MUMBAI, AUGUST 5, 2010: On August 3, a meeting was organized by Don Bosco Research Centre, Mumbai in collaboration with State Bank of India at their Local Head Office, SBI, Bandra Kurla Complex. The major focus was to negotiate with SBI management personnel to help NGOs get a better deal for the Financial Inclusion of poor people. The technology partner for the SBI TINY drive ‘A Little World’ (ALW) was also invited for suggestions regarding the operation of the system.
Fr Barnabe D’Souza, Director of Don Bosco Research Centre, welcoming the participants stressed that in Financial Inclusion, the benefits are manifold for the banks, NGOs and for the beneficiaries. He said, “We look forward to dialogue with the bank to help especially those who link the bank with the grass roots. Financial Inclusion is the beginning of a strong empowerment drive and is a key player in India which will certainly transform into a global economic power house.” This meeting looked forward to creating a ripple through the strengthening of networks. Fr. Barnabe mentioned that even though NGOs may not have proficiency in financial matters, they have a huge number of needy people with whom they work. These people are the real source of power for an NGO and can be brought together under one platform through SBI TINY.
Mr. I.R. Reddy, Deputy General Manager, State Bank of India expressed that this Financial Inclusion Drive for the underprivileged was not possible without the help and efforts of NGOs who work at the grass roots level. This initiative of the Reserve Bank of India will not only benefit the underprivileged, but also bring monetary gain for NGOs, the bank and the Technology Provider. SBI TINY is especially convenient for people who cannot visit their bank branches regularly due to nature of their work, distance or lack of time to stand in queue. Mr. Reddy was enthusiastic seeing the interest of NGOs in serving underprivileged people at their door step, making banking convenient for them. He expresses his gratitude to the Don Bosco Research Centre for taking the initiative in bringing NGOs together and making them aware about this financial inclusion drive.
Mr Anil Kumar Tunk, Country Head of A Little World, mentioned in the meeting that there was a special package available in SBI TINY, for the Self Help Groups (SHGs) in different slum and rural communities. For an individual account the upper limit for deposit is Rs 50,000. But a SHG can have a group account which is linked to their normal bank account with no upper limit for their deposits.