RURAL BANKING 2010

EXECUTIVE SUMMARY

Since India is agriculture oriented country, the importance of rural banks in India is more than any other countries. The development of rural banks in India is on the process but still it is not fully developed.

The Rural banks in India was started in 1975.Rural banking in India is the result of a deliberate policy of the state and is vigorously pursued through formation of an elaborate governing infrastructure. In India we find that the states of Maharashtra and Gujarat are well developed. Whereas the states of Andhra Pradesh, Rajasthan and Karnataka have shown remarkable progress in the Rural banks and there is a vast potential for the development of RRBs in the remaining states. This project is mainly focusing on the importance of Rural bank in the regional rural areas of our country. Because of that reason The Government has introduced several schemes for promoting the spirit of co-operation. Both the Indian Government as well as the Government of the State of Maharashtra has introduced several schemes for the RRBs bank. The NABARD role in the building of the rural credit structure was that of an active collaborator in drawing up schemes of development with the government of India and the State Governments, and the provider of finance, first to the State Governments for contribution to the share capital of Rural credit institutions at various levels.

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INTRODUCTION ON RURAL BANKING (1)

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INTRODUCTION
Rural banking in India started since the establishment of banking sector in India. Rural Banks in those days mainly focused upon the agro sector. Today, commercial banks and Regional rural banks in India are penetrating every corner of the country are extending a helping hand in the growth process of the rural sector in the country. Regional Rural Banks in India are an integral part of the rural credit structure of the country. Since the very beginning, when the Regional Rural Banks in India (RRBs) were established in October 2, 1975, these banks played a pivotal role in the economic development of the rural India. 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 labours, and even small entrepreneurs. Agriculture and rural sector play an important role in Indias overall development strategy in terms of income and employment generation and poverty alleviation, and great significance has therefore, been placed on developing appropriate institutions and mechanisms for catering to the credit requirements of that sector. Setting up of Regional Rural Banks (RRBs) in the mid-seventies was a major initiative in this direction. The RRBs are specialized rural financial institutions for developing the rural economy by providing credit to small and marginal farmers, agricultural labourers, artisans and small entrepreneurs. Besides the RRBs, commercial and co-operative banks have been catering to the credit requirements of the rural sector. While the commercial banks, with their focus on profitability had certain limitations in accelerating agricultural credit, the cooperative banks efforts were also hampered by several financial weaknesses. Though over the years the RRBs have been able to expand their outreach and business and meet the credit requirements of the poor, several weaknesses have emerged, eroding their profitability and viability. The recent focus of the Government of India on doubling the flow of credit to the agricultural sector has warranted a re-look at the relative roles of cooperative banks, RRBs and commercial banks. As the very objective of setting up RRBs was to extend adequate credit to the rural borrowers and particularly the economically weaker sections, owing to their rural orientation,there is a growing realization that RRBs could be used as an effective vehicle for credit delivery in the rural areas. There is, therefore a need to devise ways and means to improve the health and viability of RRBs so as to reposition them in the credit delivery mechanism in India.In india there are 14475 rural banks in the country of which 2126(91%) are located in remote rural areas .

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HISTORY OF RURAL BANKING (2)

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History
The history of regional rural banks in India dates back to the year 1975. It's the Narsimham committee that 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, yet with the same level of professionalism of commercial banks. Five regional rural banks were set up on October 2 with a total authorized capital of Rs. 1 crore, which later augmented to Rs. 5 crore. There were five commercial banks, viz. Punjab National Bank, State Bank of India, Syndicate Bank, United Bank of India and United Commercial Bank, which sponsored the regional rural banks. The equities of rural banks were divided in a proportion of 50:35:15 among the Central Government, the Sponsor bank and the concerned State Government. The following years have not been so easy for the regional rural banks in India, as there were major concern of financial viability. A number of committees were formed to find out solution. Studies were conducted to find out the factors that influence RRBs performance. The roles played by the sponsor banks were also analyzed.The banking commission, however , placed enornomous faith in working and development of co-operative banking in catering to the needs of rural sector. To strengthen the field of co-operative banking in the rural sector, the commission in proposed the creation of a new category of rural banks in one of three possible ways: 1) Conversion of selected viable or potentially viable (PACS) into rural co-operative banks which would provide a full range of banking facilities, together with certain closely allied non banking services 2) Restructuring a sound primary agricultural credit society as a subsidiary of a commercial bank. It is also called a rural subsidiary bank.

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OBJECTIVE OF RURAL BANKING (3)

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Objective
The importance of the rural banking in the economic development of a country cannot be overlooked. As Gandhiji said Real India lies in Villages, and village economy is the backbone of Indian economy. Without the upliftment of the rural economy as well as the rural people of our country, the objectives of economic planning cannot be achieved. In fact, the real growth of Indian economy lied in the freeing of rural masses from acute poverty, unemployment, and socio-economic backwardness. Function of Rural banking According to banking commission, the rural banks should render the following functions: 1) To accept deposits; 2) To grant advances 3) To provide ancillary banking services 4) To supply inputs and equipments to farmers 5) To provide assistance in marketing of their products Above all a rural bank has to help generally in the overall development of village in its area. The banking commission held that rural banks should also extend credit and all other banking services besides members/shareholders to the general public in their areas by enrolling them as associate members. Further the commission recommended that rural banks should be governed by separate legislation to be enacted by the parliament. The banking commission worked on further most detail of rural banks, such as capital structure, management structure, dividend and interest rate policies,deposit insurance, linkage with other government bodies especially with the food corporation of india,in terms of its procurement functions in rural areas, its terms of borrowing, etc The Commission also envisaged that all financial needs of the medium and small farmers should be met by the rural banks

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SCHEMES OF RURAL BANKS (4)

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Schemes provided
Uptil june 1975, the government of India, however , government of India did Not pay attention to the proposal for instituting a chain of rural banks in the country. The idea of rural banks once again cropped up when the prime minister announced its twenty point economic programme on july 1,1975. By this time the government earnestly felt that it was essential to set up rural banks as new institution, attitudinally and operationally distinct from the public sector banks. In short, the government thought of instituting rural banks as part of its twenty point programme, also refered to as New economic programme, in 1975, inspired by consideration of lowering the costs of rural banking and operating such banks with local staff in a homely atmosphere of the villages. The government of India then appointed a working group on Rural Banks, headed by Shri M. Narasimham, to examine in detail the issue involved in the establishment of new rural banks as subsidiaries of the public sector banks to deal with the problems of rural finance. The working group submitted its report on july 30, 1975. The working group, however, conceived a grossly different idea from the concept of rural banks advocated by the banking commission. The group recommended the establishment of statesponsored regionally based and rural- oriented commercial banks called regional rural banks. Based on the recommendation and after due consideration of the scheme suggested by the Narsimha committees report , the government of india instituted Regional Rural Banks in October 1975, under the regional rural banks ordiance, 1975, promulgated by the president of India on September 26,1975.

