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Regional Rural Banks of Odisha: A study on Amalgamation Impact

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 l

Regional Rural Banks of Odisha:

A Study on Amalgamation Impact
JITE'iDRA KC\lAR RA\l A'iD R~BI N. SCBUDHl

After decades of struggle. post amalgamation. Regional Rural Banks (RRBs)

are nOlI' reportedlv looking up. Attempts have been made by scholars to verify and
measure the positive changes, as claimed bv manv.
Has amalgamation of RRBs actuallv resulted in improving their performance?
This paper looks atthe present status of banking sector and more particularly the
RRBs of Odisha. It analvses the evolution and growth of RRBs. With the objective
of inter and intra RRB analvsis. the paper uses both secondary and primary data
to studv and check, whether there has been any significant improvement. in the
verv functioning of RRBs.

Introduction:
In a world of increasing corporatization and privatization, emphasis
is now more on how to improve efficiency through better governance. Good
governance is one which is accountable, transparent, responsive, equitable
and inclusive. effective and efficient and which follows the rule of law (Sinha,
2013). Many studies can be found on .good corporate governance' in literature.
Studies are. also found on 'status of governance' in banking sector. Here
we focus our discussion. on the state of affairs in the Indian banking sector,
particularly in case of Regional Rural Banks (RRBs).
In the following sections. we first summarize briet1y the development
in banking industry and the reforms measures taken after liberalization. Then
different financial indicators are analyzed to know if the governance-reforms
have improved its operational efficiency. and also the customer perception.
Operational efficiency is analyzed through secondary data, and customer
perception is analyzed by a survey of customers of RRBs in Odisha.
Amalgamation in RRBs in Odisha is taken as a major reform, aimed at improving
governance. which includes operational efficiency.

Mr. J. Ram is Doctoral Research Scholar and Senior Manager (Personnel Adrnn. Dept). Odisha Gramya
Bank (OGB). Head Office. Bhubancswar (Odi sha j, e-mail: [email protected]

Dr. RN Subudhi is Professor. School of Management. KIlT University. Bhubaneswar-24 e-mail:

[email protected]

GlTAM Journal of Management Vol.13 No.l 1'1'153-165 Jan-Mar 2015 © 2015 GIM. GlTAM
154 G ITAM JOURNAL OF MANAGEMENT

Let us first take a look at the evolutions and land-marks, in the history
of Indian financial and banking sector.

Growth of Indian Banking Sector

The Indian financial system can be categorized into two distinct sectors:
formal financial system and informal financial system. The formal financial
system is regulated by Government of India, Reserve Bank of India, Securities
Exchange Board of India, and other regulatory bodies, whereas the informal
financial system consists of indigenous money lenders, landlords, traders,
chit-funds. etc.
In the last two decades. there has been a considerable expansion of
the Indian financial system. both in terms of growth in infrastructures and
the number of customers or clienteles. The extension of banking and other
financial facilities to a large cross-section of people stands out as a significant
achievement. The role played by the financial institutions and more particularly
that of banking sector in the development and growth of a nation's economy
has been widely acknowledged by the various researchers and policy makers
at both international and national level.
As finance has a significant role in economic development, financial
intermediation has positive impact on the process of economic development.
Researchers have analyzed the role of banks in the economic development
of various nations.In the changing structure and requirement of the developing
economy, the role of commercial banks is very significant and meaningful(Gupta,
1993 ).
To revitalize the ailing Indian banking sector, the Government of India
in consultation with the monetary authority started various restructuring measures
in the 1990s. The aims of those measures were to enhance the solvency
and profitability of the banks. To make the banks efficient they prescribed
various measures, like the end of quantitative control on loans, deregulation
of interest rates. reduction in reserve ratios like eRR and SLR, implementation
of prudential norms (N arasimham, 1991). Those reforms were set up with
the main objective of improving efficiency in financial resources mobilization.

