study of pmjdy account holders - cafral · 2015. 9. 7. · their pmjdy accounts. this is based on...
TRANSCRIPT
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STUDY OF PMJDY ACCOUNT HOLDERS
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© Intellecap 2015. All rights reserved
Contents
2
Objective of the Study
Methodology adopted
Analysis and key findings from the Study
Summary of Findings
Disclaimer
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© Intellecap 2015. All rights reserved
Contents
3
Objective of the Study
Methodology adopted
Analysis and key findings from the Study
Summary of Findings
Disclaimer
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© Intellecap 2015. All rights reserved
Objective of the Study
4
The study initiated by CAFRAL was aimed at getting
feedback from the PMJDY beneficiaries who are the first
time entrants into the banking system
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© Intellecap 2015. All rights reserved
Contents
5
Objective of the Study
Methodology adopted
Analysis and key findings from the Study
Summary of Findings
Disclaimer
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© Intellecap 2015. All rights reserved
Identified locations
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MADHYA PRADESH
INDORE | DEWAS | DHAR
3 districts with different levels of banking
penetration
Indore: >60% | Dewas: 40%-50% | Dhar:
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© Intellecap 2015. All rights reserved
Identified areas: More focus on public gatherings rather than
individual households in order to target all segments of population
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MANDI
JAN SUNVAYEE
RURAL HOUSEHOLDS
AANGANWADI
URBAN SLUMS
PANCHAYAT
SMALL INDUSTRIES
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© Intellecap 2015. All rights reserved
Key Study facts
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800+ 313
99 Indore
101 Dewas
113 Dhar
Number of
people met
Respondents having
PMJDY Accounts
Male : Female
80:20
10 Day Study
Rural : Urban
67:33
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© Intellecap 2015. All rights reserved
Contents
9
Objective of the Study
Methodology adopted
Analysis and key findings from the Study
Summary of Findings
Disclaimer
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© Intellecap 2015. All rights reserved
Profile of Respondents - Profession
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“Approximately 70% of the
respondents were
dependent on daily income
(small farmers and daily
wage labourers)”
*Elementary Occupation mainly consists of Tailor, Cycle Repair Shop,
Small Flour Mill, etc.
Daily Wage Labourer
39%
Farmer 33%
Elementary Occupation
10%
Shopkeeper 10%
Houswife 5% Driver
3%
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© Intellecap 2015. All rights reserved
Profile of Respondents – Age Group
11
“Majority of respondents were in the age-group of 35-60 years”
18-35 35-60 >60
41% 54% 5%
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Account opening period
12
“Majority of the accounts were opened in the past 1-6 months”
July’15 June’15 May’15 Apr’15 Mar’15 Feb’15 Jan’15 Dec’14 Nov’14 Oct’14 Sep’14 Aug’15
23%
74%
3%
Last 1 Month
1-6 Months
>6 Months
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© Intellecap 2015. All rights reserved
Banks with which respondents have been associated
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State Bank of India 30%
Narmada Jhabua
Grameen Bank 28%
Bank of India 15%
IDBI 14%
Union Bank 2%
Central Bank 1%
Don’t Know 2%
Others 8%
313
Accounts
“The respondents had
opened their accounts from
a mix of various banks”
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Reasons for opening PMJDY account
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To deposit Regular
Savings To avail insurance
scheme
Financial Support
from Government
1
2 3
Direct Benefit Transfers
and Subsidies
4 52%
23% 10% 6%
Everybody in
village was
opening
Facility
available at
doorstep
To remit
money to
family
3.9% 2.0% 1.4%
Pressure from
Administrative
Authorities
Others
(to access bank
facilities, etc.)