Schemes for the priority sectors

SCHEME FOR FINANCING POULTRY FARMING ELIGIBILITY
Small farmers, landless agricultural labourers or any other under-employed and intend to supplement income through poultry. persons who are

PURPOSE
Scheme for financing poultry farming provides for investment credit for construction of sheds and purchase of equipments on the one hand and production credit for purchase of day old chicks, feed, medicines, etc., on the other hand.

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Financial assistance borrowers as under: shall be made available to the intending

For subsidiary activity: Investment credit will be provided in the shape of medium term loan for acquiring fixed assets whereas production credit will be given to meet the working capital requirements in the shape of Short Term Loan. For main activity: Investment credit will be provided as medium term loan whereas production credit will be given either in the shape of cash credit limit or as an integral component of investment credit

SCHEME FOR HORTICULTURE

ELIGIBILITY

FINANCING

DEVELOPMENT

OF

Individual farmers or group of farmers with stipulated land holding , and Public Sector Undertakings or private firms desirous of seeking financial assistance for plantation of fruit trees or other economic plants on project basis. PURPOSE For establishment and development of new orchards or groves of fruit crops, plantation crops, ornamental crops, medicinal plants, essential oil/aromatic plants etc, rejuvenation of existing orchards or plantation, raising vegetables ,raising flower crops, inter-cropping in horticultural crops, Marketing loan to meet picking, grading, crating, forwarding and transportation costs etc..

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SCHEME FOR FINANCING FISHERIES DEVELOPMENT
ELIGIBILITY Loan assistance is extended to farmers, individuals, co-operative companies, association of persons who have adequate know-how and infrastructural facilities for implementation of the scheme PURPOSE For Construction/renovation of ponds/tanks., construction of sluices, purchase of fish prawn, fry and fingerlings/ fish seed/ prawn seed, purchase of inputs like oil cake, fertilizers, organic fertilizers and other feed materials upto the first harvest, purchase of nets, boxes, baskets, ropes, shovels, hooks and other accessories etc societies, necessary

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NEW TECHNOLOGIES IN RURAL BANKS (5)

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New technology in rural banks
E-Account
The customer can deposit cash into the e-account or withdraw it, using the retail agents of Globe Telecom, who are spread across the country. Customers can use G-cash to pay bills, repay loans, or purchase goods at shops (its effectively a debit card). In the Philippines, 1.3 million people now have e-accounts with Global Telecom. In Kenya, a similar service is being offered by Safaricom, a Vodafone affiliate and the leading mobile operator in the country. Safaricom has partnered the Commercial Bank of Africa and a local microfinance institution. In South Africa, a technology firm, WIZZIT, has become a division of the South African Bank of Athens in order to meet the central banks regulatory concerns. WIZZIT offers the usual services deposit, withdrawal, payments, and airtime purchases through a variety of access points including cellphones, ATMs post offices and bank branches. So, it combines branchless and branch-based banking, and its link with the post office constitutes a public-private partnership. It has reached poor people that earlier could not dream of opening bank accounts. India needs to learn from all these models. After the NBFC scandal of the 1990s, and subsequent scandals in many cooperative banks, the RBI is ultra-cautious about new architecture that may be vulnerable to abuse. It has allowed commercial banks to use microfinance institutions (MFIs), NGOs and cooperatives as retail agents. ICICI and other banks use MFIs as retail agents for disbursing and collecting loans. However, this architecture has not so far been useful for collecting deposits, paying bills, or undertaking other financial service

Cell- Banking
Hence the time is ripe for a new set of rules to facilitate cellphone banking in all rural areas. A problem in the past has been that electricity in rural areas is very intermittent and unreliable. This makes the operation of ATMs a problem. But cellphones need very little electricity, and can be charged at night in every village using batteries based on solar energy. Such solar batteries have long been used by ITC in its e-choupals, and are not a novelty. Indeed, the e-choupal is suddenly threatened with extinction by the rural cellphone. Till now, the e-choupal has provided electronic information in rural areas having no other source of information. But once rural cellphone towers are built, 3G technology will allow every rural cellphone to connect with the internet. This will enable cell-phones to provide all the information that echoupals do today. Indeed, to protect its future, ITC needs to immediately become provider of services through cellphones, making them the new architecture of future e-choupals. This will be a first step towards ITC becoming a rural banker too. The RBI should probably insist that every provider of virtual banking sets up a joint venture with a commercial bank for providing such services. This will be far simpler than creating an entirely new set of rules for virtual banks. The regulations should liberally permit 13 | P a g e

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money transfer by cellphone. This will reduce the cost incurred by poor migrants in sending home remittances, currently done through money orders.