Regional Rural Banks

A new type of banking entity. in the name of Regional Rural Banks
(RRBs). came into existence on 2nd October, 1975 as a set of regionally
oriented rural banks. by promulgation of an ordinance on 26th September,
1975. It was later on replaced by the Regional Rural Banks Act, 1976 and
it was enacted on the 9th February. 1976. The equity of RRBs is held by
the central government. concerned state government and the sponsor bank
in the ratio of 50: 15:35.
 REGIONAL RURAL BANKS OF ODISHA:... 155

A modest beginning was made with the opening of 5 RRBs on October

2, 1975 and then by the end of 1987. there were 196 RRBs working in
363 districts with the help of 13353 branches. As on March 31, 2012, 82
RRBs with a network of 16909 branches were functioning in India. The deposits
amounted Rs 1863.36 billion and advances outstanding were Rs 1163.85 billion
(NABARD, 2012). The number of RRBs has come down because of first
phase of amalgamation done at the instructions of Government of India.
Growth after Nationalisation
In the wake of nationalization. the growth and development of the Indian
banking system was phenomenal. By the end of the second decade of
nationalization. Indian banking was relatively sophisticated, with a wide network
of branches. huge deposit resources and extensive credit operations. The outburst
of banking activity during this period was such it may be described as banking
explosion.
Resource Mobilisation
One of the objectives of branch expansion of banks was to mop up
national savings to channelize them into investment. according to plan priorities.
The magnitude of resources mobilized by the banks during 1969 to 199 I
is indicated below.
Deposits: Before :"I ationalization[Deposit figures are in Rs. in crore]
Year Total Term Sayings Other
Deposits Deposits Deposits Deposits

1969 sIn 3280 152-1 369

Percent 100 63-11 29-16 7.13
1980 37988 19253 10937 7798
Percent 100 50.68 28.79 20.53
1991 230758 128768 56902 -15088
Percent 100 55.80 2-1.66 19.5-1

Source: Balli: Quest: Dec" 2002

Between 1969 and 1980. total deposits increased six times and between
1980 and 1991 the increase was five times.
The substantial increase in total deposits was because of the rise in
the term deposits and saving deposits. which represents the savings of the
community. These two categories of deposits recorded a six fold increase
in each of the periods 1969-1980 and 1981-1991.
156 GITAM JOURNAL OF MANAGEMENT

Credit Operation
One of the objectives of nationalization was to ensure adequate credit
now to genuine productive sectors. To fulfill the plan priorities. banks went
on extensive credit operation after nationalization. This was made possible
by the enlarged resource base of banks during the period. The RBI's credit
policy, over the years. emphasized on channeling bank credit to preferred
sectors and borrowers of small means. Annual targets were laid down for
lending to priority sectors as a whole with sub targets for weaker sections
of the society. It was also stipulated that a major portion of the deposits
mobilized in rural and semi-urban areas should be deployed in respective
areas.
The credit operations of banks during the period are summarized below.

Advances: Before Nationalization[Credit figures are in Rs in Crore]

Year Bank Credit Priority Sector Out of Priority Sector

Agriculture SSI OPS

258 3.+7 5.+

1969 3729 659
17.67 3915 52.66 8.19
Percent
25371 8501 358.+ 3229 1688
1980
33.~ 1 '+2.16 37.98 19.86
Percent
125592 .+5.+25 18157 18150 9198
1991
36.17 39.97 39.96 20.07
Percent

Source: Bank Quest Dec. - 2002

Bank credit increased seven fold between 1969 and 1980 and by five
times between 1980 -91. Within the priority group the share of agriculture
was 39 percent in 1969, 42 percent in 1980 and it remained at that in 1991
by 40 percent. The share of SSI sector in total bank credit was 52.66 percent
in 1969 showed a relative decline to 38 percent in 1980 and 40 percent
in 1991.
Classification of Priority Sector Advances: 1969-1980

1969 1980 1991

I Sector-wise classification of advances i

_-" __ .-_--------- ----- -- ----------------------

 REGIONAL RURAL BANKS OF OOISHA:... 157

The above mentioned statistics justifies the saying that nationalization

transformed Indian banking from 'class banking' to 'mass banking'.

