The two new bank licences issued by RBI have turned out to be damp squib both from the point of view of financial inclusion and for the many NBFCs who applied for them. But actually RBI Governor Raghuram Rajan appears to be working at a much bigger game plan for both the financial inclusion and for the role of NBFCs.
Rajan said, "At one end we have payment banks that are narrow banks in many ways; at the other end you could have NBFCs, the Nachiket Mor Committee calls them wholesale banks. In between we have our universal banks but we should make sure that it is relatively seamless on the regulatory front and there is not much scope for regulatory arbitrage."
The Nachiket Mor Committee looks at three-four new roles for NBFCs:
(1) They can become payment banks. This is largely for mobile companies. These can collect deposit of not more than Rs 50,000, they can't give loans. They can only enable mobile payments.
(2) NBFCs can become whole sale banks: these can take only deposits over Rs 5 crore, they can give corporate or consumer loans. To the extent they use bank loans they won't have to keep CRR or SLR and they can access the RBI window for liquidity.
(3) The RBI also looks at NBFCs becoming white label business correspondents of banks.
Clearly, India's financial system looks to get a big change.
Also Read: Parties should not politicize office of RBI governor: Jalan
CNBC-TV18's Latha Venkatesh spoke to former RBI Deputy Governor, Usha Thorat, CMD, Edelweiss Group, Rashesh Shah- and the Business Head of Vodafone's m-pesa, Suresh Sethi to discuss how the new financial sector architecture is likely to look.
Below are excerpts from the discussion:
Latha: It is still confusing when we speak of a differentiated licence –what will be the fundamental difference between the banks, as we know it now, and these different banks mainly the wholesale bank?
Throat: With regards to India, for various reasons including historical and policy reasons – there are certain policy prescriptions on banks that are not usually applicable to banks in other countries. The cash reserve ratio (CRR) is quite a common one. The statutory liquidity ratio (SLR) at the current level is peculiar and the priority sector lending at 40 percent of the total advances.
Latha: Is getting access to money at 4 percent is a privilege and you, therefore, have to have some obligation for that to society which is priority sector?
Throat: That is the way to understand it because this is what Governor Rajan calls the 'grand bargain' because he says that in return for banking franchise which means that you get access to current account savings account (CASA), you get access to deposit insurance, you get access to lender of last resort (LOLR) and you get the whole status of being a bank and banks are special. So, in return for that in a way public policy requirements of SLR and priority sector have been put on the Indian banks.
Latha: If the new entities, the differentiated banks are not given the benefit of 4 percent or 0 percent current account, 4 percent savings account, in return they should not be asked to bear the obligation of priority sector or SLR?
Throat: That is a broad thing. The thing is where the bargain is. If you say that a differentiated bank licence – essentially what is a characteristic of a bank and what is a risk that banks pose because they take short-term deposit payable on demand or otherwise there is always this question of a run and ultimately you are protecting the depositors against that kind of a eventuality happening.
If you will not access CASA and if you are not going to access short-term deposits then can certain entities be given a bank status which would means that they would get the liquidity adjustment facility, they would also get the lender of last resort facility and then may do certain innovative things in a system which is now circumscribed by the PSL and the SLR obligations.
Latha: In the new dispensation, would you like to become a wholesale bank?
Shah: On the whole, what you have been speaking about – the need for differentiated banks has become clear over the years because every bank cannot be a universal bank. Our approach will be to study this, to understand the pros and cons of this because even details are very important. But there are some aspects of this particular prescription to be able to access liquidity adjustment facility (LAF) and all because ultimately, the largest problem that you have is the ALM gap.
Any financial intermediary would have it whether it's a bank or NBFC because the term on which you will borrow and your asset term will not always be the same. There will be cost associated to that because if you want to access LAF, you will have to hold some SLR securities on that. So, on the whole the details will be very important but it is a step further because currently, we have banks and NBFCs.
Now, is this the new wholesale bank going to be something in between an NBFC and a full bank? If it is so, it will still be a good step going forward but eventually, if you are going to access scale and on the asset side you want to be Rs 100,000 crore, increasingly people will have to graduate towards universal bank.
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