capital for the loan to MFI

MFI

Extends loan to clients

Create charge on capital for the loan to clients

MFI

Extends loan to clients

Create charge on capital for the loan to clients

ClientsClients Double counting of capital by bank and MFI

Sub-optimal lending structure

Lower flow of resources from banks

Higher pricing than warranted by riskiness of portfolio

Traditional Model of lending to MFIs…

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…Led to the paradox…

Banking system capable of providing large quantum of wholesale finance to the ultimate clients

Banking System

MFIs / NGOs

ClientsA burgeoning segment with effective demand for finance

Grass-root agencies capable of providing origination and supervision support in a cost-effective manner

…of supply being a small fraction of demand for finance

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We decided to resolve the paradox…

Need for a structure that Uses capital parsimoniously Permits all the costs of the operation to

be recovered in a commercially viable manner and incentivises growth

Preserves the incentives of the originator (of the portfolio) to maintain portfolio performance Careful selection of borrowers Ongoing supervision and information

management…through a structure that is capable of massive scaling up

…through a structure that is capable of massive scaling up

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…And evolved the Partnership Model

Provider of loan funds, mezzanine equity and technology

Lends directly to clients with risk-sharing by NGO/MFI

Decides pricing and risk sharing by NGO/MFI based on historical data

Undertakes loan origination, monitoring and collection

MFI provided OD limit by Bank equivalent to amount of risk sharing, which is drawn in event of default upto specified limit

Transfer of economic capital from Bank to MFI

Structure separates risk of the MFI from risk of the portfolio

Banks MFIs

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Model 1

ClientsClientsBankBank NGONGO

Lends 100

No liability No consideration

ROI payable

Mobilisesclients

Capital allocation Against UL

On 100

Efficient use of capital Y

Incentive alignment N

Not constrainedby NGO

b/s

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Model 2

ROI+service fee

ClientsClientsCapital Allocationon 100

r.t MFI rating

On-lends 100

CapitalAllocation

r.t UL on 100 s.t constraint of capital

on MFI b/s

BankBank MFIMFILends 100

ROI

Efficient use of capital N

Incentive alignment Y

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Partnership Model

ClientsClients

Lends 100

not constrained by MFI b/s

BankBank MFIMFI

Provides OD limit as a% of 100 advanced

Commitment feeon OD and penalrate in the EoDK allocation

AgainstPortfolio (100) and

OD limit to MFI (x% of 100)

Servicefee

Applicable ROI

Origination &supervision

Efficient use of capital Y

Incentive alignment YOD limit provides MFI the ability to share risk & catalyse lending without corresponding increases in its equity

capital

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The Partnership Model–key differentiators Intermediary assumes fraction of the

credit risk (to the extent of risk sharing), leading to reduction in capital required

Bank prices on basis of underlying asset rather than rating of intermediary Transition from ‘lending to organisation’ to

‘asset-based lending’ ROE of intermediary significantly improves

with portfolio quality remaining unchanged Scope for leverage of 10-12 times compared

to 2-3 times previously

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Partnership Model: A Win-Win proposition Marries the core competence of

NGOs/MFIs with that of banks Social mobilization skills with finance Lending directly to the borrowers through

innovative channels Model overcomes constraints of

NGOs: Complete dependence on donor funding

MFIs: Capital Adequacy requirements

A sustainable solution for Micro-finance

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Securitization: Creating a Secondary Market for Micro-

finance

33

Credit Enhancement

Credit Enhancement

StructureStructure

Securitization ICICI Bank identifies portfolio

based on fulfillment of minimum criteria and past portfolio performance

MFI continues to collect receivables from the borrowers

MFI equity leverage reduced enabling it to originate further assets

MFI provides ICICI a credit enhancement in the form of a FLDG

FLDG is based on expected losses in the loan portfolio

Detailed study of past portfolio data conducted to arrive at expected loss rates

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ParametersParameters

EnablersEnablers

Securitization: Pricing Advantage of

differentiating between the financial and operational risk of the MFI

Credit Enhancement improves rating of portfolio and enables a highly competitive pricing

Past portfolio performance and expected loss rates

Quality of the governance, management, operating and management information systems of the MFI

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On-tap securitization

ICICI Bank provides the MFI an Advance Purchase Consideration Limit with which the MFI can build assets

Once created assets are assigned to ICICI Bank

MFI can continue to build assets and assign to ICICI Bank on a a regular basis

MFIs are able to scale up their outreach while maintaining a healthy debt-equity ratio

36

Showing the way…

Potential of creating a large secondary market in India for micro-finance receivables Over 300 commercial and co-operative

banks with substantial ‘priority sector’ requirements

Mutual Funds perceiving the assets as AAA securities

Bonds may be issued against the securitized assets of micro-finance….by creating linkages for MFIs to capital

markets

37

Sectoral initiatives to deepen the market

The entity would provide quasi equity, credit wraps and technical & financial services to MFIs

