Business Correspondant Model in FI-Project

A STUDY ON

BUSINESS CORRESPONDENT MODEL UNDER FINANCIAL

INCLUSION DRIVE IN SURENDRANAGAR DISTRICT OF

GUJARAT SUMMER INTERNSHIP PROJECT

SUBMITTED TO

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

GUJARAT REGIONAL OFFICE, AHMEDABAD

SUBMITTED BY

SMITKUMAR K. HINGRAJIYA

M.SC (ICT-ARD)

DA-IICT, GANDHINAGAR

Business Correspondent Model Under Financial Inclusion Drive 2

DECLARATION

I Smitkumar K. Hingrajiya, Post Graduate student of Information and

Communication Technology in Agriculture and Rural Development (M Sc ICT-

ARD), 2010-11 batch, from Dhirubhai Ambani Institute of Information and

Communication Technology (DA-IICT), Gandhinagar, Gujarat hereby declare

that this project report titled, “ Business Correspondent Model under

Financial Inclusion Drive ” is an original study and has been carried out by

me as a part of Summer Internship under the guidance of Mr. M.

Subramanian (Deputy General Manager) and Dr. Vinod Vidyarthi (Assistant

General Managers) NABARD, Gujarat Regional Office, Ahmedabad.

I further declare that no any part of this report has been copied from

any source, or if taken, the original source has been given due credit in the

content. I have worked for eight weeks on our summer project as required

under manual of policies of our institute.

Place: Smitkumar K. Hingrajiya

Date: ID: 201113002


CERTIFICATE

This is to certify that Mr Smitkumar K Hingrajiya, student of Master of Science in

Information and Communication Technology in Agriculture and Rural Development

(M.Sc ICT-ARD), batch 2010-12 of DA-IICT (Dhirubhai Ambani Institute of Information

and Communication Technology) has successfully completed his Summer Internship

during May-June 2011 for duration of eight weeks.

The project titled: “Business Correspondent Model Under Financial Inclusion

Drive” was undertaken in the Financial Inclusion Department (FID) in the National Bank

for Agriculture and Rural Development (NABARD), Gujarat Regional Office,

Ahmedabad.

The project report was completed under the guidance Mr. M. Subramanian, Deputy

General Managers and Dr. Vinod Vidyarthi, Assistant General Managers, Gujarat RO

NABARD.

I hereby certify that the report fulfils all the stated criteria and is up to the mark to the

best of my knowledge.

M. Subramanian Dr. Vinod Vidyarthi Deputy General Manager Assistant General Manager NABARD NABARD Gujarat R O, Ahmedabad Gujarat R O, Ahmedabad Date: 18 July 2012 Date: 18 July 2012


ACKNOWLEDGEMENT

I would like to be thankful of god who is almighty in world. Thereafter I am grateful to my

parents and teachers who are responsible for all of my success for ever.

Diction is not enough to express my sincere gratitude and indebtedness to Shri H R Dave

Chief General Managers, NABARD, Gujarat Regional Office and all other Senior Officers

and staff from NABARD, Gujarat R.O. for giving me an opportunity to work on this project

for my summer internship.

Thereafter from the inner sanctum of my heart I am obliged to Shri Sanjay R Desai (GM,

NABARD), for his incessant support. I take this opportunity to extend my heartiest thanks to

Shri M. Subramanian (DGM, NABARD), Dr. Vinod Vidyarthi (AGM, NABARD) and Y. Sujata

Anil (AGM, FID, NABARD), my mentors for their meticulous guidance, concrete suggestions

and constant encouragement throughout the course of the project.

I gratefully acknowledge

i. The valuable inputs and insights offered by officers from Financial Inclusion Department,

Gujarat R.O.

ii. Mr. Rajesh Errimal (District Development Manager, Surendrangar) and officials of lead

lank, district administrative office and SGB region office for providing detailed information

and facilitating as well as accompanying me during my field visit.

iii. All the branch managers, BC and all villagers who had given their feedback on the BC

model and financial inclusion plan

Diction is not enough to express my sincere gratitude and indebtedness to my professors

(DA-IICT), my friends and entire staff of DA-IICT, Gandhinagar for their constant support

and encouragement.

Smitkumar K Hingrajiya


EXECUTIVE SUMMARY

Now a day‟s money is one of the basic requirements of human beings. Growth

of a country is depends on how money is utilized by its citizens. Savings of the

citizen‟s has also same importance. For the purpose of giving such financial

services in easy and convenient way government has developed many financial

plans. These plans are helpful for people who want to access financial services.

As per survey report of „NSSO survey 59th round‟, 51.4% of farmer households

are financially excluded from both formal / informal sources. From the total

farmer households, only 27% access formal sources of credit; one third of this

group also borrows from non-formal sources. Overall, 73% of farmer

households have no access to formal sources of credit. Marginal farmer

households constitute 66% of total farm households. Only 45% of these

households are indebted to either formal or non formal sources of finance.

About 20% of indebted marginal farmer households have access to formal

sources of credit. Among non-cultivator households nearly 80% do not access

credit from any source.

Every citizen of India should have an account holder in any bank which is the

ultimate goal of Government of India. To achieve this goal, Government of India

and Reserve Bank of India have accepted the concept of Financial Inclusion

broadly.

“Financial Inclusion may be defined as 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.”

Under this plan they have decided to provide financial facility in affordable cost

to people who are unable to utilize it. For successful implementation of this plan

RBI instructed banks to make financial services available in rural areas. It is not

possible for banks to open brick and mortar branches in every village of

country. Therefore, alternative model like ultra-small branches, mobile-van


facility and business correspondent (BC) or business facilitator (BF) models are

introduce to make financial services available in rural areas.

Amongst these alternatives BC & BF model is most convenient model. It is now

widely used by banks to reach remote areas. The concept of BC & BF has been

started in 2006. BC & BF are nothing but the representative of banks who

provides banking services through use of ICT based solutions in his own or

nearby villages. Banks give remuneration and or transaction based commission

to him against his service.

Objective of study

In this report we discussed working of BC in Surendranagar district of Gujarat.

The objective of study is to find out viability of BC model as part of FI plan, how

BC works in village and what problems he faces while working as BC/BF in

village. Study also try to find out different models and patterns opted by

different banks. Pros and cons in implementation of BC/BF model for bankers

and the gap between the expectations of all the partners i.e. BC/BF, banks and

villagers.

