Sustainable Livelihood Initiative by HDFC Bank


Organisation:  HDFC Bank

Helping in empowering women across villages in Madhya Pradesh

Posted On:  06 Dec . 2017
Sustainable Livelihood Initiative by HDFC Bank
 

JamburdiHapsi is a village on the outskirts of Indore. A village with a population of around 2,000 people, JamburdiHapsi is 22kms from the city and like many other villages in Madhya Pradesh, the women-folk in this village have benefitted from the Sustainable Livelihood Initiative (SLI) of HDFC Bank. In Madhya Pradesh, SLI has empowered over 2.5 lakh women in the bottom of the pyramid across over 751 villages. In Indore district, SLI has empowered close to 11,760 thousand families across 24 villages.

SLI forms a primary pivot that’s driving HDFC Bank’s board mandated objective to bring 10 million families (50 million people) within the banking fold and achieve financial inclusion. Across thousands of villages in India, SLI is helping women become financially independent, which in turn is making a difference to the lives of millions in rural India.

Nationally, SLI is present in over 20,000 villages in 27 states of India. It has helped provide sustainable livelihood to over 71 lakh women, which has directly impacted over 3 crore families across the country.

SLI, unlike other schemes doesn’t stop just at opening bank accounts or providing credit to people in the rural areas. It is a holistic model adopted by HDFC Bank to help transform lives of millions of Indians living in un-banked and under-banked areas and create sustainable communities.

In JamburdiHapsi near Indore, the primary occupation of women is Broom Making, Goat Rearing, Animal Husbandry, and allied activities likes Agriculture. In the village, HDFC Bank has organised training sessions for women on Palm Basket making and Phenyl making, among others. Across the state, the Bank has trained women for making Handicrafts, Ganpati Idol, Decorative Items, Incense Sticks, Rakhi, Spices, Kites, Candles, Artificial Jewellery, Detergent, Shampoo, Packaging Boxes, Phenyl, Toys, Agricultural Products, and Tailoring among others.



Under SLI, the women-folk in the village have benefitted from Credit Counselling, Training, Capacity Building, and Market Linkages. The belief under SLI is that to make a difference in the lives of people in rural India, women-folk need to be skilled, made financially literate, and offered market linkages to make a meaningful impact. Thus, credit counselling in JamburdiHapsi is helping these women understand the importance of using credit support to augment their income.

Across villages in Indore district, there are examples of women who have benefitted by becoming part of SLI. For example, Laxmi from JamburdiHapsi village has invested the credit from the bank to start Tailoring business, Heena from Hatod village has started Sweater Making activity, Rani from Sagwal village has begun Goat Rearing business, and Soram from Paliya village has started Broom Making business.

 

 

In addition to providing credit, the Bank conducts financial literacy activities to highlight the importance of saving money. The Bank has created savings products tailor-made for them and Rs 100 micro-recurring deposit is very popular and sought after among women. The savings accumulated through micro-recurring deposits come in handy during life’s exigencies like hospitalisation and also occasions like marriage.

“Sustainable Livelihood Initiative (SLI) is an endeavour by HDFC Bank to empower women in rural India and make a difference to the lives of millions of households. Sustainable Livelihood Initiative in Madhya Pradesh is not only extending credit, but also skills training, financial literacy, and even access to markets where possible, which helps augment household income. In Madhya Pradesh, the programme has been successful in economically uplifting lakhs of women across villages, thus making them financially independent. We are confident that this initiative in the time to come will cover many more households across the length and breadth of the state of Madhya Pradesh,” said Mr.Madhusudhan Singam, RegionalHead – West, SLI, HDFC Bank.

Following are the services offered under SLI:

Financial literacy and credit counselling to know the benefits of banking and best practices

Customized savings products such as savings accounts with ATM card, cheque book, micro recurring deposits, and fixed deposits to inculcate banking habit, cash flow smoothening, and meeting life cycle needs

Insurance cover to help manage uncertainties arising out of loss of life and assets

Training & capacity building services as per requirement to enhance skills which will help in generating higher income

Credit support for buying raw materials, equipment, and scaling the enterprise

Market linkages as per requirement to provide greater access and better market opportunity to sell the products manufactured by the customers

This unique initiative of HDFC Bank helps in enriching the lives of people living in un-banked and under-banked areas of the country, in a manner that provides them sustainable livelihood over a longer period of time. Thus, going beyond the financial inclusion, HDFC Bank’s SLI is helping Create Sustainable Communities.

As part of the SLI, capacity building training and market linkages are also provided on need basis. It gives women an opportunity to enhance their skills and have better access to large markets to increase business activity and augment their income.

 

News Source: HDFC Bank

In addition to providing credit, the Bank conducts financial literacy activities to highlight the importance of saving money. The Bank has created savings products tailor-made for them and Rs 100 micro-recurring deposit is very popular and sought after among women. The savings accumulated through micro-recurring deposits come in handy during life’s exigencies like hospitalisation and also occasions like marriage.

“Sustainable Livelihood Initiative (SLI) is an endeavour by HDFC Bank to empower women in rural India and make a difference to the lives of millions of households. Sustainable Livelihood Initiative in Madhya Pradesh is not only extending credit, but also skills training, financial literacy, and even access to markets where possible, which helps augment household income. In Madhya Pradesh, the programme has been successful in economically uplifting lakhs of women across villages, thus making them financially independent. We are confident that this initiative in the time to come will cover many more households across the length and breadth of the state of Madhya Pradesh,” said Mr.Madhusudhan Singam, RegionalHead – West, SLI, HDFC Bank.

Following are the services offered under SLI:

  • Financial literacy and credit counselling to know the benefits of banking and best practices
  • Customized savings products such as savings accounts with ATM card, cheque book, micro recurring deposits, and fixed deposits to inculcate banking habit, cash flow smoothening, and meeting life cycle needs
  • Insurance cover to help manage uncertainties arising out of loss of life and assets
  • Training & capacity building services as per requirement to enhance skills which will help in generating higher income
  • Credit support for buying raw materials, equipment, and scaling the enterprise
  • Market linkages as per requirement to provide greater access and better market opportunity to sell the products manufactured by the customers

This unique initiative of HDFC Bank helps in enriching the lives of people living in un-banked and under-banked areas of the country, in a manner that provides them sustainable livelihood over a longer period of time. Thus, going beyond the financial inclusion, HDFC Bank’s SLI is helping Create Sustainable Communities.

As part of the SLI, capacity building training and market linkages are also provided on need basis. It gives women an opportunity to enhance their skills and have better access to large markets to increase business activity and augment their income.

 

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