IMPACT OF AGENT CUM FEDERATION MODEL IN INANCIAL INCLUSION: EMPIRICAL EVIDENCE

Dr. Veerashekharappa1

1.1. Introduction

A large segment of the population, especially the poor, are still excluded from

formal banking services, which has led to income inequity (Baldacci et al 2002), a

number of studies support that the poor need financial services to help them manage

their lives (Morduch and Rutherford 2003). Considering this various countries have

designed financial inclusion programme with suitable legislature and delivery

models2.

In India too since independence enormous efforts were made to provide formal

credit access to the neglected sectors and the poor. In fact, the state adopted

repression approach (state intervention) since nationalization (1969) in expansion of

bank branches and preferential lending to priority sectors and venerable sections. .

This has contributed to increased density of branches across area and population.

However, with the introduction of reforms in banking sector led to dilution of

preferential lending to the poor. The banks concentrated more on efficiency and

profitability. As result, the number of metropolitan went 93 per cent against rural

branches 12 per cent (Sameer Kochar,2013) during 2004 to 2013. This is enough to

derive the negative approach towards rural and poor.

Nevertheless, the Government of India in its Union Budget 2005-06, requested

Reserve Bank of India (RBI) to examine the issue of allowing banks to adopt the

agency model to facilitate access formal credit to the poor. The RBI constituted an

Internal Group to examine Issues Relating to Rural Credit and Micro Finance

(Chaired by Sri. H.R. Khan, 2005). The group recommended agent models; viz, the

Business Facilitator (BF) and the Business Correspondent (BC). Under the BC

1 Associate Professor and Head, CESP, Institute for Social and Economic Change, Nagarbhavi, Bangalore-72.2 United States, the Community reinvestment Act (1997), in France, the law on exclusion (1998), Germany introducing voluntary code (1996) and South Africa launched a low cost account (2004).

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Model, institutional agents/other external entities may support the banks for

extending financial service3 to the poor.

Based on recommendation almost all the banks appointed agents (means BCs)

to reach out to the poor and excluded community. However, the agents are

heterogeneous in their function, operation and in adopting technology to reach out to

the clients. Some of them adopted federation approach, due to their earlier

experience in microfinance. The federations are self financed through user charges

and meets establishment expenditures, etc. However, it is subject to criticism for

long term sustainability of these federations. In this context it is planned to make a

study with the following objectives:

1. Objective and methodology 1. The impact of the overall financial inclusion program in the state due to

Agent model.2. Examine structure and operation of federation, its viability in self

sufficiency.

2. Sources of dataSecondary sources such as RBI, NABARD publications, state of the sectors

reports and the studies carried out by institutions and individuals are largely

depended upon for the information and data. The primary data has been collected

from the groups and members involved in management. The programme was

implemented in Kunigal taluk which has six hoblis comprising 36 Gram Panchayats

(GP). To understand the financial inclusion and the federation structure, 33 JLGs and

23 SHGs were randomly selected. In order to have complete representation, in the

first stage, from each Hobli two Gram Panchayats (GP) were selected randomly. For

second stage, groups were classified into different strata based on the year of

formation (see table 10). Further, groups were randomly selected from each stratum

to have representation from each year of formation. The number of SHGs and JLGs

chosen from each GP depended on the number of groups that existed in the

particular GP.

3 The BCs would function as ‘pass through’ agencies to provide credit related services such as disbursal of small value credit, recovery of principle, collection of interest and sale of micro finance/ mutual fund products/ pension products besides the other function of BF Model.

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This study examines both the agent model as well as federations

structure. The presentation is structured into five sectors, section two provides

progress of agent model, section three documents status of agent model in

Karnataka, sector four presents’ federations function, operation, last sector derives

conclusions from earlier sections.

Section 2Progress of Agent Model

2.1. Status of Agent ModelIn India, various outreach activities have been implemented since

reforms, such as: no-frill accounts, SHG-BL programme and agent model to include

poor in formal institutional credit programme. The agent model is two types,

Business Correspondents (BC) and Business Facilitators (BF). While BCs are

permitted to carry out transactions on behalf of the bank as agents, BF’s refer clients,

pursue the client’s proposal and facilitate the banks to carry out its transactions.

These agents are allowed to have their own strategy in adopting suitable new

technologies into banking transactions.