Methodology

In Gujarat, Surendranagar district has done the highest work under FI.

Therefore, Surendranagar district of Gujarat has been selected for pupose of the

study. Saurashtra Gramin Bank (SGB) is major RRB in Surendranagar district.

Therefore, five SGB branches were selected for primary data collection. 10

villages of four blocks which have population above 2000 and were identified for

FI were selected. Accordingly 10 BC were selected one each from 10 villages

and 10 of the respective BC‟s clients and 5 non clients were selected for data

collection.


Major Findings

POS device has not been issued to all the BCs. From sample study out of

10 BCs, 3 BC could not get device.

Issued device has not been working properly it has many technical

problems.

Smart-card is another issue; it is not given to all account holders who

have opened account through POS device.

It takes one or one and half month for getting smart card after opening of

account.

Other problem pertaining to the device is network connectivity.

The person who is willing to open account through BC has to come four to

five times to him because of network connectivity problem.

All the 10 BCs were appointed during September, 2011 to December,

2011 but still they could not do any transaction through POS device.

Bank has committed to pay to each BC get Rs. 2000/- per month, Rs. 1/-

per transaction and Rs. 2.50/- per kilometer transportation. However, it is

observed that BC has only got his fixed salary, the other transportation

cost and transaction commission has still not been given to him.

BC has many pending request of account opening but because of

documentation problem accounts cannot be opened.

Lack of awareness is there. People of village do not know anything about

banking services and financial inclusion.

Another problem is acceptability. People of village have not easily

accepted the concept of banking with BC.

Bank staff is also not clear about financial inclusion.

Bank staff is not supportive in some branches due to lack of knowledge.

Need for FI is not impressed upon them.

Some of the bank‟s clients want to transfer their account from main

branch to BC so that they can save commutation time and transportation

cost.


Some of the customers wants dual access to their a/c i.e. via BC & branch

both.

Cash handling limit given to BC is not adeguate.

Due to lack of income generation, many people in rural areas do not have

access to BC/BF for opening of account. And even if they have they are

not having time to go to banks & hence door to door service is essential.

Suggestions

POS device should be given to BC as quickly as possible and made

available on priority.

The technical training should be imparted to BCs for helping them to

handle the device efficiently.

Smart card should be issued to client within week of opening of account,

so that account holder can use his account and make transactions.

Transaction should be made possible from both BC and branch through

same smart card.

Smartcard which is given to BC should be made accessible at any place

have good network connectivity within the village. This will enable BCs to

get internet connection anytime in day and transaction can be possible

anytime without interruption.

Banks should give information about KYC norms in such way that people

can understand.

There is need to organize gramsabha, ratrisabha and awareness camps in

the village.

BC should be launched in the village by bank in a big gathering and in the

presence of affluent persons of village like Sarpanch, Talati, Post master

to give recognition to BC.

Branches have to develop such facility that account holder can access his

account from both bank branch as well as from BC.


ABBREVIATION

BC: Business Correspondent

BCA: Business Correspondent Agent

BF: Business Facilitator

CPI: Consumer Price Index

DCCB: District Central Co-operative Bank

FI: Financial Inclusion

FIF: Financial Inclusion Fund

FITF: Financial Inclusion Technology Fund

GCC: General purpose Credit Card

GDP: Gross Domestic Product

GOI: Government of India

KCC: Kisan Credit Card

KYC: Know Your Customer

NABARD: National Bank or Agriculture and Rural Development

NRFIP: National Rural Financial Inclusion Plan

PACS: Primary Agriculture Credit Society

PPP: Purchasing Power Parity

RBI: Reserve Bank of India

RRB: Regional Rural Bank

SCC: Swarozgar Credit Card

SGB: Saurashratra Gramin Bank


TABLE OF CONTENT

Sr.

No

TITLE

Page

No

1 Acknowledgement 4

2 Executive Summary 5

3 Abbreviations 9

4 Section 1 : Introduction 13

5 Section 2 : Background 22

6 Section 3: Methodology 24

7 Section 4: Findings of Study 27

8 Section 5 : Main Issues and Challenges 42

9 Section 6 : Suggestions for Improvement 44

10 Annexure 1 46

11 Annexure 2 48

12 Annexure 3 49

13 References 51


LIST OF TABLES

Table No

TITLE

Page

No

1 No of Villages Allotted to Banks under Financial Inclusion

and bank uses various tools for cover this villages.

20

2 Number of villages having Population 2000 and above in

the Block of Surendranagar district.

22

3 No. of villages allotted to banks in different block in

Surendranagar district.

23

4 Detail of selected BC name, village, branch for whom he

works and block where branch situated for study.

25

5 BC‟s main and subsidiary occupation and no. of account

served by BC.

30

6 Details of Account served by BC. 31


LIST OF FIGURES

Figure

No

Figure Title

Page

No

1 Financial Exclusion 16

2 Financial Inclusion 17

3 Gujarat State and Surendranagar District 24

4 BC working on POS Device 28

5 POS device 29

6 BC Occupation 31

7 Smart-card 32

8 Ratio of smart-card given and Operationalized 33

9 Marital Status of BC Client 35

10 No. of Account per Client Family 35

11 How People Aware about BC services 36

12 Clients Satisfaction towards BC services 37

13 Usage of Account by Clients of BC 37

14 Ratio of Account Holding by Non-Client of BC in other

Bank

38

15 Ratio of BC-service awareness in Non-clients 39

16 Reason for Not Availing BC service by Non-clients 40

17 Interest of non clients towards opening of account

through BC

40

18 Number of visit bank by non client in a year 41

19 Account holder gives her finger print for operating Account 42


Section 1

INTRODUCTION

India has seen historic progress and growth in the past decade. In last 2 years

there is financial crisis in the world but India still holds its economy. India is the

eleventh largest economy in the world. India is second in population followed by

China. India stands third in purchasing power parity (PPP). India recorded

highest growth rate in mid-2000, and is one of the fastest growing economy in

the world. The growth is due to huge increase in size of middle class consumers,

a large labor force and heavy foreign investment. The growth story has been

impressive; although there are causes for concern on other dimensions.

