British
brokerage Barclays today said returns from financial inclusion, in
the form of savings through reduced leakages, better tax collection
and improved savings, would be much higher than the cost incurred.
"Full financial inclusion will require a capital expenditure of
USD 500 million and an additional USD 1.3 billion in recurring annual
operational expenses. "The recurring service cost is about 0.1
per cent of GDP or 0.05 per cent of deposits and loans in the banking
system," it said. Pointing out that total financial inclusion
could be achieved with an investment of less than 0.1 per cent (USD
1.8 billion) of the GDP which was USD 1.8 trillion in FY13, it said
that this investment would deliver a return of up to 0.9 per cent of
the GDP per annum. The brokerage also said that "detailed
modelling" done by its analysts points to a saving of up to 0.3
per cent of GDP through the reduced leakage, 0.4 per cent through
better tax collections and 0.2 per cent through improved savings
rate. It described benefits of the Aadhar card, mobile banking and
business correspondents model as a "transformational trinity"
to achieve financial inclusion. Pointing out that overall cost of
financial inclusion is "manageable", it said that 100 per
cent financial inclusion would require setting up 6 lakh customer
service points which could service an additional 567 million new
accounts which would have to be opened. However, it said that there
should not be worries about cost, adding that a third of the expenses
could be recovered through additional revenues. The commentary comes
days ahead of the announcement of a comprehensive financial inclusion
plan scheduled to be made by Prime Minister Narendra Modi on August
15. It also comes a day after RBI Governor Raghuram Rajan stressed on
the virtues of undertaking such a drive, saying it that it would help
fight corruption. Barclays said that lack of identity documentation,
the key to fulfill know your customer (KYC) requirements and
transaction costs are the "key barriers" to financial
inclusion. It may be noted that yesterday, Rajan had said that the
RBI is looking at simplifying KYC norms.
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