The banks including those in private sector have appointed agents (BCs), the

total number of agents appointed touched to 96,000 in 2012; similarly ICT A/Cs

handled by these agents reached to 153 million, thus, touching a total transaction of

Rs 97 billion in 2012 (Table-1). The agents are getting service charges, which is their

revenue4. The appointment in this model rapidly increasing every year, for instance

during 2010, the total strength was around 33 thousand, by 2012 it has gone up to

97 thousand. And the villages covered by this model are 1.20 laths. The other

models, such as no frill accounts, SHG - BL GCC and KCC not matching to this

growth.

4 The BCs would function as ‘pass through’ agencies to provide credit related services such as disbursal of small value credit, recovery of principle, collection of interest and sale of micro finance/ mutual fund products/ pension products besides the other function of BF Model.

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Table 1: Progress of Financial Inclusion in India

Source: Microfinance: India State of the Sector report 2012, Report on Trend and Progress of Banking in India- 2012-13

Section 3Agent Model in Karnataka

3.1. Introduction Karnataka state well known in the expansion of banking intuitions, similarly it has

contributed in promoting financial inclusion programme. According to the Report by

Crisil called Inclusix Index (2012), this state ranks ninth with a score of 61.4 among

all the 35 States and Union Territories, which is above all-India at 42.8. The major

parameters considered for this rating are bank branch, deposit and credit

penetration. Further, as per 2013 Debt and Investment Survey, 73.11 per cent of

rural and 82.77 per cent of urban households having Bank accounts respectively

(Annexure 1). The number of rural households having access to credit was also quite

high i.e., 67.1 per cent. 49.6 per cent of households had an access to credit from

formal institutional agency. However, this access is biased towards other backward

class i.e., mostly dominant caste like vokkaliga and Lingayats (Table 2). Only 44 per

cent of ST households and 45 per cent of SC households had an access to formal

institutional credit. On the other hand nearly half of households belonging to other

backward class had an access to formal institutional credit. However, incidence of

indebtedness was also quite high i.e., 46.4 per cent, which ranks five among the

states (Annexure 1).

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Table 2: Distribution of credit access from inst and non inst. Agency from where Loan taken in Karnataka 2012   Area Institutio Non-in-Scheduled Tribe  

Rural 44.51 55.49Urban 47.03 52.97Total 45.06 54.94

Scheduled caste  

Rural 44.20 55.80Urban 45.70 54.30Total 44.53 55.47

Other Backward Class 

Rural 49.01 50.99Urban 51.72 48.28Total 49.78 50.22

Others  

Rural 51.84 48.16Urban 67.36 32.64Total 58.06 41.94

Total  

Rural 48.29 51.71Urban 55.34 44.66Total 50.35 49.65

Source: NSS 70th round AIDIS, 2013

The reasons attributed for more banks accounts are branch expansion as

well as out reaching activities. In the state presently 8,430 bank branches, of which

80 per cent are commercial banks and 20 per cent regional rural banks. Due to high

density of the bank branches, the population and area per branch is less compared

to other states.

Table 3: Distribution of Bank Branches across various areas over Years in Percentage

S Branch 2009 2010 2011 2012 20131 2 3 4 5 6 71. Rural 39.2 38.7 38.7 38.7 39.02. Semi Urban 21.3 20.18 20.6 21.1 21.63. Urban 19.3 21.1 21.0 20.9 20.14. Metro/PT 20.2 19.3 19.6 19.2 19.15. Total Branches 100 100 100 100 100

Source: Economic Survey Report, Karnataka 2012 to 2013

Agents were appointed in almost all the banks, the total number of agents are 8077. The agents are paid Rs 1500 to 3000 /-plus conveyance up tot Rs 600 per month. Further, Rs 10, 000 in the form of overdraft. But, with discussions NABARD and SLBC officials reveal that it is cumulative figures are misleading as many CSP have closed down and number of BC withdrawn is not mentioned. The NGOs, who have establishments, are combining this opportunity with their developmental work.