India‟s GDP rate during 2011-12 was 6.9% which has decreased from 8.4% in

2010-11. If we look at the sector wise participation in total GDP; service sector

contributes 59.1%, industry contribute 27.0% and agriculture contribute

13.9%. While service sector provide 34% and industrial sector provide 14% of

total employment, Agriculture, the major occupation in rural India, accounts

about 52% of total employment. Inflation (CPI) rate is 7.55% (May,2012)

There are 37% (2010) of the population lives in below poverty line, 9.8%

(2011) of population is unemployed, average gross salary is $ 1330 yearly

(2010) as per government of India figure. We have a long way to go in

identifying reasons of absolute poverty.

There are a large number of people in the country who have not accessed

formal financial system. Formal financial system has huge potential to provide

financial services to this excluded mass population. Low-income Indian

households in the informal or subsistence economy often have to borrow from

friends, family or moneylenders. They have little awareness and practically no

access to insurance products that could compensate/insure their life/assets in

unexpected circumstances such as illness, property damage or death of the

primary breadwinner.


1.1 Financial Inclusion Brief History

India has deep root of financial inclusion. The Indian Government has a long

history of working to expand financial inclusion. In 1904 co-operative

movement has been started which was milestone in Indian economic history.

After independence the GOI adopted planned economic development for the

country. Accordingly, five year plans came into existence since 1951. 430

commercial banks were in the private sector those days. These banks are failed

to helping GOI in their social objectives. Thus, on 19th July, 1969 14 major

commercial banks were nationalized. It was a big step towards financial

inclusion. It has boost up the banking sector of India. In the same year National

credit committee (NCC) come with the concept of lead bank scheme which was

headed by Prof. D R Gadgil.

Narsimhan committee is conceptualized the foundation of regional rural banks in

India. The committee felt the need of 'regionally oriented rural banks' that

would address the problems and requirements of the rural people with local feel.

RRBs have been established in 1975 by Government of India with the same

aim. The main goal of establishing regional rural banks in India was to provide

credit to the rural people who are not economically strong enough, especially

the small and marginal farmers, artisans, agricultural labors, and even small

entrepreneurs. It encouraged branch expansion of bank branches especially in

rural areas. The RBI guidelines to banks show that 40% of their net bank credit

should be lent to the priority sector. This mainly consists of agriculture, small

scale industries, retail trade etc. More than 52% of our population depends

directly or indirectly on agriculture. So 18% of net bank credit should go to

priority sector.

In February 1992, SHG-Bank Linkage Programme has been launched by

NABARD as pilot project during the period of economic reforms in India which

was major initiative in financial inclusion. It proved to be a revolutionary

programme for alleviating poverty through capacity building and empowerment


of the rural poor, especially women. Microcredit extended either directly or

through any intermediary is considered as part of bank‟s priority sector lending.

The SHG-bank linkage programme provides opportunities for the rural poor to

participate in the development process. It is cost effective, and ensures that

more and more people are brought under sustainable developmental activities,

within a short span of time. NABARD assistance to SHGs across the country has

resulted in 47.87lakh SHGs being credit linked by March 2011. The programme

has enabled estimated 9.7crore poor households to gain access to micro finance

from the formal banking system as on March 2011. Thus, it has an important

role in promoting financial inclusion and inclusive growth.

The Kisan Credit Card (KCC) scheme was introduced in 1998. It provides timely

and hassle free short term loans. As on 31st March 2012, 1139.1lakh KCCs had

been issued. The Swarozgar Credit Card (SCC) Scheme was introduced by

NABARD in 2003 for facilitating hassle free credit for meeting investment and

working capital requirements of small borrowers and rural micro-entrepreneurs.

As on 31st March 2012, the banking system had issued 13.06lakh cards

involving credit limits of Rs.5445.32crore.

Recent simplification of KYC norms is another milestone. With the directive from

RBI, banks are now offering “No Frill” accounts to low income groups. These

accounts have a low minimum or nil balance. It comes with the concept of

business correspondent in 2006. Financial inclusion is an attempt to bring larger

community under the umbrella of formal credit and alleviate poverty in rural

areas.

What is Financial Inclusion

There are many different definition of financial inclusion. Financial inclusion or

inclusive growth is the availability of banking services at an affordable cost to

disadvantaged and low-income groups. Opposite of financial inclusion is

financial exclusion. A group or person which can be consider as financially


excluded if they do not have access to formal financial services such as banking

facility.

Source: Finance for All? Policies and Pitfalls in Expanding Access, World Bank

Report, 2008

Figure 1: Financial Exclusion

In India most of people not aware about FI and the people who know think that

FI is having a saving or current account with any bank. But it is not only savings

and current account; it also includes Credit, loans, remittance, insurance

services, pension plans and many more services.

Population

Non user of formal

financial services

Involuntary exclusion

IneligibilityNon

availability/discrimination

Financial illitiracy

Non affordability/

Others

Voluntary self exclusion

No need

Cultural religious

barriers/indirect access

User of formal financial services


Figure 2: Financial Inclusion

India stands 50th amongst 100 countries in index of financial inclusion to find

out the extent of reach of banking services. Only 34% of Indian individuals have

access to or receive banking services. The main reason for not using financial

services is the lack of a regular income and not enough savings. Another reason

is proximity of the financial service. The loss is not only the transportation cost

but also the loss of daily wages for a low income individual. The customers who

are excluded are totally unaware about benefits of financial services provided by

banks. They borrow money from money lenders; friends and relatives to fulfill

their financial requirements. They find it easier to approach them than to banks.

Banks asks for collateral against loan which is difficult to provide for low income

group even lot of paper work need to be done, keep them away from banking

system. Lack of awareness about financial services on the part of villagers and

bankers traditional thinking is the main hurdle in it. It seems to lack of financial

literacy.

Financial Inclusion

Savings

Insurance

Payment and

Remittance

Affordable Credit

Financial advice

Bank Accounts


1.3 Financial literacy

Financial literacy means great awareness, impart knowledge and upgrade skills

to make financial decisions about savings, investments, borrowings and

expenditure in an informed manner. Financial literacy is a primary step for

financial inclusion since introspection changes behavior which in turn makes

people seek and receive financial services and products. Financial literacy is

instrumental in expanding financial inclusion, which in turn is helpful in further

expanding financial literacy, thus, mutually reinforcing each other in a positive

manner. NABARD is working with various agencies like the Indian School of

Microfinance for Women and all banks to enforce financial literacy in rural areas.

