Case Studies

sectors > Financial Inclusion
Lessons in Finance
UTTAR PRADESH

THE INITIATIVE

  • Taking Friends into Account

THE BENEFICIARIES

  • Villagers and SHG members in 205 villages in Indore, Dewas and Rajgarh districts, Madhya Pradesh

THE CHALLENGE

  • Poor indices of financial inclusion, absence of established banks
  • SHG members unaware of their potential to play a dynamic role
  • Ensuring sustainability of Bank Sakhis

THE SOLUTION

  • NABARD extended assistance to Narmada Jhabua Gramin Bank for better financial services
  • Active women SHG members were identified to become Bank Sakhis and trained to handle Point of Sale (POS) terminals or laptops
  • A system to ensure commission on volume and not transaction basis was put in place

THE IMPACT

  • Revenue model created for Bank Sakhis to earn R3,000+ per month
  • Total enrolment is 11,982
  • Rate of attrition less in comparison to conventional Business Correspondents
  • Definite expansion in network of financial inclusion