Bharat Banking: A Bank for Everyone

Posted by Shaheen Shaikh on September 5th, 2018

It is a strange irony that though most of the country’s populations lives in the villages, India’s wealth is concentrated in the urban centres. Hence, the villages have no option but to migrate to the cities in search of a better life for themselves and their loved ones.

The root of the problem lay in faulty policies that successive Governments adopted, where the fruits of economic development originated and were consumed by the cities and larger towns. The villages remained undeveloped and economically challenged – 71 years after the country attained freedom, it is a sad state of affairs that so many villages still struggle for their basic needs.

The country’s actual wealth lies in its villages, where there is space, raw material and cheap labour to help develop the area. But any development requires the presence of a robust set of banking solutions. Hitherto, several banks have shied away from catering to the rural pockets of the country. Today, a few leading banks have taken forward the Pradhan Mantri Jan Dhan Yojana (PMJDY) with a variety of Bharat Banking services.

What is Bharat Banking?

It is a set of banking solutions catering to the rural hinterlands which have hitherto remained excluded from mainstream banking. Bharat Banking services provide the last mile connectivity to previously unbanked populations, with a range of products and services that help them save money, get access to business funding, and improve their living conditions considerably.

Bharat Banking – it’s banking for everyone

Bharat Banking provides access to funding for both personal and business use in the villages. Leading banks are offering Bharat Banking services like –

Personal banking: It allows village populations to open and operate their own savings accounts. Having a personal savings account Since villagers can now open and operate their own savings accounts, they are able to save incremental amounts, and get quarterly interest earnings. Net banking is also available to them.

Business banking: Bharat Banking is gradually shaping rural India into an entrepreneur’s hub, with superb funding solutions for a wide range of businesses. Rural populations are now starting their own companies, operating current accounts, getting working capital and SME loans, etc.

Doorstep banking: This is a revolutionary offering in Bharat Banking services, where the bank official brings the bank to the home with micro ATM services.

Women entrepreneurs: Bharat Banking helps women launch their own businesses with customised banking services. IDFC Bank also trains women on cash management principles for more efficient use of cash at their disposal.

Buy land, property: Rural customers are being offered easy finance to buy land to set up houses or offices in the village.

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Shaheen Shaikh

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Shaheen Shaikh
Joined: April 28th, 2018
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