It has identified state level partners to make the financial literacy plan

successful.

1.4 Financial Inclusion Fund

In June 2006, GOI constituted a „Committee on Financial Inclusion‟ under the

chairmanship of Dr. Rangarajan to look into the problem of exclusion of rural

poor from access to financial services. Based on recommendation of committee

two fund (the Financial Inclusion (Promotion and Development) Fund (FIF) and

the Financial Inclusion Technology Fund (FITF)) were set up with NABARD. The

funds are meant for meeting the cost of developmental and promotional

interventions, and costs of technology adoption, respectively. The funds will

have an initial corpus of Rs.500crore with initial funding of Rs.250crore each, to

be contributed in 40:40:20 proportion by GOI/RBI/NABARD. Funding from FIF

would be available for various promotional and developmental initiatives to

facilitate better credit absorption capacity among the poor and vulnerable

group. The fund for FITF would be extended to enable application of low cost

technology solution and rolling out IT based inclusive financial sector plan.

Still financial inclusion plan is not implemented properly in every part of

country. Banks are still struggling to achieve ultimate goal of Financial


Inclusion. The main reason could be lack of financial literacy among people that

they do not trust the concept. The provision of uncomplicated, small, affordable

financial products will help to bring the low income families into the formal

financial sector.

Banks have limitations to reach directly to the low income consumers. Hence,

Banks can use business correspondent (BC) or business facilitator (BF) who can

be considered as an excellent channel to distribute bans product and

disseminate information about other banking services. BC can also aware

people about financial inclusion plan and educate them about money

management which will be useful for banks to attract low income group, to

facilitate financial inclusion.

1.5 Business facilitator (BF) and Business correspondent (BC) Model

It is not possible for banks to open brick and mortar branches in every village

as it is not economically viable. Banks have to find out alternate ways to cover

all the villages under financial inclusion. They have adopted Mobile van facility,

ultra small branches and BCA model for providing financial services to financially

excluded rural population.

With the objective of ensuring greater financial inclusion and increasing the

outreach of the banking sector, Reserve Bank of India has instructed banks to

use the service of Non-governmental organization/ Self-help groups (SHGs /

NGOs), Microfinance institutions (MFIs), and other Civil Society Organizations

(CSOs) as intermediaries in providing financial and banking services through

Business Facilitator and Business Correspondent models.

BC can be

Individual/kiranna/medical/fair price shop

Agent of small saving schemes of GOI/Insurance companies

Individual public call office operators(PCO)


Individual who own petrol pumps

Retired teacher

Authorized functionaries of well own SHG‟s

Operations common service centers (CSC‟s)

Farmers club

Different banks adopt different models likewise some banks have appointed

individual as BC/BF and some banks appointed agency/corporate body as

BC/BF.

Table 1: No of Villages Allotted to Banks under Financial Inclusion and bank

uses various tools for cover this villages. (SLBC Review, Gujarat)

Sr.

No. Name of Bank

Total No

of

villages

allotted

to the

bank

Achievement up to March 2012 Total no

of

villages

covered

up to

31-3-

2012

Through

brick &

mortar

branch

model

Through

ultra small

branch

opened

Through

BCA

appointed

Through

mobile

van

1 Allahabad Bank 2 0 0 22 0 2

2 Bank of Baroda 733 17 650 60 6 733

3 Bank of India 191 3 0 187 1 191

4 Bank of Maharashtra 16 1 0 15 0 16

5 Canara Bank 2 0 0 2 0 2

6 Central Bank of India 168 1 0 167 0 168

7 Corporation Bank 8 0 0 8 0 8

8 Dena Bank 493 24 23 446 0 493

9 Indian Bank 14 0 0 14 0 14

10 Indian Overseas Bank 26 0 0 26 0 26

11 Oriental Bank of Commerce 3 0 0 3 0 3

12 Punjab National Bank 23 3 0 20 0 23

13 State Bank of India 903 8 0 895 0 903


14 Syndicate Bank 11 11 0 0 0 11

15 UCO Bank 26 0 0 17 9 26

16 Union Bank of India 133 6 0 127 0 133

Subtotal of PSB's 2752 74 673 1989 16 2752

1 Developmental Credit Bank 1 0 0 1 0 1

2 DFC 2 0 0 2 0 2

3 Kotak Mahindra Bank 2 0 0 2 0 2

Subtotal of Private Bank's 5 0 0 5 0 5

1 Dena Gujrat Gramin Bank 245 7 0 238 0 245

2

Baroda Gujarat Gramin

Bank 350 2 0 348 0 350

3 Saurashtra Gramin Bank 139 7 0 132 0 139

Subtotal of RRB's 734 16 0 718 0 734

1 Ahmedabad DCCB 2 2 0 0 0 2

2 Amreli DCCB 1 1 0 0 0 1

3 Mehsana DCCB 2 2 0 0 0 2

4 Sabarkantha DCCB 6 6 0 0 0 6

Subtotal of Co-operative

Bank's 11 11 0 0 0 11

Total 3502 101 673 2732 16 3502

Source: SLBC, Gujarat Agenda & Background Papers for 133rd State Level

Review Meeting Year Ended March-2012


Section 2

BACKGROUND

The report presented here on request of NABARD, regional office, Gujarat to

figure out the impact of “Business Correspondent (BC) Model under Financial

Inclusion (FI) Drive”. The BC has been appointed under financial inclusion plan.

The villages which are above 2000 population are included in financial inclusion.

Surendranagar district of Gujarat has been selected for study.

Table 2: Number of villages having Population 2000 and above in the Block of

Surendranagar district

Block Village

Muli 11

Limbdi 19

Drangadra 20

Chuda 12

Wadhwan 19

Chotila 6

Halwad 16

Lakthar 4

Patdi 11

Sayla 9

Total 127

In Surendranagar district average number of villages served by the bank

branches is 8.6villages/ bank branch.

87 – Commercial bank branches

31 – RRB branches

13 – DCCB branches

346 – PACS as on March 2011


The existing building structure has covered 254011 household ou of 277667 in

650 villages of surendranagar district through KCC/GCC

Surendranagar has achieved 100% financial inclusion in MAY 2008. In 2010-11,

127 villages have been identified with population more than 2000 but not

having banking facility in all 10 blocks.