Liberalization Period
Banking sector reform was started by the Government of India in 1991.
The regime of reforms began with a radical departure from "regulated banking'
towards "market oriented banking".
The objective of reform, at the macro-level, was removing the external
constraints of the banking system as a whole and thereby creating a climate
in tandem with liberalization. At the micro-level, the liberalization aimed
at enabling the banking system to overcome the internal constraints on the
functioning of banking organization. The foundation of banking reforms was
laid by the Committee on Financial Reforms (Narasimham Committee) which
published its recommendations in November, 1991.
The Regional Rural Banks which came into existence on October 2,
1975. became popular as 'small man's bank'. The period 1975-1990, the
first fifteen years can be termed as period of 'inception and expansion' in
the history of RRBs. This period witnessed large scale increase in the number
of banks, branches and districts covered. Many committees, instituted by authority
(list given as an annexure), mainly aimed bringing in a better governance
structure.
Policy Measures to Strengthen RRBs
Various policy measures were initiated to allow RRBs to lend for Non-
Target Group (NTG) beneficiaries to the extent of 40 percent of their fresh
advances with effect from September 1992. This limit was raised to 60 per
cent in January 1994. Similarly RRBs were also allowed to lend to non-
productive purposes to the extent of 10 per cent of the fresh lending. RRBs
were also permitted to engage into non-fund based activities like issuing
guarantees, purchase/discount of demand drafts and cheques, and to install
safe deposit lockers.
As of March 2012 total deposits and advances of RRBs were Rs
I.S7J51crores and1.20,551 crores respectively. The deposits were mobilised
through over 11.57 crore accounts and the advances were outstanding to over
2.06 crore borrowers. Thus RRBS have expanded their reach in terms of
spatial coverage. rural savings mobilisation and credit purveyance especially
under the rural development programmes for amelioration of poverty.
Development of commercial banks in Odisha during the post
nationalization period (1970-1979) deserves a special mention. Firstly, the
period succeeds implementation of Lead Bank Scheme on the recommendations
of the National Credit Council set up by the Government of India in the
158 GITAM JOURNAL OF MANAGEMENT

year 1968. Under this scheme, the Lead Banks were required to concentrate
on the banking business and resource development in the districts assigned
to them in collaboration with other developmental agencies. Secondly, the
period also witnessed nationalization of commercial banks on 19th July, 1969.
Promoting banking habits among the people is one of the important
objectives of branch expansion. An analysis of the data on branch expansion
by commercial banks in Odisha revealed from secondary data that there has
been significant growth.
Amalgamation of RRBs in Odisha
The Government of India initiated the process of amalgamation of the
Regional Rural Banks sponsored by the same commercial bank and functioning
in the same state. The objective of the amalgamation was to strengthen the
RRBs. The process, in Odisha started in February, 2006 and ended in August,
2007.
Performance of RRBs in Odisha
There were five regional Rural Banks working in Odisha as on 31.03.2012.
They were operating through 875 branches spread in 30 districts of the State.
The Key indicators like number of branches, deposits and advances outstanding
and Credit-deposit ratios from 1996 to 2012 have been provided in the following
table.
Performance of RRBs in Odisha: Key Indicators

Year No of RRB No of Amount of Amount of Credit-Deposit

branches deposits advances Ratio
(in Rs crore)(in Rs crore) (in percent)

1 2 3 4 5 6
1996 9 819 816 364 44.61
1997 9 816 768 421 54.82
1998 9 823 958 462 48.25
1999 9 838 1194 578 48.41
2000 9 839 1429 716 50.10
2001 9 834 1770 859 48.53
2002 9 832 2155 1124 52.16
2003 9 836 2455 1331 54.21
2004 9 832 2891 1616 55.90
2005 9 834 3196 1999 62.55
2006 7 835 3594 2328 64.77
2007 5 849 4151 2699 65.02
2008 5 857 5298 3080 58.13
2009 5 871 6557 3372 51.42
2010 5 875 7887 3913 49.61
2011 5 875 8823 4689 53.14
2012 5 885 9648 5645 58.55
 REGIONAL RURAL BANKS OF OOISHA:... 159

Significance-difference Test
We conduct hypothesis testing, to verify, if amalgamation has improved
the situation. Among many other ratios, we have taken here Net interest margin
(NIM) ratio, to study whether there is any significant improvement, post-
amalgamation. A bank earns interest on its loans and investment. At the same
time it pays interest on the deposits mobilized by it and on the funds borrowed
from other institutions. Net interest margin is the difference between the total
interest income earned by a bank and total expenditure made in the interest
head by the bank. It reflects the capacity of the management in generating
surplus.
Net Interest Margin Ratio= (Interest income - Interest expenditure)/
Assets x 100
Null Hypothesis (HO):There is no significant difference in Net interest
margin ratio of pre- and post amalgamated period of KalingaGramya Bank.
Null Hypothesis (Hf j.There is significant difference in Net interest margin
ratio of pre- and post amalgamated period of KalingaGramya Bank.
Net Interest Margin Ratios of KalingaGramya Bank, Odisha
Pre-amalgamation NIM Ratio Post- amalgamation NIM Ratio

