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53307-002: Diagnostic Study and Strategy Development for Rural Finance Sector

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53307-002: Diagnostic Study and Strategy Development for Rural Finance Sector Technical Assistance Consultant’s Report Project Number: 53307-002 March 2020 Kingdom of Bhutan: Diagnostic Study and Strategy Development for Rural Finance Sector Development Prepared by Akurange Somaratne Thimphu, Bhutan For Ministry of Finance This consultant’s report does not necessarily reflect the views of ADB or the Government concerned, and ADB and the Government cannot be held liable for its contents. (For project preparatory technical assistance: All the views expressed herein may not be incorporated into the proposed project’s design. DIAGNOSTIC STUDY AND STRATEGY DEVELOPMENT FOR RURAL FINANCE SECTOR DEVELOPMENT- FINAL REPORT TA-9805BHU BHUTAN DEVELOPMENT BANK LIMITED (BDBL) AND RURAL ENTERPRISE DEVELOPMENT CORPORATION (REDCL) LIONEL SOMARATNE RURAL FINANCE SPECIALIST March – 2020 Contents ABBREVIATIONS ...................................................................................................................................... 1 1. EXECUTIVE SUMMARY ....................................................................................................................... 2 1.1. INTRODUCTION: ........................................................................................................................... 2 1.2. PROJECT: ...................................................................................................................................... 2 1.3. CONSTRAINTS FOR EXPANDING RURAL CREDIT: ......................................................................... 3 1.4. THE COUNTRY: ............................................................................................................................. 3 1.5. THE ECONOMY: ............................................................................................................................ 3 1.6. FINANCIAL SECTOR: ..................................................................................................................... 3 1.7. CURRENT STATUS OF RURAL FINANCE SECTOR: .......................................................................... 3 1.8. MICROFINANCE SECTOR: ............................................................................................................. 4 1.9. BHUTAN DEVELOPMENT BANK (BDBL): ....................................................................................... 4 1.10. RURAL ENTERPRISE DEVELOPMENT CORPORATION: ................................................................ 4 1.11. NEW STRATEGY FOR BDBL TO IMPROVE RURAL FINANCE: ....................................................... 5 1.12. NEW SYTRATEGY FOR REDCL TO IMPROVE ITS RURAL FINANCE:.............................................. 5 1.13. INTERVENTIONS SUGGESTED FOR IMPROVING RURAL FINANCE SECTOR: ............................... 5 2. PART ONE - PROJECT BACKGROUND .................................................................................................. 6 2.1. PROJECT: ...................................................................................................................................... 6 2.2. PROJECT RATIONALE: ................................................................................................................... 6 2.3. TERMS OF REFERENCE (TOR): ...................................................................................................... 7 2.4. THE COUNTRY: ............................................................................................................................. 8 2.5. ECONOMY: ................................................................................................................................... 9 2.6. FINANCIAL SECTOR: ................................................................................................................... 10 2.6.1. Access Points: .......................................................................................................................... 11 2.6.2. Performance of Banks: ............................................................................................................ 12 2.6.3. Interest Rates: ......................................................................................................................... 14 2.7. CURRENT STATUS OF RURAL FINANCE IN BHUTAN: .................................................................. 15 2.7.1. Constraints Faced by CSIs and Rural Poor in Accessing Banking Services: ............................. 17 2.7.2. Constraints Faced by Financial Institutions in Delivering Financial Services: ......................... 17 3. PART TWO - DIAGNOSTIC STUDY ON BHUTAN DEVELOPMENT BANK LIMITED ............................... 19 3.1. THE BANK: .................................................................................................................................. 19 3.2. PRODUCTS - CREDIT: .................................................................................................................. 20 3.3. PRODUCTS - DEPOSITS ............................................................................................................... 22 i 3.4. BUSINESS PROCESS: ................................................................................................................... 24 3.5. OPERATING MODALITY .............................................................................................................. 25 3.6. LENDING PORTFOLIO: ................................................................................................................ 27 3.7. CREDIT OUTREACH: .................................................................................................................... 28 3.8. DEPOSITS OUTREACH: ................................................................................................................ 29 3.9. FINANCIAL PERFORMANCE: ....................................................................................................... 29 3.9.1. Profit and Loss Statements: ................................................................................................ 29 3.9.2. Balance Sheets: ................................................................................................................... 31 3.10. NON-PERFORMING LOANS: ..................................................................................................... 33 3.11. CAUSES FOR HIGH NPLs: .......................................................................................................... 35 3.11.1. Inadequate Skills in Credit Appraisal-Skills Gap Analysis: ................................................. 36 3.11.2. Lack of Proper Guidelines on Credit Appraisal: ................................................................ 37 3.11.3. Lack of Credit Risk Management Tools at Loan Origination: ............................................ 38 3.11.4. Lack of Loan Supervision: .................................................................................................. 38 3.11.5. Low Financial Literacy of Clients and need for client education: ..................................... 39 3.11.6. Lack of Professional Business Development Support Services (BDS) for CSIs and the need for business facilitation: ................................................................................................................ 40 3.12. PRICING AND SECURITY (COLLATERAL):................................................................................... 40 3.13. TERMS AND CONDITIONS: ....................................................................................................... 42 3.14. COMMUNITY CENTERS: ........................................................................................................... 43 3.15. OPERATIONS OF REVOLVING FUND I (RFI): ............................................................................. 44 3.16. BRANCH AND CLIENT VISITS: ................................................................................................... 45 3.16.1. BDBL Branch - Phunaka ..................................................................................................... 46 3.16.2. BDBL Branch - Nobding: .................................................................................................... 46 3.16.3. BDBL Branch - Wongdue: .................................................................................................. 47 3.17. CONCLUSIONS: ......................................................................................................................... 48 4. PART THREE - DIAGNOSTIC STUDY OF REDCL ............................................................................... 50 4.1. INTRODUCTION TO REDCL: ........................................................................................................ 50 4.2. TYPES OF LOANS OFFERED: ........................................................................................................ 51 4.3. BUSINESS PROCESS: ................................................................................................................... 52 4.4. OPERATING MODALITY: ............................................................................................................. 53 4.5. LOAN APPLICATIONS RECEIVED: ................................................................................................ 54 4.6. LOAN APPROVALS: ..................................................................................................................... 54 ii 4.7. NON-PERFORMING LOANS: ......................................................................................................
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