Table 4: Financial Inclusion in Karnataka

S Particulars As on

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1 2 31. No. of Business Correspondents( BCs) / Business 8,0772. No. of villages with population less than 2,000 identified for 23,1263. Out of this, No. of villages covered under Financial 10,8504. Total No. of villages covered under ICT (Information and 13,6115. Cumulative No. of Basic Savings Deposit Accounts opened 107.866. No. of overdrafts in basic savings deposit accounts (in 10.757. No. of general purpose credit cards (GCCs) issued (in 3.678. No. of Kisan credit cards (KCCs) issued (in lakhs) 21.169. No. of smart cards issued (in lakhs) 18.9610.No. of smart cards transactions (in lakhs) 81.7511.No. of financial literacy centers (FLCs) established 10212.No. of RSETIs established 33

Source: SLBC, Karnataka 2013

Section 4Community Based Organisation

4.1. Introduction

In Karnataka, there are eight Community Based Organisations (CBOs) are

functioning with membership of 0.2 million poor households. The CBOs try to be

autonomous, self sustaining, to organise the poor to come out of poverty through

various services facilitated by Organisations. They do involve in making grass roots

democracy robust and make governmental, bank and corporate, civil society

services effective.

Similarly, the Initiative for Development Foundation(IDF)has promoted five

Community based organisations (CBOs), functioning at Tumkur, Haveri, Dharwad,

Gadag and Belgaum distracts. The IDF is functioning as Business Correspondent

(BC) attached to State Bank of India, Kunigal, in addition to their developmental

work. Under federation the services are provided along with financial inclusion

livelihood programmes. The financial inclusion services are accessed from SBI,

through the BC activity. The organisation functions on basic principles such as

participation, accountability and transparency. The basic delivery objective is equity,

efficiency and sustainability. The resources identified were finance, human resources

and organisational structure. The social capital is the base for providing above

services.

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4.2: Rotation of LeadershipIt is generally observed that smooth functioning of any organization depends on

participation of everyone, transparency of activities and accountability. The

representative in the group is rotated to provide everyone opportunity to act as

representative. Such change is also necessary to provide an opportunity to other

members of the group to acquaint themselves with leadership skills, which will avoid

the dominance and vested interest of few people. However, the gathered data and

focus group discussion show that only 19 per cent of JLGs and 13 per cent of the

SHGs changed their leaders. In rest of the groups, the same representatives

continued in position since inception of the group (Table 5). Some members were

found to avoid leadership as they felt that it might involve lot of responsibility for

which they were not prepared.

Table 5 Rotation of Representatives (in per cent)

Sl. No. Particulars JLG SHG Total1. Rotated 19 13 162. Not Rotated 81 87 843. Total 100 (33) 100 (23) 100 (56)

Note: The values in the parentheses are the total number of groups interviewed.

4.3: Governance of GroupsParticipation in the meetings by everyone helps in improving efficiency in delivery

of services. The number of meetings held in a month, percentage of attendance and

percentage of members participating in the discussion indicate whether the groups

have been functioning well or not.. Ideally, meetings should be held once a week to

facilitate regular interactions among the members, to forge a stronger connection

among them.

Fifty two per cent of JLGs and 57 per cent of SHGs held their meetings once a

month and this was mainly due to a policy change that the Federation was trying to

implement. However, majority of the groups were not happy with this change and

wanted to stick to the earlier routine of having weekly meetings. In majority of the

cases, all the members attended the meetings but, attendance among SHGs was

higher. Even when it comes to interaction in the meetings, all the women in the

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SHGs actively participated, whereas only 89 per cent of JLG members participated

actively during group meetings. Books are maintained well and updated soon after

the meeting in most of the groups. In case the group’s representative finds it difficult

to write the books, he/she is assisted by Federation’s representative. Books are

maintained by the first representative and/or the second representative in the case of

JLGs whereas, 26 per cent of SHG groups seek the help from the others. In some

cases, non-members assist the SHG members in recording their activities and are

paid some nominal fees for writing and maintaining the records..

4.4 : Banking Knowledge: Pattern of Savings and AdvancesSavings and lending are an integral part of the group activities and they help the

group members not only to have savings to their credit but also have an access to

the saved money in case of an emergency. Basic principle of formation of groups is

that even very poor individual can save small amount and this forms an additional

incentive to access the bank and get bank loan at relatively low interest rate.

Otherwise, they were not eligible for availing banking facilities. This not only

strengthens the habit of saving, but also enables them to have reasonably good

amount in the group through the saving which further could be used for internal

lending.

