Financial Inclusion – SAVE Solutions Pvt. Ltd.

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Case Study

Financial Inclusion

Introduction:

SSPL has made significant strides in promoting financial inclusion in rural India, creating jobs and advancing financial literacy. SSPL has CSP’s of over14,000 and presence in 600+ Districts, 28 States, and 6 Union Territories. They have clients of over 2.31 Crore.

Problems:

Encouraging and awarding the rural population about the importance of banking, savings, investments and bridging the Gap between the government schemes available and beneficiaries. Running the CSP model for the rural population by the rural population and developing saving habits among the rural population is essential for enhancing financial stability and promoting long-term economic well-being.

Solution:

Identification of candidates for opening and operating the CSP’s and trainings provided to the individuals for effective and efficient working of the CSP’s. Proper and regular monitoring of the CSP’s were done by SAVE. Regular camps and sessions taken on importance of banking and savings by the CSP operators in the villages. Thus, creating awareness and linking the beneficiaries with social security schemes of government.

Challenges:

Ensuring reliable internet connectivity at remote locations through V-SAT technology. And assuring applicants that the bank was adopting a new banking model and had partnered with SAVE Solutions to extend banking services to underserved areas. Expanding the reach of the financial literacy program to educate more people and establishing the necessary technology to ensure the smooth operation of Customer Service Points.

Innovation:

When discussing the growth and development of any nation, it is crucial to ensure that its people are well-informed about the services and schemes provided by the government. Financial independence is also a key indicator of a country’s progress. Therefore, achieving financial inclusion by reaching the last mile is essential not only for individual benefits but also for the overall development of the country.

Outcomes:

The rural population received banking services at their doorstep, leading to a better understanding of the importance of bank accounts and savings. Customers gained awareness of social security schemes acting as a bridge between government schemes and beneficiaries. CSPs were opened and managed by local individuals, significantly contributing to employment opportunities.

Opportunities:

To scale up the Customer Service Point (CSP) model, the focus will be on expanding both the reach and the number of CSPs across other regions of the country and partnering with additional nationalized banks. Additionally, the model will be enhanced by introducing new banking products.

Summary:

SSPL provides services such as account opening, withdrawals, passbook printing, social security schemes, loan deposits, money transfers and cheque book applications. They have partnered with 4 Nationalized Banks and 2 State Banks. 

For more information, please contact:
Anurag Dass Mathur at spm.csr@saveind.in

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