Table 3: No. of villages allotted to banks in different block in Surendranagar

district

No of Villages having 2000 and above population allotted to Bank (to be covered between 1April 2010 to 31 March 2012)

Block wise village with over 2000 population

Name Of Bank Chotila Chuda Dhranga

dhra Halvad Lakthar Limbdi Muli Patdi Sayla Wadhwan Total

SBI 1 8 4 9 1 8 5 6 0 7 49

SGB 4 2 4 4 0 7 6 2 0 5 34

Dena Bank 1 0 3 3 0 3 0 3 8 3 24

PNB 0 2 2 0 0 0 0 0 1 1 6

CBI 0 0 2 0 1 0 0 0 0 1 4

Union Bank 0 0 2 0 0 0 0 0 0 0 2

BOB 0 0 3 0 0 0 0 0 0 1 4

BOI 0 0 0 0 0 0 0 0 0 1 1

Syndicate Bank 0 0 0 0 0 0 0 0 0 1 1

HDFC 0 0 0 0 2 0 0 0 0 0 2

Total 6 12 20 16 4 18 11 11 9 20 127

SBI and SGB have maximum number of branches in Surendranagar district. SBI

is lead bank in Surendranagar district as well as sponsored bank of SGB. SGB

has adopted CBS platform provided by C-edge Technology Ltd. for their bank

branches. SGB has added 3375 rural household accounts during the year

(1/4/2011 to 31/3/2012). They have future target of 6525 household accounts.


Section 3

METHODOLOGY

3.1 Area selection for data collection

Figure 3: Gujarat State and Surendranagar District

The requirement of the project is to find out working of BC model.

Surendranagar district has been selected for collection of data in Gujarat state.

Surendranagar district has been selected because in Gujarat Surendranagar

district has done good work in BC model under financial inclusion. Data has

been collected from four blocks of Surendranagar.

3.2 Selection of bank

For collection of primary data Regional Rural Bank was selected. In

Surendranagar, Saurashtra Gramin Bank is major RRB. So, five SGB branches

were selected for primary data collection.

3.3 Selection of village and BC

Villages have 2000 or above population were selected for data collection. 10

villages of four Block were selected where 10 BC has been appointed from SGB

branch bank.


Table 4: Detail of selected BC name, village, branch for whom he works and block where branch situated for study

Sr.

No. Name of BC

Name of the

Village in

which BC is

working

Name of the

Branch

Name of

Block

1 Gopalsinh Dodia Digsar Sekhpar Muli

2 Nilesh Vitthapara Danawad Sekhpar

3 Chaganbhai Oghadbhai Patel Kholadiyad Wadhwan Wadhwan

4 Parthbhai Gediya Fulgram Rampara

5 Kamleshbhai ishwarebhai Rathod Rawaliyavadar Mota Ankevaliya

Dhangadhra 6 Amrutbhai Mansukhbhai lakum Gujarvadi Mota Ankevaliya

7 Rameshbhai Bhikhabhai Parmar Devcharadi Mota Ankevaliya

8 Bharatbhai Sandabhai Dharjiya Parnala Jambu

Limbdi 9 Ibrahambhai Abdulbhai bhathaniya Bhathan Jambu

10 Rameshbhai Mansinhbhai Vadekhanioya Nana timbla Jambu

3.4 Selection of Client and Non-client of BC

Clients are using services from BC while Non-clients are not using BC services.

From every village 10 client availing BC facility and 5 clients not using BC

facility were selected.

3.5 Collection of primary data

Primary data has been collected to find out of different models and patterns

opted by banks. Pros and cons in implementation of BC/BF model for bankers

and the gap between the expectation of all partners i.e. BC/BF, Banks and

villagers. Questionnaire was prepared for BC‟s client, non-client, BC themselves

and bank branches.

1. Questionnaires for Clients

2. Questionnaires for non-clients


3. Questionnaires for BC

4. Questionnaires for Bank branch

(Refer Annexure 1, 2 ,3 )

Other details were collected from District administrative office, district lead bank

and region office of Saurashtra Gramin Bank. Data was collected by asking open

ended questions and try to get details. Additional information was collected

from NABARD officers and DDM through interaction.

3.6 Secondary Data collection

Secondary data has been collected from different literature about financial

inclusion and business correspondent model. It has also been accessed from

different RBI reports, speeches, research work, etc. and from internet.

3.7 Data Analysis

The data collected are analyzed and summary statistics are presented in tables

and graphs.


Section 4

Finding of Study

4.1 Impact of BC model on Bank branch

All the branches of SGB in Surendranagar have been included under financial

inclusion. They are all linked with core banking solution. Some branches have

been providing locker and SMS alert facility. In Surendranagar total 35 villages

has been covered by SGB through BC service. All Bank branch has been

adopted KYC norms for persons who wanted to open account through BC. They

are asking photo for photo identity, ration card or license for residential proof.

Problems faces by bank branches for implementation of financial inclusion plan:

According to bank branches, lack of awareness among village people about

benefits of holding an account in bank is a major problem. They do not have

enough savings. Time is another issue for villagers. KYC norms are also

sometime problem. In villages generally we have seen that persons have two

different names in two different documents. In such case, banks are not

approving these persons even after written letter of affidavit given by Talati or

Mantri.

Bank staff does not have proper understanding of concept of FI, Hence they are

not able to extend required support for FI initiatives. There is communication

gap between bank and BC.

Suggestion by bank branches: According to branches if they can be provided

with mobile van facility they can improve in FI plan. Cash limit, which was given

to BC, should also increase. They also ask for improvement in devices which will

help BC face fewer problems. There is need great awareness even among

bankers and establish forum where banks will have continuous interaction with

BCs.


4.2 Impact of BC model on BC

Banks have selected BCs who are engaged with bank in the past. The selected

BCs are well aware of bank services. Banks gave training to BCs after selection.

In training they learn how to use POS device and how to solve basic device

related problems. All the BCs who selected are serving in their own village. They

are available 24 hours in their village and provide services all 7 days of week.

Some BCs have been engaged to cater two villages but they have not started

working in other village due to transaction problems in POS device.

Figure 4: BC working on POS Device


Functioning of POS device:BC open an account of customer through POS device

which is directly connected to branch server through internet. BC gives receipt

to account holder for their each transaction. After opening of account with BC

client get smart-card. Smart-card is the only way to access account which was

opened by BC. BC has also got one smart-card for his identification. After

inserting both BC‟s and client‟s smart card BC can access account.