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Biometric ATMs
ATMs with biometric devices are the latest solution in the ongoing effort to offer banking services to the rural masses. To reach the rural masses, banks are going all out in providing a user-friendly banking experience. To boost micro financing initiatives, banks are deploying biometric solutions with ATMs. Establishing the identity of a rural depositor through biometrics makes it possible for illiterate or barely literate folks to become part of the banking user community. In recent years the importance of biometrics has grown tremendously with an increasing demand of security in accordance of unique identification of individuals. Its use for identification in applications other than policing is on the rise. In view of the rapidly increasing applications, the scope of biometrics is also increasing, be it identification via face, voice, retina or iris. Fingerprinting, however, has the advantage of being a familiar concept worldwide. In the retail payments arena, developments in biometric technology have made their presence felt in the pervasiveness of self service devices including Automated Teller Machines (ATMs) and Point of Service (POS) machines. Some of the new generation POS terminals are biometric enabled with smart card readers, allowing thumb-print based authentication. Some Indian banks have started implementing biometric applications in retail branch applications for officer authentication. Elsewhere in the world, efforts are on enabling payments through kiosks based on fingerprints (non-card based). ATM enhancements with biometric support envisaged by vendors eliminate the need for PIN entry, and authenticate customer transactions by thumb-impressions. A simplified menu on ATMs coupled with possible audio guidance in local language enable easy use for rural masses. So far bank ATMs are dependent on PIN verification. The fingerprint authentication method is non-PIN based, and this requires enhancements to the standard Switch environment.

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SMART CARDS
NXP Semiconductors, a chip design solutions and developing applications company using technologies across identification, automotive and multi-market semiconductor domains, has developed a solution for Indian rural areas using an identification technology.

The solution is based on NXPs Near Field Communication (NFC) and smart card technology. The smart card stores the identity of the customer -- such as name, address, photograph, finger prints and relevant details of the savings or loan accounts held by the issuing bank -- in a small chip embedded in the card and provides for authentication of the consumer through the biometric finger print. An NFC-enabled mobile phone acts as a branch of the bank by storing the entire database of customers in the village and neighboring areas in the phones memory, protected by a high security PKI chip built into the NFC subsystem on the phone. According to the developers, the system is fast, secure and reliable, and empowers banks to slash costs per transaction and provide multiple services to the customer.

The solution has the potential of providing complete banking services to rural consumers like cash deposits, cash withdrawals, utility payments, money transfers, micro-insurance and cashless payments. While this has been one of the most innovative uses of the technology, NFC has several other uses attached to it such as making purchases, accessing facilities and transportation systems, and getting information on the fly. Consider the intuitive simplicity of holding an NFCenabled mobile phone close to a terminal to purchase products or services just touch and go, says a NXP spokesperson adding, Imagine downloading an MP3 of your new favorite song in seconds while you're on the road. How would you like to stroll right into a sports arena without needing paper tickets? Consider how simple public transportation would be without cash, cards, or tokens.

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The solution has helped NXP in initiating successful pilots in Andhra Pradesh that reached out to 45,000 people with leading banks such as State Bank of India, Union Bank, Axis Bank, Andhra Bank, State Bank of Hyderabad and Andhra Pradesh Grameena Vikas Bank.

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PRODUCTS OF RURAL BANKS (6)

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Products of Rural banking
Agricultural Insurance
Agricultural Insurance provides the farmers insurance coverage and financial help in time of their needs. India is a land of agriculture and a vast majority of people depends on this profession. Agriculture in India is vulnerable to many kinds of damages which are caused by natural calamities like flood, excessive rain and hail-storming, diseases and pests which play havoc on the crops. Agricultural insurance schemes provide the farmers financial support in case they are caught in any undesired situation which proves fatal to their crops. Farmers face the brunt of nature: Agricultural Insurance in India mainly covers the agricultural lands which are spread over rainsoaked areas. The farmers in India having their lands in the flood and rain affected regions often bear the brunt of the nature. The agricultural lands are washed away by excessive rain causing flood which damages crops. Sometimes, crops are attacked by pests or they die of diseases. These types of sticky situations often prove very fatal for the farmers. Insurance saves the farmers from sticky situation: To save the farmers from these kinds of difficult situations, there are several agricultural insurance companies in India. These companies compensate the losses of the farmers done by any natural calamity. Besides, Crop Insurance schemes in India also encourage the farmers for implementing progressive farming techniques through the usage of technologically rich agricultural apparatus and high value in-puts.As Agricultural is highly susceptible to risks such as drought, flood, pests etc.It is necessary to protect the farmers from natural calamities and ensure their credit eligibility from the next season. Towards this purpose, the Government of India introduced a comprehensive crop insurance scheme throught the country in 1985 covering major cereal crops, oilseeds and pulses. Among commercial crops, seven crops viz., sugarcane potato, cotton, ginger, onion, turmeric and chillies are presently covered

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MUTUAL FUND UNITS - RRBS

With a view to expanding the scope of business of RRBs and considering that marketing of Mutual Fund (MF) units provides a profitable avenue for banks, it has been decided by RBI on 17th May 2006 to allow Regional Rural Banks (RRBs) to undertake marketing of units of Mutual Funds, as agents.

Accordingly, RRBs may, with approval of their Board of Directors, enter into agreements with Mutual Funds for marketing their units subject to the following terms and conditions: The bank should only act as an agent of the customers, forwarding applications of the investors for purchase / sale of MF units to the Mutual Fund / Registrar Transfer Agents. The purchase of MF units should be at the risk of customers and without the bank guaranteeing any assured return. The bank should not acquire such units of Mutual Fund from the secondary market. The bank should not buy back units of Mutual Funds from their customers. The bank holding custody of MF units on behalf of their customers should ensure that its own investment and investments belonging to their customers are kept distinct from each other. Retailing of units of Mutual Funds may be confined to some select branches of the bank to ensure better control. The bank should comply with the extant KYC/ AML guidelines in respect of the applicants. The RRBs should put in place adequate and effective control mechanisms in consultation with their sponsor banks.

