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Jan Dhan Yojna Can Help PSBs To Attract Rs 25,000 Cr From Women Customers: Report.
The collaborative effort between the Bank of Baroda and the Women’s World Banking has endeavored to understand women’s saving behavior and use the learning to serve them with suitable products and services. The study found that these under-banked women still suffer from perception issues; for them, banks are not meant for their few hundred, hard-earned rupees! Thus, I am pleased to present this innovative pilot that will extend a true helping hand to as many as 100 million low-income women to save money and cope with the economic shocks provided by the ongoing pandemic.
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As per a report by Women’s World Banking and Bank of Baroda, banks can attract a total of Rs 25,000 crore in deposits by serving 10 crore Jan Dhan customers.
Amitabh Kant, CEO, NITI Aayog launched the report The Power of Jan Dhan: Making Finance Work for Women in India. Apart from that, Kant also invited stakeholders to associate with a NITI Aayog initiative named Women Entrepreneurship Platform, in order to overcome information asymmetry, showcase these initiatives and enable women to avail of their benefits.
Kant said that financial inclusion in the case of women needs an extra gender-inclusive financial framework which will further talk about the specific demand and supply-side issues women face. Also, this will lead to a partnership-led approach to address existing gaps.
The report has also suggested making applicable and simplified products or items for women, spreading awareness and pushing customers to save at the Business correspondent touchpoints, reinforce the Business Correspondents network and to screen and comprehend the differences in women customers.
Sanjiv Chadha, managing director & CEO, Bank of Baroda quoted from the report, "This collaborative effort between Bank of Baroda and the Women’s World Banking has endeavored to understand women’s saving behavior and use the learning to serve them with suitable products and services. The study found that these under-banked women still suffer from perception issues; for them, banks are not meant for their few hundred, hard-earned rupees! Thus, I am pleased to present this innovative pilot that will extend a true helping hand to as many as 100 million low-income women to save money and cope with the economic shocks provided by the ongoing pandemic."
Talking about the small saving scheme, Jan Dhan Plus, the base deposit size was Rs 500. At a Business Correspondent point, a customer can put up a maximum of Rs 30,000 at one time. Meanwhile, if we talk about the normal sum per deposit, it is at Rs 3,000 Banking Correspondent point.
The report also stated that despite the coronavirus pandemic affecting pilots, which was led with 101 Bank of Baroda branches across Delhi, Mumbai, and Chennai, 18 % of members figured out how to save and completed four account deposits of Rs 500.