In the sample groups, savings ranged between Rs. 40 per month and Rs. 200 per

month, but on an average majority of the groups saved around Rs. 100 per month.

Nearly 50 per cent of the groups increased the saving amount once since inception

(Figure 8). About 25 per cent of JLGs and 40 per cent of SHGs increased the

amount by Rs. 20.

Figure 1: Changes in Savings Pattern since Inception

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0 10 20 30 40 50

0

10

20

30

40

50

60

50.0

9.4

25.0

9.4

3.1 3.1

43.5

8.7

39.1

4.3 4.3

Change in the Saving Pattern since inception

JLG SHGIncrease in monthly savings(in Rs.)

Perc

enta

ge o

f gro

ups

On an average, per person saving was around Rs. 2,000 for those belonging to

SHGs and 2,500 for members belonging to JLGs. Total group saving in JLGs ranged

from Rs. 6000 to Rs. 98,000, with the average being around Rs. 33,000 (Annexure

9). SHG groups also had savings ranging from Rs. 6,000 to Rs. 46,000 with the

average being Rs. 27,000. This total group saving is sum of the saving and interest

earned from the internal lending

In the sample groups, 91 per cent of the member’s availed internal loan and only

9 per cent had not done so. This internal loan acted as a good source of access to

money at times of emergencies at interest rates lower than the money lender.

Majority of the time the members have used it for healthcare, conducting

ceremonies, paying up the education fees of their children, etc. Many also mentioned

that they used it for procuring inputs like seeds, fertilizer, renting tools for farm

activities. The loan amount ranged from as small as a sum of Rs. 500 to Rs. 5,500.

In most of the cases the repayment was punctual.

4.5: Repayment of LoansSustainability of the group also depends on timely repayment of bank loans.

JLGs were not only getting the loan at lower interest rate i.e., seven per cent per

annum, they would also get a subsidy of three per cent if the repayment was well

before the stipulated time i.e., 12 months. This prompted many groups to make the

payment in time. In the sample data, it was found that 27 per cent of the groups

repaid the loans within the stipulated period of 12 months. In 41 per cent of the

groups, the repayment was with a delay of just two months.

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4.6: Organizational Aspects of the Groups

4.6.1: Homogeneity of GroupsSustainability of the group also depends on the organizational sustainability and

adequate support received from CBO (It is interdependent). Organizational

sustainability can be usually achieved if the members within a group come from

similar socio-economic background.

Land possessed by the member acts as an indicator of economic class to which

they belong. It was found that only 12 per cent of members among JLGs and 30 per

cent among SHGs were homogeneous. Another 27 per cent of the groups among

JLG and 4 per cent among SHG were heterogeneous in nature in terms of the land

holdings. Rest of the groups were mildly homogenous or mildly heterogeneous.

Thus, data highlights the fact that groups include members of various economic

strata.

Table 6 : Homogeneity of groups-economic class (in per cent)Sl. No. Index of diversity value range JLG SHG1 0 (Homogenous groups) 12 302 0.01 to 0.25 (Mildly homogenous) 9 93 0.25 to 0.50 (Mildly heterogeneous) 52 574 >0.50 (Heterogeneous groups) 27 4

Total 100 (33) 100 (23)Note: The values in the parentheses are the total number of groups interviewed.

4.6.3: Occupation of the GroupsEven though the groups were mildly to severely heterogeneous with respect to land

holding, as far as the occupation of the group members is concerned, nearly 50 per

cent of the gro0ups were found to be mildly homogenous.

Table 8: Homogeneity of groups-Occupation (in per cent)

Sl. No. Index of diversity value range JLG SHG1 0 (Homogenous groups) 33 302 0.01 to 0.25 (Mildly homogenous) 12 223 0.25 to 0.50 (Mildly heterogeneous) 55 484 >0.50 (Heterogeneous groups) 0 0

Total 100 (33) 100 (23)Note: The values in the parentheses are the total number of groups interviewed.

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4.7. Sustenance of CBO/FederationThe second issue for consideration relates to the sustenance of Federation without

much external funding. In order to estimate the amount of fee that may be collected

from the groups, one has to consider the number of groups that will be linked with

the bank. By considering the total number of groups existing, formed at different

points in time, and the share of groups that were linked at each stage from the

sample information (Tables9-10) and average time taken to avail the next linkage,

the anticipated number of groups that will be linked in year 2013-14 can be

calculated.

