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27 | Creating viable

27 | Creating viable business models for inclusive growth through the National Optical Fiber Network • Input –– Computerized Post Offices: Computerization of Post Offices is already under progress under the IT Modernization Project that the Government of India started under the 11th Five Year Plan. In addition to computerization, India Post also plans to enable all the rural Post Offices with finger print scanners, debit/smart card readers, bar code-page scanners, printers, and hand held devices/notebooks, which will also act as micro ATM 47 –– Connectivity: Fiber connectivity through NOFN –– Equipment: Handheld Point-of-Transaction (POT) terminals for BAs to undertake financial transactions, biometric smart cards for authentication (could be replaced by Aadhar cards or other smart cards issued by State Governments) –– Manpower requirement and training: Bank Agents (BAs) to be hired from villages and trained by banks at their base offices. Post Office staff will need training on handling ICT (already a part of the IT Modernization Project) and on the bank’s offerings (to be provided by the bank) • Cost –– Capital expenditure: Banks to bear the cost of POTs and associated software, integrating the post office IT infrastructure with that of their own, biometric smart cards for authentication /Aadhar cards or other smart cards issued by State Governments (in the latter case, case there would be no associated cost to the bank) –– Operating expenditure: Salaries and commissions paid to the BAs, their conveyance and other costs, commission payout to Post Offices • Revenue stream: Transaction fee on Government cash transfer schemes (DBT), direct payments under schemes such as Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA), float on the deposits • Government support: This model leverages ICT enablement of post offices already being undertaken by the Government • Benefits –– Government: Financial inclusion, ease of making social welfare payments, rural employment generation (through the appointment of BAs) –– Banks: Market expansion. Access to low-cost deposits by tapping on the underserved rural market –– India Post: Additional revenue stream, which can be utilized to recover losses ( ~INR 5,800 crore in FY 2012-13 47 ) –– Customers: Convenient access to affordable banking services, credit and welfare payments –– BAs: Employment generation and skill building • Critical success factors –– Full-fledged banking license to India Post –– Computerization of Postal Offices as planned under the IT Modernization Project –– Uninterrupted connectivity to Post Offices through NOFN –– Last-mile connectivity between BAs’ hardware and the banking terminal located in Post Offices Case study 4: Bradesco (private bank), Brazil Proposition: The Banco Postal network – branchless banking in every municipality of Brazil through small post offices Delivery Mode: PPP. Bradesco, a private bank in Brazil, set up a 10-year JV with Brazilian Post in 2001 and created a wholly owned subsidiary ‘Banco Postal’ for this service Business Model: For profit. Incremental investment on both sides was minimal, as Brazil Post already had a well-developed technological platform in place and its own satellite communications network capable of reaching distant regions. Banco Postal was paid a share per transaction. Bradesco did not charge a per transaction fee to customers, but charged monthly account fee for savings accounts. This fee covered fourteen free transactions per month. Impact: • As of October 2009, 6,055 Banco Postal branches were operating in 5,160 of 5,564 municipalities (almost 93 percent) • In 2009, 90 percent of new Bradesco account openings were through Banco Postal – evidence that this model was successful Source: Hystra, USAID 47 India Post, Annual report, 2012-13

Creating viable business models for inclusive growth through the National Optical Fiber Network | 28 Model 2: Third party-led BC model This model is led by a third-party service provider which acts as the Business Correspondent for the bank(s). This model is already under operation in India (Refer Case study 5) and could be extended to unconnected regions with the advent of NOFN. The third-party BC recruits and trains Banking Agents (BAs) to offer banking services in remote areas through handheld Point-of-Transaction (POT) terminals provided by the third-party service provider. Proposition: Reaching the unbanked through a third-party BC network Figure 8: Third-party led business model harnessing a BC network Source: KPMG analysis • Input –– Equipment: Handheld Point-of-Transaction (POT) terminals for BAs to undertake financial transactions, biometric smart cards for authentication (could be replaced by Aadhaar cards or other smart cards issued by State Governments) –– Connectivity: NOFN, combined with last mile access, would connect the POT terminals to bank servers in regions which are currently unconnected –– Manpower requirements and training: Hiring and training of BAs • Cost –– Capital expenditure: Investment in POTs and related software –– Operating expenditure: Connectivity charges, salaries and commissions to BAs, cost of hiring and training BAs

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