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Enterprenuership emerging from Financial Inclusion

15 Sep 2017

Financial inclusion is a concept of making available banking/financial services to a vast section of low income groups and weaker sections at an affordable price. The objective of financial inclusion is to provide the service of basic banking products to the unserved masses of the country, aiming towards inclusive economic growth.

In order to boost financial inclusion, our Hon. Prime Minister, Narendra Modi laid the foundation of Jan Dhan Yojana during his first Independence address to the nation on August 15, 2014. At that time, he invoked the name of the father of the nation and said that just as Mahatma Gandhi removed social untouchability from the country, he wishes to remove financial untouchability by providing a bank account for every family. As a next step, the Central Government launched three innovative and affordable financial products designed for the vast market of unsecured Indians which includes a pension scheme named Atal PensionYojana (APY), a life-insurance scheme named Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and an accidental death or disability insurance scheme named Pradhan Mantri Suraksha Bima Yojana (PMSBY).

By pioneering initiatives such as MahaDBT, MahaWallet amongst various others, the Maharashtra State Government has given a strong push to financial inclusion. Hon. Chief Minister’s call for ‘Participative Governance’ is gaining tremendous response from citizens and corporates alike. Supporting the government are the private sector enterprises which are trying to bring the masses under the financial net by conducting investor awareness programs, developing POS systems, training vendors to digitize business processes, promoting use of BHIM and Aadhar Enabled Payment Systems (AEPS) to name a few.

One such enterprise taking charge of this cause is Krisha Educare. In a short span of time Krisha Educare has become well known for spreading Financial Literacy among masses. Under this Financial Literacy Campaign they have covered people from different walks of life by conducting more than 250 such Investor Awareness Programs and have made: 1500 Faculty Members, 1000 Army Officers, 500 Police Officers, 400 Corporates, 2500 Doctors, 1000 working professionals financially literate. The key highlight is that they customize the program according to needs of an individual or a corporate and conduct training programs in different languages.

They have also conducted a Financial Literacy Certification for Kotak Mutual Fund where they adopted Solapur District and covered 20 schools, imparting financial literacy to 1000 school students.

Driving digital financial literacy and engaging in a cashless economy is the next step in New India. MYPOS Technologies Private Limited is a leading tech-startup trying to bring a paradigm shift in the otherwise traditional cash-driven businesses. They are digitizing payments made by retailers to distributors and distributors to manufacturers by launching a mobile app and website called “Retailio”. In one click, the retailers can view availability of goods across all the suppliers registered on the application. The Company has recently launched a GST software called “SuperTax” to provide an end to end solution to enable easy filing, processing and compliance of GST laws by the taxpayers. They have also developed a POS system called “RetailWhizz” to enable the retailers to digitize their daily business transactions. More than 200 people conduct door-to-door visits to these retailers and distributors to educate them about benefits of digitization and teach them to use these applications. In short span of past 5 months, the Company has trained and registered more than 5,000 retailers and users across 15 cities in India and has empowered them increase their business productivity through use of these digital platforms.

Government has made commendable efforts towards financial inclusion through JAM trinity- opening Jan Dhan bank accounts, creating a biometric signature through an Aadhaar ID and linking it to PAN card to get direct benefits and Mobile- banking services. With the collaboration of public financial institutions, regulators and private firms we can not only bring “Financial Inclusion” but also spread “Financial Literacy” as showcased by the two firms mentioned above. Together, we can succeed in creating a New India, a Prosperous India.

– Priyanka Shah

Chief Minister Fellowship Program 2017,

Maharashtra

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