Reserve Bank of India’s Governor: What Becomes Possible for Rural Women With Access to Finance

An extract from TendersInfo:

” … the governor had more success stories to offer. Aruna, a farm labourer, managed to get a loan to set up her own, now-thriving, vegetable stand. This allowed her to shift away from the back-breaking work of tending other people’s fields, Subbarao told bankers in Kolkata on Wednesday.
“Her former hand-to-mouth existence had given way to a new reality, one which includes savings and checking accounts at the bank, and the credit needed to keep her kids in school,” he said.
Lakshmi Shelar, widowed at 17, helped form a local self-help group. The 177 women of Lakshmi’s self-help group have all borrowed and repaid their loans, the governor said. This section of his lecture was titled “Let a thousand flowers bloom”.
“This is what financial inclusion is all about – giving people an opportunity to build better lives for themselves and their children,” Subbarao said exhorting banks to go to under-banked areas.
Aruna and Lakshmi are just two of the millions of women across the country who have demonstrated what is possible if only rural women can have access to basic financial services, Subbarao said.”

Let the Post Office write a few of these “fairy tales” … Just post your own stories – postal or not –  and share them with us! In the meantime, here is an interesting article in Bloomberg on the Bill and Melinda Gates Foundation involvement in helping poor save money.

Related material:

Mr. Sandip Ghose’s intervention, from the Reserve Bank of India, during the 9-10 November UPU-AFI Conference on Financial Inclusion and Postal Banking

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