Mahan Coal promoting financial inclusion in villages
Singrauli, August 12, 2014: Mahan Coal Ltd has helped more than 550 from Ameliya, Budher and Suggoto open bank accounts as part of its ‘Sustainable Livelihood Initiative’ in the three villages.
This initiative was launched three years ago after the company realized that the absence of financial literacy was one of the reasons for their weak economic status. The company is confident that along with its other self-employment oriented training programmes, and the incentive and pension schemes that it has started for the villagers, this initiative will also yield positive results in the short term.
After a detailed situation analysis, MCL set up dedicated teams to spread awareness ofthe banking system among the villagers and helped them open savings bank accounts in nearby banks. The company also opened a facilitation centre at the project office in Ameliya to provide necessary support to villagers of different age groups to open bank accounts.
Following the positive response, MCL has started to remit money to the respective bank accounts under its different incentive and pension schemes like Widow Pension, Physically Handicapped Allowance, Sustenance Allowance, Motor Vehicle Training Allowance,Self-Help Groups and wages for Local Labour.
Commenting on the success of its ‘Sustainable Livelihood Initiative’, MCL CEORamakant Tiwari said, “We are hopeful that access to the banking system and financial literacy empower the rural community, especially in these three villages. As a responsible corporate, we are happy to participate in our own way to help in advancement for the most marginalized people in societyeven in the remotest areas. This is in-line with the given directives of the central government.”
Progress Report
A breakup of different account opened in context to different categories is listed below:
Category Number of beneficiaries Started since Total no. ofmonths Total Accounts opened
Widow Pension 85 Jul 2011 36 85
Handicapped Allowance 16 Jul 2011 36 11
Old age Pension 79 Jul 2014 1 To be started
Sustenance Allowance 275 Jan 2013 20 300
Motor vehicle trainers 72 72
SHGs 10 10
Local Labour 100 100
Total 578
Sarpanch of Ameliya Village Sri Santosh Singh said, “Due to lack of financial literacy our brothers in villages could not save our money earlier. Now with the benefit of savings accounts we can also get loans and not be lootedby greedy moneylenders and middlemen. We thank Mahan Coal Ltd. for helping us to open bank accounts and securing our future.”
The Central government has aggressive plans for financial inclusion that will provide banking access to everybody in the country, including women and the rural population. MCL’s endeavour to help villagers open more bank accounts is a step in this direction.
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