Figure 5: POS Device

BCs got webcam and fingerprint identifier along with POS device. For opening of

account BC take photo and fingerprint of client. This identity used as the proof

for opening of account. When account holder want to access his account,

fingerprint is required for identification.


4.2.1 Details of BC

Table 5: BC’s main and subsidiary occupation and no. of account served by BC

Sr.

No. Name of BC

Name of the

Village in which

BC is working

Occupation No of

a/c

served Main Subsidiary

1 Gopalsinh Dodia Digsar Agriculture,

BC

Car Give On

hire 40

2 Nilesh Vitthapara Danawad Student BC 12

3 Chaganbhai Oghadbhai Patel Kholadiyad Agriculture,

BC

Drip

consultant 60

4 Kamleshbhai Ishwarebhai Rathod Rawaliyavadar BC,

Agriculture Shop 184

5 Amrutbhai Mansukhbhai Lakum Gujarvadi Job, BC Dairy 48

6 Rameshbhai Bhikhabhai Parmar Devcharadi Handicraft Agriculture,

BC 40

7 Parthbhai Gediya Fulgram BC Shop 40

8 Bharatbhai Sandabhai Dharjiya Parnala Agriculture BC 38

9 Ibrahambhai Abdulbhai

Bhathaniya Bhathan Agriculture BC 40

10 Rameshbhai Mansinhbhai

Vadekhanioya Nana timbla Agriculture Shop, BC 34

BCs are doing their work of BC along with their other occupation. The

percentage of their occupation as BC and Under other income generating

activity can be seen from Table 5.


Figure 6: BC Occupation

As per Figure 6 we can see that about 60% of BC have taken up BC business as

subsidiary occupation and 40% of BC have taken up BC as main occupation.

From this 40%, most of them are also engaged with other occupation like

agriculture. So, it is important to do something for them to get more interest in

BC occupation.

Table 6: Details of Account served by BC

Sr.

No.

Name of the CSP Name of

Village

No of

a/c

served

by BC

Savings In-

operativ

e a/c

No of

a/c Amount

1 Gopalsinh Dodia Digsar 40 40 100000 25

2 Nilesh Vitthapara Danawad 12 12 2400 8

3 Chaganbhai Oghadbhai Patel Kholadiyad 60 60 - -

4 Kamleshbhai Ishwarebhai Rathod Rawaliyawadar 184 184 50000 80

5 Amrutbhai Mansukhbhai lakum Gujarvadi 48 48 500 37

6 Rameshbhai Bhikhabhai Parmar Devcharadi 40 40 10000 30

7 Parthbhai Gediya Fulgram 40 40 0 30

40%

60%

As Main

As Subsidiary


8 Bharatbhai Sandabhai Dharjiya Parnala 38 25 50000 10

9 Ibrahambhai Abdulbhai bhathaniya Bhathan 40 40 15000 5

10 Rameshbhai Mansinhbhai Vadekhanioya Nana Timbala 34 34 5000 10

Average 54 52 25878 26

Average account open by BC is 54, which goes from 12 to 184. There is big

difference between the average value and lowest no of a/c opened. Average

saving account open is 52 where average 26 accounts are inoperative which

varies from 5 to 80. Average amount in saving accounts served by BC is Rs.

25878/- which varies from Rs. 0/- to Rs. 100000/-.

4.2.2 Remuneration given to BC

BC is getting Rs. 2000/- per month as fixed salary. They have also committed

to get Rs. 1/- per transaction. It means that when customer does any

transaction through POS device like deposit or withdrawal, he will get Rs. 1/-.

But BC has not got any transaction commission yet because the POS device is

not working properly. BC is also getting about Rs. 2.50/- per kilometer as

conveyance charges.

4.2.3 Smart-Card

Figure 7: Smart-Card


Smart card is used for accessing the account to make any transaction. As shown

in figure 8 we can conclude that 30% of BC could not get smart-card. 70% of

BC has got smart card but not for all their clients. They got smart card for half

or less than half account holder. From these 70% only 14 % of smart cards

were operationalized. So we can conclude that, 86% of the smart cards issued

are not operationalized which means that BC clients are not able to access their

account through POS device.

First, acquiring smart cards by clients is a problem while accessing it being next.

The main problem for not properly using smart card is POS device problem and

network connectivity problem.

Figure 8: Ratio of smart-card given and Operationalized

BC has been given Rs. 10000/- to Rs. 25000/- transaction limit per day. There

is also limit of transaction per account which is Rs. 5000/- to Rs. 10000/- per

day.


4.2.4 BC’s View for FI and BC Model

BC is the grass root channel of financial inclusion plan. He is directly concerned

with grass root level problems. He is one who actually knows what people want.

He is directly related with villagers and is also one amongst them. BC suggest

following points for improvement of FI plan

Increase cash limit

Smart-card should be available to A/C holder as quick as possible or

within week

Solve device problem as soon as possible and issue device(Who are

still not getting)

Give sim-card of mobile service provider which has good network

connectivity in village

Transfer of old branch account to BC

Give liberty in KYC norms

Transaction should be done from both bank and BC

Account opening form should be given to BC from bank

Workshop for awareness should be done

Advertisement of BC should be done

Check can be accepted by BC

FD should be done by BC

4.3 Impact of Clients

The clients which served by BC are most by married. As per the data (figure 9)

88% of the clients are married and 12% of the clients are unmarried. The study

shows that clients who have accounts are mature enough. They have

responsibility of their family.


Figure 9: Marital Status of BC Client

The average number of adult member in their family is 4 i.e., 2 man and 2

woman. The average number of accounts in client‟s family is 2 which are lies

from 1 to 7 accounts. As we can see in figure 10 that 47 clients hold only one

account in their family and which were opened through BC. 32 clients have 2

accounts and 14 clients have 3 accounts. Additional accounts have opened

earlier before BCs services were available in village.

Figure 10: No. of Account per Client Family

88%

12%

Married

Unmarried

47

32

14

0

41 1

1 2 3 4 5 6 7

No

. of

Clie

nt

No of Accounts


4.3.1 Awareness issues among clients

The villagers are not aware about the services provided by banks and BC.