2000-01 0.00 2005-06 0.010

2001-02 o.or 2006-07 0.050
2002-03 0.00 2007-08 0.062
2003-04 0.03 2008-09 0.098
2004-05 (l.06 2009-10 OAD
Mean 0.02 2010-11 0.527
Std. Deviation 0.02 2011-12 0.812
Mean 0.282
Std. Deviation 0.308

Two-Sample t-test Assuming Unequal Variances

Pre-amalgamcnion Post- amalgamation

Mean 0.02068 02816

Variance 0.0005 0.0945
Observations 5 7
df 6
t Stat -2.23
P(T<=tl one-tail 0.03
t Critical one-tail 1.943
P(T<=t) two-tail 0.066

Result: The mean scores for post-amalgamation period were M= 0.282,

SD= 0.308 and the same for the pre- amalgamated period were M= 0.021,
160 GITAM JOURNAL OF MANAGEMENT

SD= 0.02. From the result of t-test above. it is seen that the p-value is 0.06.
which is more than 0.05. It implies that the difference between the mean
value of post and pre amalgamated period is not significant at 5% level.
But at higher level (6-10%). we can conclude that, there is some improvement
in NIM.
Customer Survey Data Analysis
To understand. whether there is any remarkable change/ improvement
in consumer perception. on how bank is operating (governed), a structured
questionnaire was canvassed at 10 branches of RRBs of Odisha, where a
total of 516 bank-customers have responded. Here we present only the summary
of results, particularly on the available facilities and customer expectations.
Following graph shows the brief demographic profile of the customers
surveyed.
Graph: Occupationof the Customers of RRBs (from a sample of 516)

Unemployed
occupation
stude nt 6"0

Professional
Degree
Agriculture
4""
45"",

It shows that maximum number of respondents that is about 45 percent

depends on agriculture for their livelihood. The second highest percentage
of respondents (35 percent) is business men. The composition truly reflects
the rural profile of the customers of the bank.
 REGIONAL RURAL BANKS OF OOISHA:... 161

Graph: Income of the Customers of RRBs (from a sample of 516)

More than
15001-20000
20000
Monthly Income
4%
7%
10001-15000
6%

5001-10000
17%

Almost 66 per cent of the customers surveyed have income of below

Rs. 5000/- per month .It reflects the economic condition of the rural poor.
People having monthly income of Rs. 5.001 to 10.000 constitute 17 per cent
of the respondents. Only 7 per cent of the people among the respondents
have monthly income above Rs. 20.0001-.

Facilities and amenities

During the survey. the respondents were asked to rank sixteen facilities/
amenities. which they expect in the branches according their importance. At
the same time. they were also asked rank those facilities as available in the
branches according their perception. The findings are given below in descending
order according to the rank given by the respondents. The rank is based
on the weighted average of the ranks accorded by the individual respondents.
Respondents rank "A'I'Mvfaci li ty" followed by air-conditioned
environment. name board. parking facilities. etc. Need for putting identification
boards at counters has been ranked lowest by the respondents.

Sl. Amenities Expected Weighted

" (Importance measured in -l-point scale) Average
Score

ATM facility at the branch (Importance)

l.39
1.-1-1
2 Air-condition comfort (Importance)
Name board and other information about working hours etc. 1.79
3
-I 1.88
Parking facilities (Importance)
Drinking water facility (Importance)
1.91
5
Convenient location of the bank (Importance) 1.95
6
Sitting arrangement (Importance) 2.05
7
8 May I Help You counter (importance) 2.17
Dust bins (Importance) 2.29
9
10 Lighting (Importance) 2.30
162 GITAM JOURNAL OF MANAGEMENT

246
11 Electronic token number display and audio announcement system
2.54
12 Complaints and suggestion boxes (Importance)
2.65
13 Flooring (Importance)
2.71
14 Availability of personal assistance/guidance (Importance)
2.85
15 Display of products and sen' ices information (Importance)
3.18
16 Display of identification boards at counters (Importance)