The entity would provide quasi equity, credit wraps and technical & financial services to MFIs

Creating intermediary Financial Institution to provide assistance to Indian MFIs

Enabling access of MFIs to mainstream capital/ debt markets

Enhance resource flows from commercial banking sector

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ICICI’s achievements in this field…

ParticularsParticulars SHG / JLG positionSep ‘04

SHG / JLG positionSep ‘04

Villages covered 8,781

Groups financed 39,740

No of Clients 456,712

…made possible through wide acceptance of the new models by MFIs

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…and commitment to scale up!

100000

30000020000

0

400000

500000

600000

700000

800000

Mar’02

Mar’03

Mar’04

Mar’05

920,000

175,39072,980

244,570

Number of clients

900000

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Developing synergies through Corporate Partnerships…

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CorporateEmployees

CorporateEmployees

Working closely with the Corporate / its Foundation

Low wage employees /contract labourers remain uncovered by formal banking channels

Large village communities existing near corporates establishments

Self Help Groups

Exploring Micro-Credit with Corporates…

Corporate Foundation

Corporate Foundation

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…Implemented Through a Partnership

ICICI BankICICI Bank• Provides

developmental expertise

• Recommends proven intervention strategies

• Identifies NGOs to serve as resource partners

• Can provide credit for micro-financial services

CorporateCorporate• Funds the

program at their chosen location

• Builds capacity in their organization to manage program on an ongoing basis

• Scales up over time to increase impact

GIVE FoundationGIVE Foundation• Corporate

philanthropy services acts as advisor in process

• Facilitates relationship between company and NGO

• Helps build detailed implementation plan and budget

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In summary…

BeneficiaryBeneficiary

SHG

Entrepreneurs

Contract Labourers

LowWage labour

Educated Unemployed

MicrocreditMicrocredit

KiosksKiosks

Housing Loan

Housing Loan

InsuranceInsurance

Provide access toProvide access to

Household assetsHousehold assets

2 wheeler loans2 wheeler loans

Corporate Partnership

Corporate Partnership

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Internet Kiosks

Bridging digital divide through…

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And creating an alternate channel…

Desire to reach audiences not accessible through Micro financeLower cost of setupFaster pace of outreach

Desire to reach audiences not accessible through Micro financeLower cost of setupFaster pace of outreach

Internet Kiosks – Harnessing technology for rural reach

Internet Kiosks – Harnessing technology for rural reach

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Internet Kiosks…

Connects rural India to the world

Internet KioskInternet Kiosk

Connectivity

STD/PCO: •Enabling voice communication

Printer & Other Accessories : Enabling desk top publishing and other similar work

Kiosk Operator:•Entrepreneur•Provides commercial services

Multimedia PC with Power

backup

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Concept of a kiosk

Shared Services PointIncludes village economy in the services

distribution Enhances local economy’s access to financial

servicesFinancial viability achieved at reasonable cost

to consumerSet up in partnership with Government, NGOs,

Corporate

Entrepreneur driven model

Invests some capital in the businessFunctions as the ICICI Bank Franchisee in the

village

Delivery of Financial as well as non-Financial services

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Kiosks can offer financial services

Savings and Remittances

Life & General Insurance

Stocks, Bonds and MFs Credit

Commodity Derivatives Payment Gateway

Agri-Extension Tele-medicine

Education E-Governance

Communications Entertainment

as well as non-financial (partner services)

Financial ProductsFinancial Products Non Financial ProductsNon Financial Products

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The drivers of Rural Internet Kiosks

entrepreneurs & multi-service delivery

The film

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•Unfamiliarity with computers

•No experience in managing business

•Insufficient funds to start business

•Unfamiliarity with computers

•No experience in managing business

•Insufficient funds to start business

•Inadequate products & services

•No Internet Connectivity

•New backend required

•Inadequate products & services

•No Internet Connectivity

•New backend required

Unfamiliarity with products New channel Customer Customer

ProcessProcess

Entrepreneur

Entrepreneur

Challenges faced

and how they were resolved

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•Success contingent on Entrepreneur

•Sustained marketing, sales support crucial

•Success contingent on Entrepreneur

•Sustained marketing, sales support crucial

•Implementation partners’ buy-in essential

•Connectivity is the key

•Implementation partners’ buy-in essential

•Connectivity is the key

Prefer convenience of Kiosks Demand for high value products Customer Customer

ProcessProcess

Entrepreneur

Entrepreneur

Learnings from the channel

Service and convenience wins hands down

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•Over 10,000 kiosks over the next year