Because of their illiteracy they do not understand the concept of financial

inclusion. Very few people are aware of BC model and FI. Due to lack of time

they do not got chance to understand concept. They are working whole day in

farm or any other occupation which they are engaged. Sometimes they are

aware about services but cannot adopt it because of limiting factor availability

of time.

Figure 11: How People Aware about BC services

It may be observed from figure 11 that about 96% of people know about BC

service in their village through BC himself. It shows that the requirement of

more awareness camp like gram sabha, ratri sabha is needed. It should be

required to aware people about FI. They should trust in BC model by their own.

They should understand importance of savings. It is only possible if they get

aware by themselves.

4.3.2 Satisfaction of client

BC‟s are concerned with money. They hold money of villagers. It must require

having trust in BC. If trust factor is not in BCs then BCs cannot work properly in

96

2 2

Through BC Workshop Other


village. Trust can be earned by the satisfaction of work. If BC satisfies needs of

villagers they can easily trust him and also support him for improvement.

Figure 12: Clients Satisfaction towards BC services

From figure 12 we can see that 90% of people are satisfied with BCs services.

10% people are not satisfied. But from this 10% of people most of them have

complaints with device and not with BCs. The problems are mainly related to

smart card availability or inadequate infrastructure accessibility. The BC‟s are

working well in their villages; they are able to satisfy needs of their clients

which shows healthy growth of FI.

Figure 13: Usage of Account by Clients of BC

90%

10%

Satisfied

Unsatisfied

83%

17%

Operative

Inoperative


83% of accounts are operative while 17% of accounts are inoperative (figure

13). But here all the transaction has done through bank branch by BC visiting

branch physically.

4.4 Impact of Non-Client

Non-clients are the persons who are not using the service provide by BC. Some

villagers are not using BC services because of various reasons. The non clients

are mostly engaged with agriculture and other occupation like agriculture

labour, diamond related works, shops, etc.

Figure 14: Ratio of Account Holding by Non-Client of BC in other Bank

The non-clients are also holding account in other bank or branch bank. About

78% of the non-clients have bank account while 22% do not have any bank

account (figure 14). They are totally eliminated from formal financial sector. The

reason for exclusion is lack of time and do not possess enough savings. We can

also count illiteracy of people as another reason for not opening of bank

account.

4.4.1 Reason for not availing account by villagers

There are many reasons for not opening account through BC. 16% of people are

not aware about the service provided by BC.

78%

22%

Yes

No


Figure 15: Ratio of BC-service awareness in Non-clients

About 34% of non-client populations are not availing BC service because they

do not trust the concept of BC. They are aware of BC services but somehow

they are very possessive and concerned with their money. These groups of

people do not trust anyone quickly. 14% of people think that this facility is not

convenient for them. This group of people is mostly migrating from one place to

other place frequently. They are not staying in one place for long time. It is

difficult for them to come to village for only accessing the account. 12% of

people are not joining with BC because of limit fixed for transactions. These

group of people are have some more amount of transaction occurs. They are

taking crop loan or getting any government subsidy. These people have larger

amount for withdrawal and BC has limit on cash for their transaction. 24% are

the groups of people who have other reasons for not using BC services which

are given below:

84%

16%

Aware

Not Aware


Figure 16: Reason for Not Availing BC service by Non-clients

Account holding in main branch

Availability of time

Due to device problem

Document problem

Not enough savings

Figure 17: Interest of non clients towards opening of account through BC

Not Aware Don't trust the concept

Not convinient Limit of Transaction

Other

16%

34%

14%12%

24%

Reason for not availing BC service

68%

32%

Interested

Not interested


As per figure 17 we can see that 68% people are interested for opening of

account with BC. They think that it is easy for them and also convenient for

them to get bank facility from their village itself. Here, 32% of people are not

interested in opening of account in BC. This group of people are most of migrate

from one place to the other and others have already account in main branch.

Figure 18: Number of visit bank by non client in a year

Figure 18 shows the frequency of visit of bank by the non-clients. The study of

50 people shows that 13 people never visit banks. 16 had visited bank 1 to 2

times in a year only for making sure that their account is not closed.

0

2

4

6

8

10

12

14

16

18

Never 1 to 2 3 to 4 5 to 6 7 to 8 9 to 10 11 to 12 >12

Pe

rso

ns

Times for visit the Bank(per year)


Section 5

MAIN ISSUES AND CHALLENGES

The study of Business correspondent model shows some facts about BC model

in villages. We have seen some findings about the model. Here we discuss

about constrains that why FI plan still not successful. The results of the findings

had been discussed here.

1. Device

First of all the POS device has not been given to all the BC and the POS

devices which was given to the BCs are faulty. POS device do not work

properly.

Figure 19: Account holder gives her finger print for operating Account

Device has two parts which identify customer. One is web cam and another is

fingerprint identifier. Fingerprint identifier is some times not working it

requires cleaning on regular basis.


2. Smart Card

Smart card is another issue. BC opens the account of customer through POS

device. Once the account opened it require smart card for operating it. As

shown in above figure 19 for operating of customer‟s accounts both

smartcard of client‟s as well as BC are required. But the problem is that after

opening of account smart card has been issued after 1 or 1.5 month later. So

if the customer wants to execute immediate transaction he/she can‟t do that.

3. Connectivity (Network)

POS device is wireless electronic instrument which works on battery. For

operating the device it requires internet connectivity. For this internet

connectivity, they are availing the services of mobile service provider. In the

village and remote area there is problem of network connection. Without

network POS device cannot connect to internet and hence, the transactions

are not materializing.

4. Document

The documents required for opening of bank account are photo identity and

residence proof. In villages studied it was observed that, a person has two

different names in two different documents because of their illiteracy. As per

KYC norms it is not acceptable. This is corning in the way of FI.

5. Awareness/Acceptability

In villages, generally people can‟t accept new things easily or quickly. People

do not trust the BC and when we are talking about money it is hard to

convince people. They also don‟t have clear idea about what financial

inclusion exactly is; hence, financial literacy campaigns are necessary in the

villages. Recognition should be given by bank to BC as banks representative

in a village.

6. Account holding at main branch

Villagers have small savings. They are opening savings account for their

small savings. For this they have to go to branch for transaction or any kind

of other banking facility which cost him wages for that day and

transportation. Service of BC is given at the door step but they cannot open

account there because they are already account holder in branch.


