INDIAN BANKING SYSTEM (UNIT-4) REGIONAL RURAL BANKS IN INDIA (PART-1)
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1 INDIAN BANKING SYSTEM (UNIT-4) REGIONAL RURAL BANKS IN INDIA (PART-1) 1. INTRODUCTION Hello viewers welcome to the lecture series on Indian Banking System. Today we shall take up unit 4 and we shall discuss in detail about Regional Rural Banks in India. The learning objective of this lecture is to understand the role, structure, function of RRBs as well as their progress and performance in India. So this is the one of the forms of the financial intermediaries which is prevalent in our financial market. Let us have the insight of the banking structure in India so that we can analyse that where these banks are falling in the category of banking institutions in India. The apex institution is RBI that is Reserve Bank of India. Under it the banking would be classified under two headsschedule banks and non schedule banks. Schedule banks are those banks which are being specified under the second schedule of the RBI Act 1934 while those which are not being specified are non-schedule banks, under schedule banks there are further classifications as scheduled commercial banks and scheduled cooperative banks. Schedule commercial bank would be further classified as Public Sector Banks, private banks, foreign banks and regional rural banks. So our area of discussion shall be this segment of the schedule commercial bank that is Regional Rural Banks. Public sector banks are classified into two segments nationalised banks which were nationalised under 2 phases first when the 14 banks were nationalised and then the 6 banks. Further nationalisation was not being done because we have to move towards the reforms of 1991 where liberalisation globalisation concept has come into place. And another aspect of public sector bank is SBI and its Associates. We will learn about SBI in a separate unit. Then comes the second segment that is private sector banks. They can be old private sector banks and new private sector banks. And under 1
2 schedule cooperative bank, cooperative bank is another aspect in relation to the RRB unit; we will discuss it in a separate heading. It again has further subheadings as schedule urban cooperative banks and schedule state cooperative banks. So when we are discussing about the RRB, we should understand that they are a part of schedule commercial banks only. We will learn it in detail. 2. INTRODUCTION (REGIONAL RURAL BANKS) Regional rural banks are local level banking organisations operating in different states of India. They have been created with a view to serve mainly the rural areas of India with basic banking and financial services. However RRBs have branches set up for urban operations and their area of operation may include urban areas too. So with the introductory part about RRB we can analyse that those areas which were unbanked and where the financial services were need to be given under those areas RRBs have served the purpose of providing financial services and basically they are meant for the rural areas of the country. At present most of the RRBs are facing the problem of overdues, recovery, non performing assets and other problems. Therefore it is necessary to study financial performance of RRBs in India. So RRB is a growing concept however it is facing many problems such as overdues that dues are not being paid in time, there are slow recovery of the loans which are granted, the assets are not performing, either principal or interest are not coming as required or it is being given in the rural areas as per the crop rotation or as per the crop periods. The amount is not coming back. And there can be other problems such as illiteracy being concerned. Illiteracy can be the main cause for non working of the RRBs in the required sector. So we need to understand that where we are standing in terms of RRBs. It is one of the major segment of the microfinance also as the targeted customers are from rural segments. Let us have an outlay of RRB that till now how the flow of the work is in the RRBs. It started since the establishment of banking sector in india and it mainly focus upon the agro sector because it is mainly providing finance to the farmers, artisans or those persons which are 2
3 doing there businesses or agriculture business in the rural areas. 14,475 rural bank in the country are there out of which 2126 that is 91% are located in the remote rural areas, so major part of the RRBs is already in the area which is not urban, SBI, the largest bank catering to the rural banking, so SBI has also put its hands into the rural banking segment. A high proportion of the rural lending is from informal resources. About million people in India do not have the bank accounts. That is why there is need to go for RRBs and unbanked areas can be covered up with this segment of banking. Current demand for the credit in rural India is around crores. Commercial banks branches cover only 7% of the rural sector and large market is still untapped. Wherever there is scope of market being captured and where the needs of finance can be catered to small investors or small segment of the rural people, these sorts of banks that is RRBs can be the boon to the economy as well as to those who need finances to built up their businesses to expand and grow. 3. INSTITUTIONAL STRUCTURES OF REGIONAL RURAL BANK IN INDIA Let us understand now the institutional structure of RRBs in India that how RRBs have been working. Structure of rural banking is there can be commercial banks then three-tier federal cooperative banks could be there which can work on state cooperative banks, district central cooperative banks and primary cooperative societies could be formed. State level, district level and very small that is village level they can work. Then, there can be primary cooperative agriculture and rural development bank and lastly regional rural banks could be there. So either in the form of cooperatives or in the form of RRBs or in the form of commercial banks this segment of services for the banking institutions can be provided. Now let us understand what sorts of services are being required for the rural sector. The services in relation to the remmitance as there are lesser channel to the banking there can be service which can be most useful to the rural segment and that is providing remmitance to them for their market share or for the agricultural produce they are being disbursing off. There can be 3