•Our services will be offered in 2000+

•Over 10,000 kiosks over the next year

•Our services will be offered in 2000+

•Extends outreach at low cost

•Individual lending models

•New products: remittance linked credit

•Extends outreach at low cost

•Individual lending models

•New products: remittance linked credit

Financial advisory services Credit history available Customer Customer

Microfinance

Microfinance

NetworkNetwork

Implications for future

convenience, flexibility, a complete financial solution

54

ICICI Bank’s kiosk network is increasing…

State TotalMaharastra 94

Kerala 36

Tamil Nadu 224

Andhra Pradesh 539

Uttar Pradesh 21

Gujarat 8

Karnataka 27

Grand Total 949

Kiosks offer low cost distribution capabilities for our products and

services, reaching out to the rural population

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Agri-input dealers

Fuel-outlet owners

Auto dealers

CA/ Business

• Personal balance sheet scoring model

• Risk sharing by franchisee

• Dealing in retail assets – home, 2 wheeler, auto loans

•Insurance cross sell

• Personal balance sheet scoring model

• Risk sharing by franchisee

• Dealing in retail assets – home, 2 wheeler, auto loans

•Insurance cross sell

Franchisee rolesFranchisee roles

Origination

Credit scoring

Documentation

Collections

1234

Channel conceptChannel conceptChannel partnersChannel partners

Credit franchisee- adapting structured finance for rural segment

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Disability

…and meeting complete financial needs

Life Cycle Events

Death

Property

Covariant

Health

Certain Highly Uncertain

Degree of Uncertainty

Very Large

Small

Relative Loss / Cost

Disability

Savings, credit and

investments

Insurance

Savings offering only

partial coverage

*Framework by Accion

Moving beyond credit…

57

Through comprehensive product suiteInsurance (Ins) – Life

and General

Investments – Mutual Funds designed for Rural

Channels

Home InsHome InsWeather InsWeather Ins

Tractor InsTractor InsAccident InsAccident Ins

KiosksKiosks

Micro Micro FinancFinanc

ee

Life InsLife Ins

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Parameters Covered

Precipitation Rain Snow Hail

TemperatureWindSunshine

Nature of losses

Production lossRevenue lossAsset lossLoss of livelihood

Offering weather insurance for losses due to vagaries of weather…

Cover is provided for deviations from the optimum range required

59

Critical Illness: An innovation for BOP Major concern at time of illness – loss of

immediate income rather than cure Cure not even mandatory in all cases

Kidney failure – continue to operate on one kidney

However convalescence period means zero income - disaster in a rural, non savings oriented society

Product tides family over this crisis by providing financial support during this period

Payout made on mere diagnosis and does not require money to be spent on treatment

Traditional health product allowing treatment also available for higher cost

60

Securing rural lives through Insurance

Life Insurance

0.2 mn members of Micro-credit Foundation of India covered by ICICI Pru/ ICICI Lombard

0.2 mn members of Micro-credit Foundation of India covered by ICICI Pru/ ICICI Lombard

62.5 mn rural customers insured by ICICI Lombard covering mainly Personal accident as well as emerging products such as Weather and Health Insurance

62.5 mn rural customers insured by ICICI Lombard covering mainly Personal accident as well as emerging products such as Weather and Health Insurance

General Insurance

61


Agenda






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Very Few MFIsEconomically BackwardLow level of micro credit penetration

Very Few MFIsEconomically BackwardLow level of micro credit penetration

Scaling up access to BOP markets…

Large no. of MFIsEconomically VibrantHigh micro credit penetration

Large no. of MFIsEconomically VibrantHigh micro credit penetration

…Requires reduction of geographic asymmetries and increasing depth of outreach…

…Requires reduction of geographic asymmetries and increasing depth of outreach…

63

And meeting finance needs of urban India also…

India’s urban population is 285 million

27.8% of India’s population is in urban areas

11% of world’s urban population is in India

3 of the 10 largest cities in the world are located in India

35 cities have population of more than one million each

Urban poor increased from 60 to 76 mn during 1974-94

64

Productivity Frontier(Financial and technological innovation)

Limitedservices tolimitedcustomers Credit Bureau

Technological innovation

Allied Interventions

Multiple delivery channels

Scaling up would require exploring new horizons

65

Establishing Credit Bureaus…Maintains individual client histories

Credit decision based on scoring models – risk based lending

Moving from group based lending to individual based lending model

Tracking clients through life cycle and offering customised solutions to meet life cycle needs

