Financial Opportunities for Inclusive Growth
For India's growing economy to realise its full potential, we must ensure that every Indian has access to the tools they need to protect their money, increase their capital, and grow their businesses and livelihoods. At its core, Ratnakar Bank believes that financial inclusion is about promoting the country's economic growth through providing a range of financial services to those who currently have limited or no access to them.
Ratnakar Bank is strategically committed to financial inclusion and we are uniquely positioned to bank the base of the pyramid in a commercially sustainable manner. Historically the bank has successfully served the agricultural and rural economy through its extensive semi-urban and rural branch network. The bank is further enhancing its reach by opening more branches in semi-urban and rural geographies, and setting up a Business Correspondent network to provide doorstep services in villages. A suite of new products including microloans, remittances, micro-insurance etc. are being delivered in addition to liabilities products and agri-supply chain financing products, using state of the art, secure, simple and cost effective technology solutions.
The Opportunity
With a significant population of the country being unbanked and underserved, there is a great opportunity to provide formal financial services both in rural and urban geographies.
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In India, close to 50% of the total population is being served by the Banking institutions, however with the decrease in income levels, the financial inclusion levels come down to around 30% in the low income population segments. Further, these households do not have access to multiple products and services to address their credit, savings, investments and risk management needs. The financially excluded customers most often build capital through informal savings mechanisms, pledging assets and borrowing from informal high cost sources.
Ratnakar Bank is addressing this market by developing an insight into customer needs, understanding the uncertainty and unevenness of the cashflows and customising products to suit the requirements of each of its customer segments. The Bank is expanding its branch network in semi-urban and rural geographies. It is also engaging Business Correspondents to provide last mile connectivity to villages which are not directly connected to its branches. An important aspect of inclusive growth is creating awareness about financial discipline and educating its customers about the use of right financial product for the right purpose, and therefore financial literacy is one of the core pillars of Ratnakar Banks Financial Inclusion offering.
Our Network
Ratnakar Bank is expanding its customer reach in this business through its semi-urban and rural branches, network of business correspondents sub-agents and physical infrastructure of corporate business correspondents.The Bank will be rolling out its Financial Inclusion products and services in urban geographies over a period of time.
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Branch banking:
48 of our 100 branches are dedicated to provide products and services for agribusiness, financial inclusion and rural banking.
Goa
South Goa, North Goa.
Karnataka
Belgaum, Davanagere, Dharwad.
Maharashtra
Kolhapur, Nashik, Osmanabad, Pune, Raigarh, Sangli, Satara, Solapur, Thane.
See these branch locations here
We believe that the best way to reach rural remote customers is to make banking a convenient, affordable exercise. Our business correspondent network is set up in a hub-and-spoke framework, with Ratnakar Bank branch being the hub and the spokes being the business correspondent outlet in our customer's village.
| BC Partner Name |
State of Operations |
Services Provided |
| Basix Sub-K iTransactions Pvt. Ltd. |
Maharashtra & Karnataka |
Savings Accounts, RD, FD & remittances |
58 & 59 "Saranya", Ground floor
Nagarjuna Hills, Hyderabad 500034
40-66987777; info@subk.co.in |
|
|
See our business correspondent outletshere
UIDAI empanelment: Recognising the unbanked and under banked residents' need for easier access to our banking services, Ratnakar Bank has empanelled with the Unique Identification Authority of India (UIDAI).
The Segments
Under its Agribusiness & Financial Inclusion Group, Ratnakar Bank provides products and services to all the constituents of agri value chain right from the farm to the retailer, small and marginal farmers, low income salaried and self employed individuals in rural and urban areas, and micro-enterprises engaged in services and manufacturing sectors. The business group is further sub-divided into 3 sub-groups based on client segmentation - Agribusiness, Microfinance and Micro-enterprise Finance.
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Agribusiness
Financial solutions for individuals and corporates engaged in agriculture, agri related activities, animal rearing, agri-biotec, agri-infrastructure development etc. Offerings include products delivered through our branches and structured financial solutions.
Microfinance
- Microfinance Institutions - Short and medium term on balance sheet and off balance sheet capital market solutions to promote growth of high quality, ethical and socially conscious microfinance organisations. Offerings also include deposits, current account, foreign exchange and retail banking services for MFI staff.
- Microbanking - Direct delivery of financial products and services including credit, savings, remittance, insurance and investment products to clients in semi-urban and rural areas. The Bank extends these solutions through Joint Liability Group/Self-Help Group models.
Micro-Enterprise Finance
The Bank has a keen focus to support growth of micro-enterprises in the country and currently offers working capital and term funding to micro-enterprises in its branch service area. The Bank is developing a focused business model to address the specialized needs of micro-enterprises engaged in multitude of economic activities in various clusters around the country.
Our Products
Affordable, convenient and easy to access - our products are specifically tailored to meet the needs of our clients.
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Agribusiness
- Individuals
- Crop Loan (under RKCC)
- Farm Mechanisation (Purchase of Tractor/ Trailer, Thresher, Other Farm Implements / Machinery)
- Dugwell, Construction / Repair / Deepening of Well
- Minor Irrigation (Electric Motor Pumpset / Oil Engineer / Submersible Pumps / Pipeline, etc)
- Loan against Ware House receipt
- Construction of Rural Godown
- Dairy Loans
- Agri Clinic & Agri Business Centre
- Two Wheeler Loans
- Four Wheeler Loans
- Bullock Pair & Bullock Cart
- Loans Horticulture Crops (Grape, Pomegranate, Floriculture, etc)
- Financing against pledge of cold storage receipts
- Harvesting & Transport Finance
- Corporates engaged in agri & allied activities
- Working capital
- Term loan
- Structured finance
Microfinance
- Wholesale
- Term loans
- Working capital finance
- Portfolio buyouts
- Loan syndications
- Rated securitisations
- Microbanking
- Crop Loan
- Crop Loan - Vegetables
- Agri Investment Loan - Land Development
- Agri Allied Loan - Dairy
- Agri Allied Loan - Non-Dairy
- Micro-enterprise loan
Micro-enterprise finance
- Working capital finance
- Asset finance
- Term loans
Microsavings and remittances
- No-frill savings account
- Flexible RD and FD products
Insurance
Personal Banking Products
- Savings Account
- Current Account
- Loans
- Deposit
- Insurance