West Bengal, January 11, 2024: In its endeavour to strengthen financial inclusion and empower citizens with knowledge of financial products and services, Bharat Financial Inclusion Limited, a 100% subsidiary of IndusInd Bank, is conducting financial literacy workshops in six states in the country – Bihar, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, and West Bengal. These workshops are being conducted in association with Sa-Dhan, an RBI-recognized self-regulatory organization for microfinance institutions.
In the state of West Bengal, 23 workshops have been held covering the districts of Maldah and Murshidabad with more than 1600 participants. These workshops included interactive exercises, audio visual presentations and expert seminars on several financial topics including Awareness against frauds, Golden rules for borrowing, Significance of Investing Loan Funds in Income-Generating Ventures and Financial Planning. Additionally, Bharat Financial Inclusion Limited has used audio-video representation to educate the masses on financial literacy and to promote their offerings and services across the six states.
Commenting on this initiative, J. Sridharan, Executive Vice Chairman, Bharat Financial Inclusion Limited said, “With India’s rural population coming out of poverty line in large numbers, the thriving nano and micro enterprise sector presents significant entrepreneurial opportunities for them. Equipping them with financial literacy skills will play a pivotal role in ensuring their ventures thrive while fostering the country’s economic growth and fuelling job creation. Our workshops are providing participants with essential knowledge and skills to make informed financial decisions and access appropriate products and services. We aim to take financial services to every corner of India for an #AatmaNirbharBharat.”
Vikas Muttoo, Chief Operating Officer at Bharat Financial Inclusion Limited said, “Through our collaboration with Sa-dhan, BFIL reaffirms its commitment to financial inclusion. By conducting local workshops, we aim to spread financial awareness and empower people with money management fundamentals like budgeting, saving and wise borrowing. Equipped with these essential money management skills, we believe individuals gain the ability to make informed financial decisions and navigate with confidence at the time of crisis.”
Bharat Financial Inclusion Limited (BFIL):
Bharat Financial Inclusion Limited, a wholly-owned subsidiary of IndusInd Bank, operates across 23 states, covering over 1.46 lakh villages. BFIL is recognized as an institution that created a credible model of scalable microfinance. As a business correspondent of IndusInd Bank Limited, the company facilitates provision of small value loans and financial products such as deposits, savings and recurring accounts majorly to women customers operating under the Joint Liability Group model. The Bharat Super Shop product programme offers a comprehensive product offering covering small value loans, current accounts, mobile banking and digital collection through QR codes, to small retailers in smaller towns and cities. The Bharat Money Store programme has been empowering Kirana Merchants with digital banking services, facilitating cash transactions, money transfers, bill payments, and loans, with a focus on expanding financial access, especially in rural areas.