Kisan Credit Card Scheme

Kisan Credit Card Scheme (KCC) aims at providing adequate and timely support from the banking system to the farmers for their short-term credit needs for cultivation of crops. This mainly helps farmer for purchase of inputs etc.,during the cropping season. Credit card scheme proposed to introduce flexibility to the sytem and improve cost efficiency

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Benefits of KCC

Simplifies disbursement procedures Removes rigidity regarding cash and kind No need to apply for a loan for every crop Assured availability of credit at any time enabling reduced interest burden for the farmer. Helps buy seeds, fertilizers at farmers convenience and choice Helps buy on cash-avail discount from dealers Credit facility for 3 years no need for seasonal appraisal Maximum credit limit based on agriculture income Any number of withdrawals subject to credit limit Repayment only after harvest Rate of interest as applicable to agriculture advance Security, margin and documentation norms as applicable to agricultural

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MICRO FINANCE (7)

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Micro Finance
Microfinance institutions (MFIs), specialised financial institutions that serve the poor, derive from the success of some micro enterprise credit programmes performed mainly by practitioners in developing countries. microFinance (mF) is being practiced as a tool to attack poverty the world over. During the last two decades, substantial work has been done in developing and experimenting with different concepts and approaches to reach financial services to the poor, thanks mainly to the initiatives of the Non-Governmental Organisations (NGOs) and banks in various parts of the country. Despite having a wide network of rural bank branches in the country and implementation of many credit linked poverty alleviation programmes, a large number of the very poor continue to remain outside the fold of the formal banking system. Various studies suggested that the existing policies, systems and procedures and the savings and loan products often did not meet the needs of the hardcore and assetless poor. Experiences of many anti-poverty and other welfare programmes of the state as well as of international organisations have also shown that the key to success lies in the evolution and participation of community based organizations at the grassroots level. Micro-finance and Poverty Alleviation: Most poor people manage to mobilize resources to develop their enterprises and their dwellings slowly over time. Financial services could enable the poor to leverage their initiative, accelerating the process of building incomes, assets and economic security. However, conventional finance institutions seldom lend down-market to serve the needs of low-income families and women-headed households. They are very often denied access to credit for any purpose, making the discussion of the level of interest rate and other terms of finance irrelevant. Therefore the fundamental problem is not so much of unaffordable terms of loan as the lack of access to credit itself.

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The lack of access to credit for the poor is attributable to practical difficulties arising from the discrepancy between the mode of operation followed by financial institutions and the economic characteristics and financing needs of low-income households. For example, commercial lending institutions require that borrowers have a stable source of income out of which principal and interest can be paid back according to the agreed terms. However, the income of many self employed households is not stable, regardless of its size. A large number of small loans are needed to serve the poor, but lenders prefer dealing with large loans in small numbers to minimize administration costs. They also look for collateral with a clear title - which many low-income households do not have. In addition bankers tend to consider low income households a bad risk imposing exceedingly high information monitoring costs on operation. In other words, although microfinance offers a promising institutional structure to provide access to credit to the poor, the scale problem needs to be resolved so that it can reach the vast majority of potential customers who demand access to credit at market rates. To be successful, financial intermediaries that provide services and generate domestic resources must have the capacity to meet high performance standards. They must achieve excellent repayments and provide access to clients. And they must build toward operating and financial selfsufficiency and expanding client reach. In order to do so, microfinance institutions need to find ways to cut down on their administrative costs and also to broaden their resource base. Cost reductions can be achieved through simplified and decentralized loan application, approval and collection processes, for instance, through group loans which give borrowers responsibilities for much of the loan application process, allow the loan officers to handle many more clients and hence reduce costs. Savings facilities make large scale lending operations possible. On the other hand, studies also show that the poor operating in the informal sector do save, although not in financial assets, and hence value access to client-friendly savings service at least as much access to credit. Savings mobilization also makes financial instituttions accontable to local shareholders. Therefore, adequate savings facilities both serve the demand for financial services by the customers and fulfill an important requirement of financial sustainability to the lenders. Microfinance institutions can either provide savings services directly through deposit taking or make arrangements with other financial institutions to provide savings facilities to tap small savings in a flexible manner. 24 | P a g e

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Convenience of location, positive real rate of return, liquidity, and security of savings are essential ingredients of successful savings mobilization. Once microfinance institutions are engaged in deposit taking in order to mobilize household savings, they become financial intermediaries. Consequently, prudential financial regulations become necessary to ensure the solvency and financial soundness of the institution and to protect the depositors. Governments should provide an enabling legal and regulatory framework which encourages the development of a range of institutions and allows them to operate as recognized financial intermediaries subject to simple supervisory and reporting requirements. One way of expanding the successful operation of microfinance institutions in the informal sector is through strengthened linkages with their formal sector counterparts. A mutually beneficial partnership should be based on comparative strengths of each sectors. Informal sector microfinance institutions have comparative advantage in terms of small transaction costs achieved through adaptability and flexibility of operations. They are better equipped to deal with credit assessment of the urban poor and hence to absorb the transaction costs associated with loan processing. On the other hand, formal sector institutions have access to broader resource-base and high leverage through deposit mobilization. Therefore, formal sector finance institutions could form a joint venture with informal sector institutions in which the former provide funds in the form of equity and the later extends savings and loan facilities to the urban poor. Another form of partnership can involve the formal sector institutions refinancing loans made by the informal sector lenders. Under these settings, the informal sector institutions are able to tap additional resources as well as having an incentive to exercise greater financial discipline in their management. Microfinance institutions could also serve as intermediaries between borrowers and the formal financial sector and on-lend funds backed by a public sector guarantee. Weaknesses of Existing Microfinance Models One of the most successful models discussed around the world is the Grameen type. The bank has successfully served the rural poor in Bangladesh with no physical collateral relying on group responsibility to replace the collateral requirements. The brief idea about Grameen is given in the next part of this report. This model, however, has some weaknessed. It involves too much

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of external subsidy which is not replicable Grameen bank has not oriented itself towards mobilising peoples' resources. The repayment system of 50 weekly equal instalments is not practical because poor do not have a stable job and have to migrate to other places for jobs. If the communities are agrarian during lean seasons it becomes impossible for them to repay the loan. Pressure for high repayment drives members to money lenders. Credit alone cannot alleviate poverty and the Grameen model is based only on credit. Micro-finance is time taking process. Haste can lead to wrong selection of activities and beneficiaries. Another model is Kerala model (Shreyas). The rules make it difficult to give adequate credit {only 40-50 percent of amount available for lending). In Nari Nidhi/Pradan system perhaps not reaching the very poor. Most of the existing microfinance institutions are facing problems regarding skilled labour which is not available for local level accounting. Drop out of trained staff is very high. One alternative is automation which is not looked at as yet. Most of the models do not lend for agriculture. Agriculture lending has not been experimented.

