Saturday, 26 September 2015

Sanchayan: Money saved is money earned!

The Finance Club of IIM Raipur, Finatix, conducted its 2nd financial inclusion program – Sanchayan in Mujgahan village in Sejbahar. It aimed at generating awareness about various government schemes that empower people financially by helping them allot their financial resources in appropriate platforms.  Sanchayan attempted to fill the information void that exists among the villagers about these schemes and tries to equip them with specific knowledge required to enjoy the benefits. Finatix discussed 5 important schemes of the Central Government – Jan Dhan Yojna, Atal Pension Yojana, Pradhan Mantri Jeevan Beema Yojna, Sukanya Samriddhi Yojna and MUDRA bank.

“We felt that the people are eager to save their hard earned money and invest in relevant platforms to make their lives better, but do not know the exact procedure of doing so. There is a lack of last mile connectivity with banks and information flow is not completely free. So we thought of making the villagers realize their eagerness by equipping them with this information tool.  For instance, the villagers were surprised to learn that they can get an insurance cover of Rs. 2 lakhs on death by paying a premium of as little as Rs. 12 per annum’ or Rs. 1 per month under the Pradhan Mantri Jeevan Beema Yojna,” said Rohit Kumar, Executive Member of Finatix.

The villagers were made aware about the overdraft facility of Rs. 5000 that they can avail out of their Jan Dhan bank accounts. The vital information, that a person needs to make at least one transaction within 6 months of opening the account, came handy to people. Similarly, the working youth of Mujgahan were surprised to learn that they can get a pension of Rs. 5000 per month after the age of 60 by contributing just Rs. 210 per month.

"I will get an account opened in the name of my daughters at the earliest opportunity, so that I can ensure their good education and get them married"

Apart from the information void, several other factors also impeded the implementation of government schemes. “We contacted the nearby bank to get us covered under the Pradhan Mantri Jeevan Beema Yojna, but the bank officials asked us all to come to the bank. It would be good at the part of the government if a Banking Correspondent could be appointed for our village. It is difficult for the 500 of us to go to the bank for getting insured”, said Sandeep Yadav, Sarpanch of Mujgahan.
The villagers showed a very positive outlook towards the girl child scheme. Mothers of girls were glad to know the benefits government provides under the Sukanya Samriddhi Yojna. “I will get an account opened in the name of my daughters at the earliest opportunity, so that I can ensure their good education and get them married. An annual contribution of just Rs. 1000 giving high returns when my daughter turns 18 is a relieving assurance,” said Vimla, a mother of 2 daughters and 1 son.

The junior Finatix team members Rohit, Aditi, Sreshta, Piyush, Rachit and Amber have put in remarkable efforts to make this event a success, under the able guidance of the senior Finatix members. The members of Finatix look forward to spreading relevant financial information in other villages as well. They solicit active support from the institute and the government in their endeavor to achieve financial inclusion for the region.

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