4 financial counselling of how they can do the finance of their projects or how the financing or the bankers help would be useful for the expansion of the agricultural industry. There can be a boost of savings and agricultural sector can be expanded. The rural sector can be given education in relation to channelizing their savings. There can be encouragements to open the bank accounts and to do the transactions by the mode of banking. Nowadays the activities like credit card are also being included in the services for the rural segment. There can be services in relation to the pension where there are pension funds or a regular pension is being given. The RRBs would be a much healthy instrument for the small farmers, artisans and the other persons who are residing in the rural areas. And lastly, insurance services and risk mitigation products can be provided by the RRBs in the rural sector. 4. SOURCES OF RURAL FINANCE & WORKING AND FUNCTIONS OF RRB S Now coming to another segment of our discussion that is sources of rural finance that how the finance under the rural segment can be provided, who are the providers of the finance to the persons who need them. There can be non institutional or institutional financers. Non institutional are the private financers who are lending money to the rural segment. They can be professional money lenders, agriculture money lenders, relatives and friends, traders and commission agents, landlord or others. The main drawback of the non institutional financers are that there are high interest costs being associated with the funds which they provide or they are charging a very higher rate of interest for using those funds. Another one is the institutional financer. They can be government, cooperative banks or commercial banks. The best thing is that when the financers are government cooperative banks and commercial banks low cost financing can be availed by the rural segment. Now let us understand that on what principles RRBs are working. RRBs have done mainly two works that is the scope of work is being defined. First is grant of credit at cheap or concessional rates. As we have discussed right now that non institutional financers are providing funds 4
5 at a much higher rate and the rate of interest is above the market prices. So the availability of funds is difficult from the non institutional financers and the segment that is weaker section of the society is facing the drawback of getting the source of finance for their business activities or others. The second aspect which is being the working areas of RRBs is that lending to individuals belonging to weaker sections without checking the viability of the activity proposed to be undertaking. As their main objective is to provide funds to the weaker section of the society and to grant them the credit at a concessional or cheaper rates. So the financial viability or their purpose is not to be analysed to that extent as in the case of project financing or other finances which are given to the individuals with a sound financial position. So this is a main criterion of working of RRBs that they need to work on this very principle. Other functions that need to be done by RRBs are providing timely and adequate credit through NABARD. NABARD is the main financing institution under the RRB. Schedule commercial bank excluding foreign banks have been forced to supplement NABARD efforts through the stipulation that 40% of the net bank credit should go to the priority sector out of which atleast 18% of the total net bank credit should go to agriculture. So the priority lending is being defined for the schedule commercial banks but it is not applicable to foreign banks. And the need to supplement 40% of the net bank credit through NABARD and the priority sector. So they have been defined certain areas that upto this extent they need to furnish the funds to the agricultural areas or to the priority sectors. Besides it is mandatory that any shortfall in fulfilling that 40% target or the 18% sub-target would have to go to the corpus Rural Infrastructure Development Fund (RIDF), recapitalisation of RRB and setting up of local area bank. They are the main functions of the RRBs. Developing and strengthening cooperative credit structure is also auxiliary function of RRB. Establishment of RRB was in the year 1975 and by 1982 it got consolidated with various arrangements being made by the RRB to promote, to supervise institutions and channelize credit to rural areas NABARD was established. Then there was service area approach where the particular service area such as crop agriculture or lending for the effective farming products, these sort of services were identified and lending was being done to that particular segment. 5
6 5. GROWTH OF REGIONAL RURAL BANKS Now coming to another aspect of our discussion that is growth of RRBs that is what is the progress and performance of RRB in India. On 2 nd October, 1975 first RRB named the Prathma Bank came into existence. RRBs were setup on the recommendations of Narsimham Working group 1975 and till then and from that point till now there has been tremendous progress in terms of growth of RRBs. Narsimham committee proposes the establishment of new banks as institution which combine local feel and familiarity with rural problems which the cooperatives possess and the degree of business organization, ability to mobilize deposits, access to central money bankers and modernize the outlook the commercial banks have. That means such kind of banking institution has been established that the feel and familiarity of rural segment should come in it and it should be equipped with the modern amenities of the new banking segment. So, resources were mobilised, deposits