Risk Management : yield risk and price risk Insurance & Commodity Future Exchange could be explored

All the models lack in appropriate legal and financial structure. There is a need to have a sub-group to brainstorm on statutory structure/ ownership control/ management/ taxation aspects/ financial sector prudential norms. A forum/ network of micro-financier (self regulating organization) is desired.

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RRBs EXPANDING OUTREACH FOR FINANCIAL INCULSION BY FINANCE MINISTER PRANAB MUKHERJEE

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Regional Rural Banks expanding outreach for financial inclusion

In an Annual Review Meeting of Regional Rural Banks (RRBs) held on 25th July, 2010 under the chairmanship of Mr. Pranab Mukherjee, the Finance Minister of India, the status of financial institution in the country was reviewed. Issues like credit flow to agriculture, current viability, non-performing assets position, Core Banking Solutions (CBS) in RRBs and branch expansion of RRBs were discussed in the meeting. As on 31 March 2010, there were 82 RRBs with a network of 15475 branches spread over 619 districts in 26 States and 1 Union Territory. To expand their outreach, the RRBs were given a target in 2007 to open 2000 branches by March, 2011. They are required to migrate to Core Banking Solution (CBS) by September 2011 and 21 RRBs have already achieved 100% CBS status. The Sponsor Banks would provide the required support to the RRBs sponsored by them for this purpose and for up gradation of Technology for Financial Inclusion, the RRBs are being provided funds from Financial inculsion fund (FIF) and Financial inculsion technology fund (FITF) by NABARD. The meeting also highlighted that the profitability of RRBs, as a segment, has been improving. As of March this year only 3 RRBs out of 82 RRBs were incurring losses. (Manipur Rural Bank Rs. 2.98 crore, Puduval Bharthiar Grama Bank Rs. 0.22 crore and Mahakaushall Gramin Bank- Rs. 2.45 crore) Some of the factors responsible for losses in RRBs are identified as : low recovery, high NPA, low business level, low productivity per branch and per staff, high cost structure, poor financial management, limited area of operation, non-viable level of operation in branches located in resource-poor areas etc. Further, one of the RRBs, namely Puduval Bharthiar Grama Bank, which was set up in March 2008, has not yet reached a breakeven point; This information was given by the Minister of State for Finance Sh. Namo Narain Meena in a written reply to a question raised in Rajya Sabha.

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PRIORITY SECTOR LENDING NORMS FOR RRBs AND NEW POLICY IN RURAL CREDIT (9)

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New priority sector lending norms for RRBs

The Reserve Bank of India (RBI) has issued revised priority sector guidelines for regional rural banks (RRBs) to increase lending under financial inclusion. The banks will have to ensure that 60 per cent of their advances are towards priority sectors such as agriculture, small industries and retail trade. Of the total priority sector advances, at least 25 per cent (that is 15 per cent of the total advances) should be advanced to weaker sections of the society. The weaker sections include small and marginal farmers, self help groups and persons from minority communities, according to the RBI guidelines. The revised guidelines have taken effect immediately. If the RRBs found any difficulty in complying with the revised guidelines, they could approach the RBI with reasons for not meeting the norms and seek a timeframe to comply with new guidelines, the central bank clarified. The revision in the norms comes in the backdrop of criticism of rapid credit growth that has lost focus. There have been suggestions to review the eligibility criteria for priority sectors. It was argued that only those sectors that impacted large sections of population, those which are employment-intensive such as farming and tiny and small enterprises, should be eligible for inclusion under priority sectors.

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New policy in rural credit for banks

As indicated earlier, after 1969, there was a rapid spread of branches of commercial banks in the rural areas. As a result, there was duplication of efforts and scattered lending over wider areas. In order to avoid this, a new policy was adopted in 1988 which is known as the Service Area Approach". Under this policy, each semi-urban and rural branch of commercial bank is assigned a specific area comprising of a cluster of villages within which it will operate. Thus, the compactness in the area of operation will make it easy for the clientele to approach the bank for credit. It will also help the bank in credit planning and monitoring of the Funds. The banks are supposed to prepare annual credit plans for all the adopted villages.

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DIFFERENCE BETWEEN RURAL CO-OPERATIVE BANKS AND RRBs (10)

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Difference between Rural co-operative bank and RRBs
RRBs are by nature co-operative banks but are different from the co-operative banks 1) Aim: RRBs have been established to supplement the resources of the co-operative

banks and not to complete with them. The principle of co-operation is all for each and each for all. Its aim is to provide an institutional framework to organized self help among persons of small means. Its basis is self-help through mutual help. It combines economic, social and political objectives. It bringing about socio-economic changes in the country. The RRBs aim at providing credit and other facilities especially to the small and marginal farmers, agricultural laborers, artisans and small entrepreneurs in the rural areas.

2)

Act applicable: The RRBs are governed by the regional rural banks Act 1976,

RBI Act, NABARD Act, whereas the co-operative banks are governed by co-operative societies Act 1965.

3)

Status: The co-operative banks do not become scheduled banks automatically,

whereas RRBs are scheduled commercial banks. The scheduled status given automatically.

4)

Area of operation: Area of operation of the co-operative banks is restricted to only

one district only. But the area of operation of a RRBs is extending upto one or more districts of a state.

5)

Coverage of population: the co-operative banks are voluntary organization for

masses. But the beneficiaries of the RRBs are specially class of rural area. It includes small and marginal farmers, agricultural laborers, artisans and small entrepreneurs in the rural areas.

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6) Organization: the organizational set up of the co-operative banks is pyramidal. At

the apex level, state co-operative banks functions as apex body, at district level Central co-operative banks and village level Primary agricultural credit societies. It has federal aims at set up and each unit is partially autonomous managed by depositors and borrowers on the basis of one men one vote. The RRBs are bureaucratic institutions whereas co-operatives are democratic institutions

7)

Beneficiaries: the Beneficiaries of the co-operative banks are mainly rural the Beneficiaries of the RRBs includes special class of people i.e.,

masses. Whereas

the weaker section of societies

8)

Resources: The RRBs have owned funds which include share capital and reserve

funds as well as procured funds which include deposits and borrowings/ refinance. But the co-operative banks depend on the RBI and deposits from members.

