To implement the Financial Inclusion Plan effectively and efficiently the banks are pairing up with the corporate players. In a similar effort the largest lender in the country State Bank of India has formed an association with Hindustan Unilever (HUL).
The lender will levy the huge network created by the company under the ‘Shakti Ammas’ , a group of self help groups that distribute HUL products in the remote villages. The service is launched on pilot basis in Maharashtra. Now the self help groups along with distributing the HUL products will also open bank accounts.
The Executive Director, sales & customer development, HUL Mr. Hemant Bakshi said "The objective is to bring about financial inclusion in rural areas. By doing this, we strengthen the Shakti network and also provide villagers with the opportunity to access capital."
A HUK spokesman said "In most villages where we have started the project, we have achieved 20% penetration-i.e. almost a fifth of the households in the villages are participating in the financial inclusion project. Interestingly, almost 80% of the participants are women who find this a friendly and accessible way of reaching the formal financial system."