Section 6

SUGGETION FOR IMPROVEMENT

1. Device

POS device should be given to BC as quickly as possible. The technical

problem regarding to device should be solved with the help of expert.

Training should be given to BC for helping them to understand device easily.

2. Smart card

Smart card is necessary for transaction of individual account. Smart card

should be issued to client within week of opening account. So, account holder

can use his account and make transaction possible. Transaction should be

made possible from both BC and branch through same smart card.

3. Connectivity(Network)

In remote rural area it is not possible to get connectivity from all mobile

service providers. Smartcard which is given to BC should have good network

connectivity within the village. This will enable the BCs to get internet

connection anytime in day and transaction can be possible anytime without

going here and there.

4. Document

Due to illiteracy in rural areas document is major problem. Bank follows its

KYC norms for opening of account. The villagers cannot get banking facility

just because of some mistake in document. Banks have to make their KYC

rules easier for such kind of people. Banks should get confirmation from BC

or can get written later from them.

5. Awareness/Acceptability

The villagers cannot get benefit of many government schemes or such kind

of banking facility just because of they are not aware of facility. There is

need to organize gramsabha, ratrisabha and awareness camps in the village.

The announcement of BC facility in the villages should be done by some high

level banking authority or a person who is trusted by the people in that

village. So that credibility gap can be reduced.


6. Account holding in main branch

Branches have to develop such facility that account holder can access his

account from both bank branch as well as from BC.


ANNEXURE

Annexure 1

Questionnaires for BC

1. Bank:

2. Name of CSP:

3. Occupation

a. Main: b. Subsidiary:

4. Name of BC:

5. Name of Branch:

6. Name of village in which CSP is residing:

7. Name of village served by CSP:

8. No. of A/C served by CSP:

9. No. of hours CSP is available in each village:

10.Weather Smartcard has been issued & operationalised? YES/NO

11.If yes, product offered?

a. Deposit

1. Recurring deposit 2. Fixed deposit

b. Overdraft

c. Micro-credit


1. GCC 2.KCC/SCC/JLG 3. Any

other

d. Remittance

e. Govt. payments

1. MANREGA 2.Old Age Pension 3. Widow pension

4.Any other

f. Private payment

1. From a/c holders 2. From others a/c to a/c 3.Any

other:

g. Micro pension

1. Swaviman (NPS) Scheme 2.Any other

h. Micro insurance

i. Life insurance

1. Collection of premium 2.Payment of claim

j. Non-life insurance

1. Asset insurance 2.Health insurance 3.Crop insurance 4.Any other

12. If No, What are impediments?

a. Smart card are not issued

b. POS device is yet to be made operational

c. Any other

13.No of transaction per day (AVG for a month):

14.No of transaction per account (AVG for a month):

15.Limit on cash payment per a/c per day:

16.Limit on cash payment per day:

17.Remuneration received per transaction:

18.What other products can be offered through smart cards?


19.No. of a/c opened and amount involved since opening of the outlet as CSP as

on date of survey

a. Name of village:

b. Savings

1. No. of a/c: 2.Amount:

c. Micro credit

1. No. of a/c: 2.Amount:

d. Inoperative a/c:

20.Suggestion from CSP for improving the facilities under FI:

Annexure 2

Questionnaire for BC’s Client

1. Block:

2. Bank:

3. Name of village:

4. Name of Head Of Family:

5. Married: YES/NO

6. No. of adult member in family:

a. Male b. Female

7. Details of Account

a. No. of A/C:

b. Operative/Inoperative:

8. How he has come to know about Facilitates available from Bank/CSP

a. Through BC/CSP c. Workshops

b. Through NGO d. Any Other

9. Types of facilities availing of from BC/CSP please indicate branch CSP/NONE

a. Deposit Accounts d. Loan Accounts

b. Remittance e. Micro-insurance


c. Pension f. Any Other

10.Weather the CSP/BC resides in the village and accessible any time? YES/NO

11.If CSP/BC resides in other village? YES/NO

12.How many hours in a day he is available? :

13.Are there any fix timings? YES/NO

14.How many days in a week the CSP/BC is available? :

15.Weather account holder is happy with the services offered by the CSP/BC?

YES/NO

a. If no what are his expectation from CSP/BC

16.Weather satisfied with bank facility? If yes what makes him happy?

a. Deposit- door steps services/Prompt payment

b. Micro credit-sanction of adequate amount of loan/less documentation

c. Remittance-reasonable service charges/prompt service

d. Micro insurance-affordable premium/prompt settlement of land

e. Pension affordable premium/simple documentation/prompt settlement

of claim

f. Other-prompt payment/personalized service

17.If not satisfied with bank facility please indicate reason and also indicate

what facility he wants?

18.Any other information, account holder wants to give for the betterment under

financial inclusion facilities?

Annexure 3

Questionnaire for Non-Client

1. Block:

2. Bank:


3. Name of village:

4. Name of Head Of Family:

5. No. of adult member in family:

a. Male: b. Female:

6. Occupation:

7. Details of Account

a. No. of A/C: b. Operative/Inoperative:

8. Whether a member of any SHG/JLG? :

9. How many times visits the bank (say in a month)? :

10. Types of facilities availing of from Bank/Other/From where are following

facilities availed?

a. Deposit Accounts d. Loan Accounts

b. Remittance e. Micro-insurance

c. Pension f. Any Other

11.Weather aware about the services provided by CSP/BC? : YES/NO

12.Reasons for not availing the services of BC/CSP

a. Not aware of services offered

b. BC available when required (Availability)

c. BC/CSP resides in another village (Accessibility)

d. The BC is not approachable/doesn‟t trust the concept (Acceptability)

e. Does not find it convenient

f. Limits on Transaction

13.If interested in availing the services of the BC/CSP? : YES/NO


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3. Indian Institute Of Banking & Finance. 2009. Inclusive Growth.

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(http://www.livemint.com/2011/09/21211250/Financial-Inclusion--A-road-I.html).

5. Mehrotra, Nirupam, Dr. V. Puhazhendhi, Gopakumaran Nair, and Dr. B.B.

Sahoo. 2009. Financial Inclusion-An Overview,NABARD

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model-t.html).

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(http://iobbancon2011.com/uploads/CEDocuments/Compdm/Article23.pdf).

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