Participation in the Prime Minister’s Jan Dhan Yogana (PMJDY)
In the year 2014, it was decided to focus our community service efforts by participating in the PMJDY program. Participating in this initiative met the criteria of reaching a sizeable number of people and being involved in the larger financial inclusion agenda of the nation. The goal taken up was of ensuring every borrower of the company, to have an individual bank account. The approach was a local collaborative approach by helping our borrowers to open bank accounts in their service area bank branch. This approach required us to work with 574 bank branches of 21 PSU & RRB banks and open accounts for our borrowers. This initiative was successfully done over a period of 5 months with all field employees of the company being involved. Till 26th Jan 2015, the company has opened 18,423 bank accounts. When the initiative started 32% of borrowers did not have bank accounts. By end of January only 2.5% of borrowers did not have bank accounts.
*Other banks includes Bank of India, Bank of Maharashtra, Axis Bank, Indian Bank, Indian Overseas Bank, ING Vasya, Union Bank of India, Karnataka Bank, ICICI Bank, UCO Bank and central Bank