Empowering the
Empowering the
Underbanked India
The launch of PMJDY saw a distinct leap to a “banked” Indian population. Penetration of mobile phones and data has further opened the entire digital financial marketplace – banking services, loans, insurance, and investments, to the Indian population across urban and rural spaces.
Despite access to the internet & smartphones, a significant chunk of the population is highly “underbanked” in accessing the banking & financial services from their banks. This disadvantaged population is primarily comprised of digitally-illiterate individual entrepreneurs like sabjiwala, thelewala, and dukandar (local kirana store) – the informal sector of our country who contribute vastly to the mainstream economy!
But when it comes to their growth or expansion these entrepreneurs are extremely underleveraged to raise capital from mainstream banking due to the unorganised nature of their business; often having to depend on informal or private high-cost lending to fulfil their aspirations.
This is the Underbanked India we are on a mission to Empower!