were attracted and both the aspects have been taken care of. The problems which were faced by cooperatives have been identified and in that way it was given shape of RRB on the recommendation of Narsimham Working Group. Now let us highlight the important data which are being important for analysis of the growth of RRBs in India. Firstly, the branch expansion of RRB in India, from year then till year we have the data, the number of RRBs have gone down but the branches and the number of districts covered has been expanded. So the main RRBs are restricted however their branches and the territorial areas which they have covered have got expanded. So we can in the year the the number of districts were 482 and the number of branches were 14,468 which has gone up to 16,170 in the year and the number of districts covered as 620. So we can see from the analysis of the table that there has been an increase of 1.3 times from to The linear compound in growth rate is and indicating that insignificant growth of RRBs in India. That means with the aflux of time the linear and compound growth rate is not that much as is being required. So as far as the branches and segmentation of the RRB is being concerned it is on a much lower side 6
7 6. DEPOSIT MOBILISATION & CREDIT DEPLOYMENT Now let us understand the position of deposit mobilisation of RRBs in India. The deposit mobilisation depends upon the savings capacity and habits of the people residing in the area where such RRBs are working. So if we start from year the deposits were 40,721 crores and if we go down it is showing up constantly increasing graph. And in year , the deposit mobilisation has reached the figure of 1,83,009 crores and the increase of 4.5 times form to can be seen. The linear and compound growth rate is and indicating a significant growth of bank deposits of RRBs in India. So deposit mobilisation has increased many folds and a substantial good amount. However new branches have not expanded to that extent. Now we will analyse the credit deployment condition. Credit deployment means to what segment the credit is being distributed, how it is being deployed, to which segment it is being dispersed and how it is utilised. Say for example, the credit can be given to corporate loans or agricultural loans or for loans for allied activities. It can be given to rural artisans, village and cottage industries, self employed persons and consumption loans. So we can understand that how the credit deployment has been framed or worked with the passage of time. Let us analyse it with the help of our data. They are from year 2001 to 2012 we will analyse it. The credit deployments were 15,816 in the year and it is being increasing substantially and in the year we can analyse that it is 1, crores. It is 7.1 times if we analyse it from 2001 to 2012, the increase is almost around 7.4 times and the linear and the compound growth rates as has been calculated of it is account that increase is and which indicate significant and greater growth of the bank credits than the deposits and branch expansion of RRBs in India. So the credit deployments are much on a higher rate and the deployments are not to that extent has got significant increase but there has been increase. However the expansion in terms of territorial region is not satisfactory or not that significant as the credit and deposits are, so in a way RRBs need to work more on the deposits as it is not growing that fast as credit deployments and also the segmental improvements needs to be done. 7
8 7. HURDLES IN RURAL BANKING Now coming to the last aspect that is hurdles in the rural banking, the first one is full proof identity that is one of the major drawbacks of the rural banking that somehow it is not being recognised to the extent it should have been. Then illiterate population, the population where the rural banking is being done, the population is mostly illiterate and uneducated. So education drawback is one of the major for not popularising or for slow growth of rural banking. Infrastructure is again a problem but with the coming nationalisation concept and globalisation entire banking segment has been done as a one globe and in that way there can be a drastic improvement in the infrastructure. However, the drawbacks which the rural segment is been facing, the banking has to face them. Accessibility and reach is again a problem. In the far flung areas or the areas which are unbanked, RRB services might not be reachable and the important technological advancement which has been done in the banking sector will not reach to the segment of the society where RRBs are working. And, the information gap between the policies which are being formulated and those for whom it is being formulated would have been a major hurdle or drawback in the rural banking. 8. SUMMARY Now students we are going to summarise our discussion about the RRBs. We have learnt in detail that how RRBs have been working under the segment of the banking institutions which are being working in a financial system. Reserve bank is the apex organisation. Under it the schedule banks are there. And under schedule commercial bank we have regional rural banks. It is mainly working on the principle of providing the funds at the concessional or low rate to the economically weaker section of the society or to those persons who are residing in the rural area. Although the RRBs are working in the urban areas and the main provider is financed under the rural sectors are the institutional and non institutional financers. The drawbacks which are being faced by the RRBs are illiteracy, lack of information, lack of infrastructure. We have analysed the figures, in relation to the 8
9 expansion of the branches, credit deployment and deposits and we have come to a conclusion that there need to be further expansion of the RRB business and there is need to mobilise deposits or to attract the deposits. However the credit deployment is being done in a satisfactory manner. With this we are ending up our discussion on RRB, thank you. 9
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