September 2014
|
magis
19
|
| social initiative
|
p
radhan mantri
Jan Dhan
Yojana, aimed at expanding
financial literacy among the poor,
was recently launched across the coun-
try with much fan-fare. However, little
is known of the already running inclu-
sive finance initiative of XLRI in Jam-
shedpur. Sanchetana, which is based on
similar model of financial literacy, was
started on a much smaller scale for the
poor and rural population of the region.
The B-school conceptualised Sanchet-
ana in association with State Bank of
India to create consumer protection
awareness and
fiscal security
through bank
accounts. The
first camp was
organised in
two Gamharia
villages, 12km
from Jamshed-
pur, in May
2013.
Over 1,000 accounts have been
opened from May 2013 to August 2014.
A nationwide campaign was also started
between June and August in 25 cit-
ies under the initiative. XLRI and SBI
hosted a camp at Bhaktinagar slum in
Burmamines, where 130 zero-balance
bank accounts were opened under Jan
Dhan Yojana.
Professor of Economics and Finance
HK Pradhan, who is also the chief men-
tor of Sanchetana, hailing the govern-
ment initiative said, “The poor need
financial literacy. As a socially sensitive
management institute, XLRI has set a
goal to spread financial literacy among
the unbanked. Account opening is a part
of it.”
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Sanchetana,
a prequel
to Jan Dhan
Yojana
Sanchetana was
started on a very
small scale for
the poor & rural
population
Sanchetana volunteers help the labourers open bank account