9)

Lending operations: the Co-operative banks lend mainly to the farmers.

10) Monitoring and control: the RRBs are controlled by the Central Government, RBI, State Government and Sponsor Banks, whereas the co-operative banks are controlled by RBI and Registrar of co- operatives.

11) Staff: the co-operative banks get talented staff. Whereas RRBs attract less talented staff

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STRUCTURAL & OPERATIONAL PROBLEMS OF REGIONAL RURAL BANKS (11)

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Some refections on structural problem of Regional rural bank and operational

Much of the success of RRB will depend on its structural soundness, adequacy of its resources, management and operational efficiency and the role of associated agencies.

Requirement of structural efficiency

An important requirement of structural efficiency is determination of the area of operation of a RRB in an appropriate way. A RRB may fail to attain satisfactory progress if the area of its operation is not appropriate in terms of several criteria which maybe laid down as follows:

1) Area of operation and branch expansion

First of all there should be scope for opening new branches and new branches can only be opened in places where banking facilities available are quite meager or insufficient and where population of the target group is sizable. Compactness of geographical area, availability of infrastructural facilities, homogeneity of resources or type of production are also important factors that may influence decision in the matter. The chairmen of RRB at their conference held during 4-6 November,1982 expressed their opinion that the area should be such as would provide scope for opening 80 branches and sufficient business. It would neither depend upon the number of branches nor on the extent of area of operation. of course compactness of area is desirable from the point of view of management. As branch expansion was found to have been costly without being matched by proportionate return a caution needs to be sounded against rapid branch expansion without prior planning of appropriate personnel. The area of operation should be such as will facilitate monitoring and supervision of branches. In the absence of arrangement for monitoring and adequate supervision of branches. In the absence of arrangement for monitoring and adequate supervision by other than the head office, coverage of one district may be ideal for RRB. A larger area, as in the case of Mallabhum Gramin Bank, may result in neglect of supervision the impact of which on efficiency of branch operation would be adverse

2) Share Capital
Since most of RRB were found to have been experiencing losses, there should be an assessment of real (exchangeable) value of their share capital after some years of their start. Measures may be taken for protection against fall in the exchangeable value of the share capital by fresh contribution from the concerned parties. It may also be considered whether NABARD can join other agencies in contributing share capital to the RRB. It seems that subscribing additional share capital to govern the shortfall in the real/ exchangeable value would be advantageous than the sharing of losses by the share-holders as the erosion could be recouped in later years on account of profitable working results. 36 | P a g e

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3) Deposit mobilization
As the deposits are the important sources of any bank and no less in the case of RRBs , mobilization of rural savings is an essential part to build up their resources. It appears that though the RRB made progress in the mobilization of rural savings, there is much scope of further progress when it is considered in relation to the total size of agricultural working population of the area of operation. For giving impetus to such deposit mobilization in the long-run, the following measures may be kept in view: 1. As an incentive to the rural depositors, RRB may be permitted to grant loans against deposits upto a certain proportion of the face value of the deposits. 2. RRB may be included in the approved list of banks of central and state governments for the purpose of keeping the surplus funds and operating the accounts of government Departments, semi-government bodies, local bodies like panchayats, Municipalities, Agricultural product market committee etc.

4) Borrowings
RRBs are promoted mainly for meeting the credit requirements of weaker sections in the rural areas and so to refinance should fill the gap between mobilization of own resources and the total funding requirements of the rural poor. As the deposit mobilization potentially is not uniformly spread in the area of operation of all RRBs, the NABARD general line of refinance should be maintained. RRBs must immediately form technical cells, either by re-deploying their existing officers who are otherwise qualified and suitable as mentioned earlier or by recruitment new staff for preparing schemes so that covering of term loans under schematic lending is stepped up. The necessary financial assistance for NABARD may be utilized by the RRBs for the purpose. Sponser bank refinance is kept as last resort by RRBs because of higher rate of interest at 81 %, while the refinance from other sources is cheaper. If it is desired to avail sponser bank refinance on a larger scale, in preference to or on par with other refinance, it is necessary to consider whether the rate of interest charged by sponser bank can be brought down to that of NABARDs. RRBs are experiencing administrative and procedural inconvenience/ delays in availing to refinance from IDBI in respect of their small loans. So it is felt that a single agency approach ie. Obtaining refinance in respect of composite loans for artisans and rural industries etc. from NABARD would facilitate easy availability of refinance by RRBs.

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SUGGESTIONS FOR IMPROVEMENT IN THE WORKING OF RRBs (12)

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Suggestions for reorganization and improvement in the working of RRBs

The RRBs have indeed made a good beginning in the direction of the objective of promoting rural development with redistributive justice. It is however necessary to reorganize their structure and improve their working . the following suggestions are given below. 1) The unique role of RRBs in providing g credit facilities to weaker section in the village must be preserved. The RRBs should exist as rural banks of the rural poor. 2) The RRBs may be permitted to lend up to 25 per cent of their total advances to the richer section of society.

3) There is an urgent need to create more hospitable rural environment for the RRBs. The hostile attitude of PACS towards RRBs must change. 4) The state government should also take keen interest in the growth of RRBs.

5) There should be a clearly demarcated planning for the scope of the activities of RRBs, co-operatives and commercial banks in the rural areas. 6) Participation of local people in the equity share capital of the RRBs should be allowed and encouraged.

7) Local staff may be appointed,as far as possible, in the RRBs. 8) Co-operative societies may be allowed to sponser or co-sponser with commercial banks in the establishment of the RRBs. 9) The RRBs should be linked with PACS and farmers service societies (FSS). 39 | P a g e

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10) When the RRBs assist PACS, the latter must ensure that a minimum percentage of their lendings should go to the weaker sections.