0.3% 0.7%
Approached
by Banks
0.7%
KEY REASONS
OTHERS
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© Intellecap 2015. All rights reserved
RuPay Card and Bank Passbook availability
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“21% of the respondents
have not received any
documents from their bank
after opening their account”
RuPay Card + Passbook
45%
Bank Passbook
26%
No document
21%
Passbook Slip 5%
RuPay Card 3%
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© Intellecap 2015. All rights reserved
Money in house vis-à-vis Money in Bank
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97% of the respondents felt
that their money is
safe in Bank
100% of the respondents
prefer bank rather
than keeping the
money at home
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© Intellecap 2015. All rights reserved
Utilization of account
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64% of the respondents
have transacted at
least once
36% of the respondents have
not transacted at all
Unavailability
of
documents
Don’t have
enough
savings
No
information on
branch
Bank
process is
difficult
Didn’t feel the
requirement
Don’t
understand the
process
Busy during
banking
hours
Opened
account
recently
49.1% 15.2% 8.9% 8.0%
6.3% 5.4% 4.5% 1.8%
Through Bank
Branch
Through Bank
Mitra Through ATM
76.4% 22.4% 1.3%
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Utilization of RuPay card
18
99%
0% 0%
1%
WITHDRAWAL
MONEY TRANSFER SHOPPING
OTHERS
“Majority of the respondents
used the RuPay card for
withdrawal only and were
not aware about its other
uses.”
*Others include paying bills such as electricity,
water, etc.
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© Intellecap 2015. All rights reserved 19
50.5%
Did not know that they can retain
money in their account and don’t have to withdraw it immediately
95% were not aware that they can
transfer money to another account directly from the bank
Awareness regarding account usage
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Mobile banking and its penetration
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84% Respondents had a mobile
51% Respondents received messages
from their Banks
Calls Only 65%
Calls + Messages
34%
Others 1%
USE OF MOBILE PHONE BY
RESPONDENTS
56% Respondents were not aware that
they can check account balance
through mobile
*Others also include Whatsapp,
Facebook, and surfing online
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© Intellecap 2015. All rights reserved
Contents
21
Objective of the Study
Methodology adopted
Analysis and key findings from the Study
Summary of Findings
Disclaimer
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© Intellecap 2015. All rights reserved
Summary of Findings (1/2)
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Lack of financial literacy campaigns
“The Financial Literacy programs have been very limited when
compared to opening of accounts, thus leading to lack of
awareness on features and low usage”
Financial Illiteracy
“Many account holders had deposited INR 100 in their
account after opening, but withdrew the same in order to
activate the RuPay card”
Lack of financial support from Banks to Business Correspondents
“Delay from banks in providing commissions to BCs which
was agreed upon for opening accounts in rural areas,
resulted in some BCs charging INR 20-30 per account from
the customers, in order to maintain their costs”
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© Intellecap 2015. All rights reserved
Summary of Findings (2/2)
23
Lack of knowledge on mobile banking
“While a large majority use mobile phones, they are not aware
or do not understand how to use it to get details about their
accounts”
Access to Bank Outlets
“Access to a bank outlet was not stated as a problem by the
respondents, but the time to be spared to operate the
account did come out as a hindrance to usage”
Zero Balance Facility
“Many people have opened a savings account under PMJDY
as it allowed zero balance which was not the case earlier and
also low cost insurance.”
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© Intellecap 2015. All rights reserved
Contents
24
Objective of the Study
Methodology adopted
Analysis and key findings from the Study
Summary of Findings
Disclaimer
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© Intellecap 2015. All rights reserved
Disclaimer
25
THIS STUDY IS FOR OUR CLIENT CAFRAL ONLY. THE STUDY WAS CONDUCTED
ON THE BENEFICIARIES WHO WERE WILLING TO PROVIDE INFORMATION ON
THEIR PMJDY ACCOUNTS. THIS IS BASED ON THE INFORMATION THAT WE
CONSIDER RELIABLE, BUT WE DO NOT REPRESENT IT AS ACCURATE OR
COMPLETE, AND IT SHOULD NOT BE RELIED ON AS SUCH. THIS STUDY WAS NOT
INTENDED AND FOCUSSED ON THE CONSUMERS OF ANY PARTICULAR BANK.
FURTHER, THIS STUDY WAS FOCUSSED ON A SMALL GROUP OF ~300
BENEFICIARIES AND SHOULD NOT BE CONSTRUED AS A REFLECTION OF THE
NATIONAL PERCEPTION.
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© Intellecap 2015. All rights reserved
Contact Details
Bhagvath Chandra
Associate Director - Business
Consulting Services
Intellecap
+919619097090
Smita Aggarwal Senior Program Director
CAFRAL
+912226571026
mailto:[email protected]:[email protected]