Table 9: Percentage of JLG Groups Obtaining Bank Linkages

Sl. JLG groups formation First First to Second Third to 1 2009-10 100 100 67 172 2010-11 100 100 15  -3 2011-12 100 83  -  -4 2012-13 50  -  -  -

Table10: Percentage of SHG groups Obtaining Bank Linkages

Sl. SHG groups formation First First to Second Third to 1 2009-10 100 100 29  -2 2010-11 100 57  -  -3 2011-12 100  -  -  -4 2012-13 50  -  -  - Note: Blank cells depict that none of the groups have been linked in that particular

year.

One can ascertain from the above tables that all the groups formed during

2009-10 have been linked for the second time. For JLG groups, this is true also for

the groups formed in 2010-11. Only 67 per cent of the groups formed in 2009-10

have received third linkage and only 17 per cent have progressed to the fourth. The

drop in the percentage of groups being linked after second linkage is because

certain groups are yet to pay the remaining instalments. In addition, some groups

have applied for new loans but are yet to get sanction.

Though the renewal of loans is relatively easier in the case of SHGs, only 29 per

cent of the groups formed in 2009-10 have progressed towards third linkage. This is

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because the SHGs have two years time to repay their loan. None of the groups

formed after 2009-10 have been linked for the fourth time.

Table 11: Number of groups- linked

Sl. No. Linkages JLG SHG Total1 First linkage 102 71 1732 Second Linkage 150 123 2733 Third Linkage 248 85 3334 Fourth Linkage 46 60 106

Total 546 339 885

It is estimated that around 546 JLGs and 339 SHGs will be linked in the year 2013-

14. Taking an average amount of Rs. 50,000 for each member in JLG group for 2nd,

3rd and 4th linkage and Rs. 40,000 per member for 1st linkage (similar amount for

SHG are Rs. 25,000 and Rs. 10,000 respectively) and with an average of 15

members per group, it turned out that JLGs would be linked with the amount of Rs.

39 crore and SHGs with Rs. 11 crore totalling to 50 crore (Table 11) in 2013-14.

Table 12: Total Credit estimated Across Linkages (in INR crores)

Sl. Linkages JLG SHG Total1 First linkage 6.14 1.06 7.22 Second Linkage 11.22 4.6 15.823 Third Linkage 18.61 3.18 21.794 Fourth Linkage 3.45 2.23 5.68

Total 39.42 11.07 50.49

Thus, the federation fees charged at two per cent of the credit amount (Rs. 50.49

crore) would yield Rs. 1 crore approximately. As per the audited accounts of Kunigal

Federation for the year 2012-13, the expenditure is Rs 55.6 lakhs (Annexure 2).

Accounting for 10 per cent inflation, the expenditure of the CBO would be 61 lakhs.

This however does not include the

- salaries of operators and maintenance of CSCs,

- salaries of six block officers, three specialist officers, administration and

accounts personnel of IDF Kunigal office,

- maintenance of Kunigal office

As per the Estimated Income and Expenditure statement of the Kunigal Federation,

the salaries and remuneration to the above mentioned personnel amounts to Rs. 31

lakhs. Accounting for all the above expenditure (totalling to Rs. 92 lakhs), CBO

Kunigal can sustain financially from its federation fees. It is necessary that SBI must

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also support by way of well-structured commission system covering all the finance

related activities like disbursement, recovery etc.

5. Concluding observation The agent model has made inroads into the banking sector to access of the

bank credit to the poor, but data lacks on their sustainability. Our observation brings

out that still the federation has to strengthen required management skills to handle

all the banking aspects of credit linkages and disbursements by it. Further, most of

the group members do not have clarity on the fee structure towards the services

provided by the Federation, on issues related to sustainability of the Federation and

regarding interest rate pattern and processing charges levied by the bank. It would

be in the interest of the organization to provide a chart or a diagrammatic explanation

to assist the members in understanding the fees and interest pattern. An

organization is as strong as its people. Hence, there is need to further upgrade the

skills of field staff and other officials. The staff turnover should be minimized and it is

important to take efforts to retain efficient and experienced staff.

The overall impact of this federation is positive. It has been capable of

bringing large section of the financially excluded under the purview of formal finance.