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REVOLUTIONISING RURAL BANKING (CASE STUDY) (13)

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Revolutionising rural banking ( Case study)

Deepa Shivaswami could have lived like any other girl her age in a remote village in Tamil Nadu. After she dropped out of school, Deepa could have married and started a family. Instead, she became an entrepreneur. She runs an Internet kiosk in her village, offering services like e-mail, Internet chat, tips for health and education and so on. By and by, she plans to introduce her village to financial products like mutual funds, insurance and even equity trading. An automated teller machine that flashes the local language, Tamil, on its screen is being set up next door. In some time, the Internet kiosk and the ATM duo could well be a proxy bank for rural India. The kiosk has been set up by ICICI Bank in partnership with network owner n-Logue Communications, which is promoted by Ashok Jhunjhunwala, a professor at the Indian Institute of Technology, Chennai. The kiosk works on wireless in local loop technology using fibre optic cables. By mid-2004, over 10,000 such kiosks may dot Tamil Nadu and serve as a new vehicle for banking in rural India. The number is significant. Statistically speaking, out of the total 67,897 bank branches in the country (in 2002), 32,443 or 47.7 per cent are in rural India. The average population served by a bank branch is 15,000. If one includes the rural cooperative banks, the average could be lower still -- 12,800. The numbers compare favourably with Indonesia and Mexico. However, numbers do not tell the truth. Fifty-eight per cent of the rural households do not have a bank account and only 21 per cent have access to credit from a formal source. Over 70 per cent of marginal farmers have no deposit account and 87 per cent have no formal credit. Only a little over 1 per cent of rural households can rely on a loan from a financial intermediary to finance unforeseen expenses. Approval for such loans takes between 24 and 33 weeks. Often, consumers need to bribe officials to get loans, with the bribe varying between 10 and 20 per cent of the loan amount. In 2002, the number of rural deposits was 30.2 per cent of the total deposits in the banking system (Rs 13.30 crore out of Rs 43.99 crore). However, the amount of deposits mopped up in rural India is only 14 per cent of the total deposit liability of the system (Rs 1,59,423 crore of Rs 11,23,393 crore). 42 | P a g e

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Similarly, there are 2.51 crore rural advance accounts, which is 44.5 per cent of the total number of advance accounts. However, the share of rural pockets in the total credit kitty is only 14 per cent (Rs 92,789 crore of Rs 6,55,993 crore). Overall, 18 per cent of the rural population has bank accounts. The comparative figure in urban India is 103 per cent. It is clear that the supply of formal finance is biased against the rural population. The per capita deposit in rural areas stood at Rs 2,150 or around 10 per cent of the national per capita income in 2001. In contrast, in urban India, it is Rs 33,780 or around 160 per cent of per capita GDP. Credit per person in rural India is Rs 900 or around 4 per cent of national per capita GDP compared to Rs 20,600 for urban centres, which is 100 per cent of national per capita GDP. The number of credit accounts in rural areas relative to the total rural population is only 3.4 per cent against around 10 per cent in urban areas. Modelled on ITC's e-choupal initiative, the Internet kiosk run by Deepa can play an important role in bringing banking to the rural population. E-choupal -- equipped with a computer and Internet connectivity -- was conceived to tackle the challenges posed by the agriculture sector, such as fragmented farms, a weak infrastructure and the presence of numerous intermediaries. Although the objective of e-choupal is to bring efficiency to ITC's procurement process, an important byproduct is the increased empowerment of rural farmers. ICICI Bank's Internet kiosk scheme can mean financial empowerment for rural people. In a way, it can be described as a backdoor entry into banking. But, given the circumstances, this is a welcome initiative, if we want to reduce rural India's dependence on non-formal financial sources like local money lenders, chit funds, bishis and so on. A 1997 PricewaterhouseCoopers study said that the dependence of low-income households on informal sources is as high as 78 per cent. Branch banking in rural India is a loss-making proposition and existing regulations prevent the entry of agents mobilising deposits or selling loans. In this context, the combination of the Internet kiosk and a local language ATM can revolutionise the landscape of rural banking without violating the letter of the law. They can do what 196 regional rural banks and four local area banks have been unable to achieve. At a parallel level, the rural population can be reached out to through non-government organisations and micro-finance institutions. ICICI Bank is using this route by developing two products -- buying out existing portfolios of the MFIs and offering loans through a partnership model. The bank has securitised two asset pools of small loans worth Rs 20 crore in Andhra Pradesh. Crisil will undertake a rating exercise for the pool of assets. It hopes to score a triple-A for these 43 | P a g e

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pools as the non-performing asset level is extremely low in such loans -- about half a percentage point. Demonstrating its seriousness about the entire exercise, ICICI Bank has initiated talks with the Grameen Bank of Bangladesh, a pioneer in micro-financing, to float a company for giving credit guarantee to such papers. Grameen USA, a trust of the Grameen Bank, is slated to hold a majority stake in the proposed non-banking finance company. Under the arrangement, ICICI Bank has replaced the MFIs' existing high cost loans (bearing an interest rate of 14 per cent) to over-60,000 borrowers, by low cost (around 8 per cent) new loans. To ensure repayment, ICICI Bank has opened an escrow account where all repayments by the small borrowers will flow. So far, the bank has tied up with 10 MFIs and several more are on the cards. It's a win-win situation for all parties involved. The MFIs are drastically bringing down the cost of their resources that are on lent to small borrowers. The small borrowers are assured of flow of funds and ICICI Bank is building rural assets without compromising on its quality. Even at 8 per cent, the bank is able to make money because full repayment is assured. Moreover, this exposure also helps the bank achieve the Reserve Bank of India's norm of priority sector lendings that stipulates that 40 per cent of loans should be lent to priority sector and 18 per cent of this to the agricultural sector. ICICI Bank Executive Director Nachiket Mor, who also heads the bank's social initiative group, is passionate about the project. "This is just the beginning. We have rolled out only two products in four states -- Tamil Nadu, Andhra Pradesh, Orissa and Uttar Pradesh In four months, between December 2003 and March 2004, we plan to reach out to five lakh beneficiaries. By fiscal year 2005, we will build an asset base of at least Rs 500 crore (Rs 5 billion)," he says. It may sound optimistic but the target is achievable as the second product, based on a partnership model, is working well. The estimated demand for micro financing in India varies between Rs 15,000 crore (Rs 150 billion) and Rs 45,000 crore (Rs 450 billion). The partnership model has been designed to leverage the comparative advantages of the bank on the one hand, and the MFI on the other. Under this model, the MFI sources loans directly in the books of ICICI Bank and continues to monitor and recover loans thus disbursed. This releases the capital constraint for the MFIs and permits rapid increases in reach. The MFI then becomes an originator and servicer of micro loans on an ongoing basis. What makes ICICI Bank's attempt unique in introducing financial products to the rural poor is its packaging. Small loans of Rs 20,000 for buying buffaloes or for setting up a tea shop are offered with life, non-life and even weather insurance.

