MYTH: The Poor Cannot Save
The invisible people residing in our Urban Ultra Poor communities in Bangalore have saved over Rs.12,54,217 since 2009 and over 280 of them have acquired bank accounts and ATM cards which they utilize very confidently! Who says the poor CANNOT save??
These people are often excluded from the financial system due to lack of ID proofs. Most often these people resort to traditional and convenient methods of savings such as saving under their pillow or in a jar. However often they are tempted to spend the money on unnecessary items or their husbands take it away. In order to safeguard their interests and teach them proper savings methods, Parinaam’s Urban Ultra Poor Program encourages its beneficiaries to save small amounts with Parinaam until they have saved enough and obtained all their ID proofs to open a bank A/c. Once the account is opened Parinaam teaches the beneficiaries how to use the ATM Card, deposit money in the bank and withdraw in case of emergency.
Over the years the account opening process has smoothened out with fewer obstacles for these women and their families to open bank accounts. In this era of financial inclusion, it is essential for all stakeholders to work together to enable the neglected sections of society to gain financial access in the true sense and feel empowered and treated as equals in society. Parinaam aims at providing the medium to financial inclusion for the underprivileged by providing access, empowering them and building their confidence to utilize the services.