…would enable systematic expansion and deepening of the BOP markets

66

Pollinating the countryside with entrepreneurs…

Identification of potential entrepreneurs willing to partner with ICICI Bank

Identification of potential entrepreneurs willing to partner with ICICI Bank

Training the entrepreneur on processes and assessing their capabilities

Training the entrepreneur on processes and assessing their capabilities

Providing funds, know how & support for initiating operations

Providing funds, know how & support for initiating operations

Putting in place a fool proof system & robust processes for service delivery

Putting in place a fool proof system & robust processes for service delivery

Providing the entrepreneur technical & financial support for delivering service

Providing the entrepreneur technical & financial support for delivering service

Entrepreneurs

Training

Infrastructure

Processes

Service Delivery

…for establishing MFIs, kiosks or becoming franchises in order to expand outreach to under served areas

67

Uncoupling of bank and front-line service operationsAppointing authorized agents Opening accounts through agentsEnabling (card-based) transactions through agents, merchant outlets, ATMs

Lack of bank branchesNo incentive to increase outreachCustomer perspective

Unable to fulfill KYC guidelinesNeed for interacting with multiple institutions

Need Need

VisionVision

Implementing hybrid agent-linked models…

68

Agents loads value onto customers card by transfer from agent account and collects cash

Direct Card Load

Indirect Card load

Collections

Payments

Value transferred to customer card from the customer’s bank account at branch

Merchants transfers value from their own card to the agent and receive cash in return

Value transfer from one customer to another in payment for services rendered

…To provide universal access to finance

Regulator support required for implementing the pilot project

69

Allied Interventions – Mass Retailing

CompanyCompany• Piggy rides on

the MFIs distribution channel

• Ability to customise products

• Cost effective reach to the under served segments of society

MFIMFI• Procures bulk

goods and commodities from companies at discount

• Bundles with micro loans to members

• Transforms into a logistic agency

ClientsClients• Access to goods

which were not available earlier

• Procures goods at a discount to the market rate

• Repayment in easy installments

MFI becomes a channelising agency for distribution of all kinds of goods and services required by the members

MFI becomes a channelising agency for distribution of all kinds of goods and services required by the members

70

Allied Interventions – Livestock Productivity

Spandana

NDDB

ICICI Bank Ltd.

Extensio

n

Facilitating fodder availability

Sourcing high yielding breed

Co-ordination for artifical insemination

Training for selection of good breeds

Facilitation

Majority of micro loans are for

purchase of livestock

71

Allied Interventions -- Nutrition

Integrating microfinance with nutritional communication / interventions could lead to improved health outcomes for the community

Presence of over 1 mn micro finance groups of women provides an opportunity for focussed behavior change communication vis-à-vis nutrition practices

72

Reducing the cost of cash handling Supporting development of a Low Cost

ATM – will cost around $1000 Use of Internet banking Exploring the use of mobile phone/card-

based technologies

Tobacco Board Case

Leveraging technology to reduce transaction costs

73

The Road Ahead…

Leveraging strong delivery capabilities to provide all financial services like insurance, savings, micro-investments, etc to the BOP markets

1000 Franchises1000 Franchises

40,000 internet kiosks40,000 internet kiosks

40 million clients40 million clients

630,000 villages630,000 villages

200 MFI partners200 MFI partners

74

Disadvantaged

Population

Towards a larger dream…

Buy - out of loan portfolios of MFIs

On tap securitisation of loan portfolios

Partnership with MFIs/NGOs to deliver micro credit

KiosksFranchises

MFI/NGO/Kiosks

Commercial Banks/ Regulatory Authorities

Leveraging strong delivery capabilities to provide other services like insurance, savings, micro-investments, etc

Creation of Wealth

...For All!

75

Thank You

76

Kisan Loan Card

Tobacco farmer issued a card

Limit set on card on the basis of inputs availed by farmer & production needs

Farmer has access to funds through cash dispenser

Excess funds instantly swept to deposit account of farmer

Tobacco sale proceeds offset against the loan availed

77

Expected Benefits to Stakeholders

Benefits to Tobacco Growers•Instant cash availability •Anytime access to money•Easy registration and renewal•Card acceptance in the future can be scaled up to other merchants

Benefits to Tobacco Board•Increased operational efficiency in loan disbursement and recovery•Reduced paper work•Potential savings at the time of fund remittance to farmers

78

Teba Bank

Retail bank targeting low income households in rural and small town southern Africa

Developed a low cost handheld mobile Point-of-sale (PoS) device to be placed with an agent Wireless device with built-in GSM modem,

card reader and micro printer Customer can use his debit card at this

terminal to deposit cash, withdraw cash, seek balance enquiry and transfer funds

Physical cash is deposited/disbursed by the agent The agent’s account is debited/credited

simultaneously.

A typical agent would be the local grocer

icici bank in micro- finance: breaking the barriers nachiket mor, executive director, icici bank san...

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