Implementation is key,says Satara’s all-woman bank

Founder of Mann Deshi Mahila Bank Chetna Sinha feels there needs to be reality check on how the existing banks catering to women function visavis the public sector banks.

“We at Mann Deshi bank had made a recommendation to the Malegam Committee (to go into the regulation of microfinance institutions) that financial inclusion is not possible unless permission to expansion of branches of women-operated banks is granted. In our 14 years of existence,we can say that in the name of zero balance account there are many inoperative accounts in nationalised and commercial banks today. We had initiated doorstep banking,encouraging rural women to reach these banks. With this,we have seen 4,800 transactions taking place with a reach of nearly 1.65 lakh clients,” says Sinha.

In the meetings with the government,she had strongly pitched that it’s not just loan but what was needed was savings. A women’s bank is welcome,she says,but what is needed is not just providing financial services but catering the product to the cash flow to women so that finance remains in the control of women.

The bank also quotes the recommendation of the Marathe Committee looking into licensing of new banks that more women-centric banks should be given permission and entry point norms for such banks should be relaxed. “We had given the recommendations to the Malegam Committee that more women banks should be given licence and RBI should relax the entry norms for any women-operated bank…especially in the rural sector and for the migrant population,” adds Sinha.

Peeved over the process of subsidy transfer,she says a BPL card holder is given forms but not helped to fill them up,as a result of which such people are going to agents who charge them for the job. “We have intervened and are helping these card holders to open accounts. Mere mention of transfer of subsidy is good,but the actual implementation needs to be monitored,” says Sinha.