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.

PR24x7 Network Ltd

M: 9755020247

 

 

 

Advertisements