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The last one, a relatively new product in India, can eventually replace the government's age-old crop insurance policy, which takes long to settle claims and is expensive both for the government as well as the beneficiaries. Weather insurance products provide cover against deviation from the normal expected rainfall, wind speed or other weather phenomenon, and not just against drought and flood. The pilot programme of India's first rainfall insurance programme was conducted in July 2003, in Mahabubnagar, Andhra Pradesh, when a local area bank bought a bulk insurance policy from ICICI Lombard, the bank's general insurance arm, and sold around 200 individual policies for groundnut and castor farmers. Since then, the cover has been extended to 50 soya farmers in Madhya Pradesh and 600 acres of paddy crop in Aligarh in Uttar Pradesh. The message is quite clear. An innovative approach to rural lending can do what the government's continuous pressure on the banking system for expanding the base of kisan credit cards and good old guidelines for agricultural lending cannot.

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PRIMARY DATA (14) NAME OF THE BANK: NABARD

NAME OF AUTHORITY: Dr MEENA GOLE DATE & TIME OF VISIT : 9TH SEPT; 2010 AT 2.00 PM BRANCH OFFICE: BANDRA (E)

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Questionair on Rural Banking

Name of the bank: NABARD Name of authority: Dr MEENA GOLE Branch: BANDRA (E)

1) What are the various products launched for the development of rural areas? The various products are launched by credit societies the recent product launched For the development of rural areas is Kisan credit cards (KCC). 2) What are the various types of loans provided in Rural areas?

Loans provided are crop loans, Micro irrigation loans, Animal husbandry, Fishing Harbour, Infrastructure for rural education institutions. 3) What are the various interest schemes offered to customer?

It is different for different types of products. 4) What are the various problems faced for banking in rural areas?

The handling of various problems is done by RRBs

5) How are the customers made aware of various schemes & products?

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6) What are the various products launched for the development of rural areas? The various products are launched by credit societies the recent product launched For the development of rural areas is Kisan credit cards (KCC). 7) What are the various types of loans provided in Rural areas?

Loans provided are crop loans, Micro irrigation loans, Animal husbandry, Fishing Harbour, Infrastructure for rural education institutions. 8) What are the various interest schemes offered to customer?

It is different for different types of products. 9) What are the various problems faced for banking in rural areas?

The handling of various problems is done by RRBs

10)

How are the customers made aware of various schemes & products?

These awareness are nowadays made aware by political paries. Since Education level has improved there are various training institute to make rural Population aware about the schemes.

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11) How does the marketing of various products takes place?

There are rural agents appointed for this purpose.

12) If a customer is not able to repay his loans.What are the measures taken? It is mainly handled by primary credit societies or RRB which deal in granting of loans. 13) How is Banking in rural areas helped in development of rural area?

The standard of living of people has improved due to development of banking.

14)

How does infrastructure facility affect banking operation?

The development of infrastructure facility is necessary better infrastructure Better services provided

15)

Are RRB profitable as compared to Urban Bank? Urban banks are more profitable than rural banks.

16)

Main objective service or profit? Their main objective is development

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17) What kind of training is provided to the employees to deal with rural customers? The RIFD is the training provided & there are other training to for rural people

18)

How customer needs are identified? Customer needs are identified through the rural agents appointed for this

purpose 19) How is market segmentation undertaken in rural areas?

Market segmentation is undertaken by RRBs & rural banks

20)

What do rural customers prefer money lenders or Banks?

Literate customers prefer banks but as the rate of illiteracy is high people still Go to money lenders

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(15)

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Conclusion
RRBs should really be strengthened and provided with more resources with which they can undertake more of these important activities. And most certainly they should be kept apart from a profit-oriented corporate motivation that would reduce their capacity to provide much needed financial services to the rural areas, including to agriculture. Ideally, the best use of the resources raised by RRBs through deposits would be through extensive cross-subsidisation. This, in turn, really requires an apex body that would cover and oversee all the RRBs, something like a National Rural Bank of India (NRBI). RRBs' performance in respect of some important indicators was certainly better than that of commercial banks or even cooperatives. RRBs have also performed better in terms of providing loans to small and retail traders and petty non-farm rural activities. In recent years, they have taken a leading role in financing Self-Help Groups (SHGs) and other micro-credit institutions and linking such groups with the formal credit sector.

The number of rural branches should be increased rather than reduced; they should be encouraged to develop more sophisticated methods of credit delivery to meet the changing needs of farming; and most of all, there should be greater coordination between district planning authorities, panchayati raj institutions and the banks operating in rural areas. Only then will the RRBs fulfill the promise that is so essential for rural development

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BIBLOGRAPHY (16)

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Books refered (1)Money, Banking, International Trade & Public Finance Author D.M. Mithani Publishing house Himalaya Publication (2) Rural Banking & Provision Author Professor Roy (3) Bank Quest ( Magazine) Websites
http://www.indianmba.com http://www.ruralbanking.com http://www.scribid.com http://www.economictimes.indiatimes.com http://www.buissnessworld.in

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Primary Data

Sr.No

Date

Time

Name institution NABARD Bandra(E)

of Name authority

of Designation of authority PR officer

1]

09/8/2010

2.00 p.m.

Dr Meena Gole

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