Respondents rank convenient location of branches followed by proper

lighting, flooring in the branches as first. second and third respectively.
Availability of ATM and air-condition have been ranked lowest by the
respondents.
Weighted
SL. Amenities Available
Average
(Importance. as felt b) customers)
Score
2.14
Convenient location of the bank r lmportance l
2.53
2 Lighting (Importance)
2.75
3 Flooring (Importance)
3.10
4 Dust bins (Importance)
3.19
5 Name board and other information about working hours etc.
3.24
6 Drinking water facility (Importance)
3.41
7 Complaints and suggestion boxes (Importance)
3.45
8 Sitting arrangement (Importance)
3.61
9 Parking facilities (Importance)
3.63
10 Availability of personal assistance/guidance (Importance)
3.95
II Display of identification boards at counters (Importance)
3.98
12 Display of products and services information (Importance)
4.12
13 May I Help You counter (Importance)
4.68
14 Electronic token number display & audio announcement system
4.73
15 Air-condition comfort (Importance)
5.86
16 ATM facility at the branch (Importance)

Factors influencing the choice of a bank by the customers:

A person's decision to choose a particular bank is influenced by various
factors like advertising. quick and quality service. etc. The respondents were
given choices of eight such factors and were asked to rank them from 1
to 8 in order of priority according to their perception. Ibeillg most influential
in their choice of the bank.
 REGIONAL RURAL BANKS OF ODISHA:... 163

Factors influencing choice of a bank (1 being most influential, 8 being

least influential)
SI. No Factors influencing choice of a bank Rank
1 Employee behavior 1.7
2 Quick and quality service 2.1
3 Branch location convenient to me 3.5
4 Value-added services 4.8
5 Recommendation of others 4.9
6 Service charges or fees 5.5
7 Convenient business hours 5.5
8 Advertising 7.9
Mean = 4.5
In the present era of globalization and privatization. great emphasis
IS put on marketing for success of any product or service.But the finding
of the survey. contrary to the general perception. has shown that is the most
influential factor. while choosing a bank is the employee behavior. It is followed
by "quality of service". The contribution of the "human touch" in the success
of a service industry particularly the banking sector is found to be important.
It is the behavior of the employees who deal with the customers directly.
that matters in retaining in customers and in bringing in new customers.
Advertising is the factor which is found to be the least influential among
the eight factors surveyed. So to improve the customer base and retain the
existing customers. the top management of the banks should give emphasis
on enhancing the quality of the employees and Customer Relationship
Management rather than on advertising.

FACTORS INFLUENCING CHOICE OF A BANK

RANKED IN DECENDING ORDER

7.9

4.9

.;,' ,-0 e~ e~ v'~ ,,«'

-,>,0
.e'
-,'~e ,,'-
,"-
-,>'c
,,-'
0-
e'- ,e
",0 '0~
,,-'
"," ",- ~~
°~
0'

°"°
cc..:
ee
,<;;e
,"~~
0:- c0"
"
.0.>'
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,ov ""OJ ~,0
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164 GITAM JOURNAL OF MANAGEMENT

The top four factors influencing the choice of a bank by the

respondents are employee behavior, quick and quality service, branch
location and value added service provided by a bank. Similarly, the
bottom four factors influencing the choice of a bank by the respondents
are advertising, convenient business hours, service charges and
recommendations of the friends.
Conclusion
As per the research study. conducted for this paper. secondary data
analysis shows mixed result. All policies. reforms and Government initiatives.
have so far resulted in giving some positive result. like improvement in liquidity,
interest-income. and reduction in operational expenditure. But there is no
evidence of improvement in achieving the assigned social commitments (like
attention to priority sector).
[Note: This article is part of the doctoral research work done by M,: 1.K.
Ram. under the supervision of Prof RN Subudhi. at KIlT Universitv Bhubaneswar.]

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in India: State Level Experiences

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2009). NABARD

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Bhandari Committee - 1994

2 Basucommittee on revamping of RRBs.1996

3 Thingalaya committee, 1997

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Committee)

5 Committee on banking sector reforms(Narasimham Committee. 1998)

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1976), 2001

9 Estimate Committee. 2000-01

10 Vyas Committee-II. 2004(Advisory Committee on Flow of Credit to Agriculture &

Related Activities)
II Report of Bankers' Committee on Restructuring of RRBs (Purawar Committee)

Annexure -II

Allocation of Districts of Odisha among Lead Banks

SI.# Lead Bank Districts allotted

State Bank of India I.Bolangir, 2. Boudh-Khondmals. 3. Kalahandi,

4. Koraput, 5. Sambalpur and 6. Sundargarh

2 Bank of India I. Keonjhar and 2. Mayurbhanj

3 UCO Bank l.Balasore, 2. Cuttack. 3. Dhenkanal and 4. Puri

4 Andhra Bank I.Ganjam

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