Further, it has imparted sustainable agricultural techniques to its JLG members. It

also has increased the self confidence and decision making ability of its SHG

members and brought in a sense of belongingness among all its members. Thus,

this model can be replicated provided, the errors and short comings of current

programme are corrected and requirements of the new region are considered.

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Annexure Table 1

State wise Number of Households having Bank Account (Urban and Rural) and Access to Credit and Incidence of Indebtedness(IOI) in Rural India, 2012

Bank Account

Incidence of borrowing

Incidence of indebtednes

Rural Urban Rural Rank Rural Rank1 2 3 4 5 6 7 8

1. JAMMU & KASHMIR 86.80 75.47 24.25 25 12.67 242. HIMACHAL

PRADESH

95.05 89.93 32.95 20 25.95 133. PUNJAB 78.10 78.35 51.06 8 33.06 84. CHANDIGARH 90.66 96.68 5.45 36 3.84 335. UTTARAKHAND 79.39 83.44 39.29 15 25.83 146. HARYANA 84.26 73.10 35.71 17 23.93 177. DELHI 93.97 83.16 6.57 35 3.28 348. RAJASTHAN 77.32 73.88 58.96 6 37.39 79. UTTAR PRADESH 77.90 75.98 42.71 13 29.55 1010. BIHAR 42.11 65.40 46.96 9 29.08 1111. SIKKIM 86.52 80.16 9.16 31 7.06 2912. ARUNACHAL

PRADESH

55.33 86.26 15.82 28 5.15 3113. NAGALAND 71.88 83.20 8.62 32 1.51 3614. MANIPUR 44.22 61.78 29.16 21 9.88 2715. MIZORAM 38.57 75.49 9.76 30 5.32 3016. TRIPURA 92.93 88.16 27.84 22 10.03 2617. MEGHALAYA 65.10 89.51 6.69 34 2.53 3518. ASSAM 58.59 78.94 25.93 23 10.07 2519. WEST BENGAL 53.62 73.91 43.19 12 23.62 1820. JHARKHAND 49.75 72.82 34.12 18 18.49 1921. ODISHA 59.48 74.43 43.42 11 25.73 1522. CHHATTISGARH 60.62 63.89 34.00 19 13.90 2323. MADHYA PRADESH 61.15 77.73 42.11 14 24.70 1624. GUJARAT 76.55 78.49 38.54 16 25.96 1225. DAMAN & DIU 80.27 60.28 24.66 24 16.71 2226. D & N HAVELI 73.23 88.82 7.59 33 4.82 3227. MAHARASHTRA 76.28 87.67 44.35 10 31.29 928. ANDHRA PRADESH 75.12 81.82 76.44 2 54.06 229. KARNATAKA 73.11 82.77 67.10 5 46.43 430. GOA 92.24 94.08 19.49 27 16.98 2131. LAKSHADWEEP 99.43 95.61 12.25 29 7.68 2832. KERALA 89.82 90.57 72.59 3 49.50 333. TAMIL NADU 77.05 79.41 67.89 4 39.68 634. PUDUCHERRY 95.34 88.27 56.17 7 40.91 535. A & N ISLANDS 95.61 90.92 23.21 26 17.72 2036. TELENGANA 73.69 82.34 76.75 1 59.06 137. ALL INDIA 68.81 79.52 49.00   31.44  

Source: NSS 70th round AIDIS, 2013

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REFERENCES

Baldacci, Emmanuel, Luiz de Mello and Gabriela Inchauste (2002). “Financial Crises, Poverty and Income Distribution”, IMF Working Paper, WP/02/04, Washington DC.

European Commission (2008). “Financial Services provision and prevention of Financial exclusion”, Directorate-General for Employment, Social Affairs and Equal Opportunities Inclusion, Social Policy Aspects of migration, Streamlining of Social Policies.

Mor Nachiket and Bindu Ananth (2007). “Inclusive Financial Systems: Some Design Principles and a Case Study”, Economic and Political Weekly, March, Vol. XLII (13) pp 1121-1126

Morduch, J. & Rutherford, S. 2003. Microfinance: Analytical Issues for India. India's Financial Sector: Issues, Challenges and Policy Options. Edited by Basu, Priya. Oxford University Press.

Sameer Kochar (2013), ‘State of the Sector’. Presented on 5th January, 2013. Skoch Development Foundation, Delhi.

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