Please read the below given extract: Dharavi in Mumbai, India is the largest slum colony in Asia. Most of Dharavi residents are migrants either working in factories and eateries or involved in self-employed activities. Initially, officials of ‘Indian bank ‘and volunteers contacted the residents of Dharavi at their residence and encouraged them to open bank accounts under simplified KYC norms as part of its urban financial inclusion initiative.
Question: What according to you could be any additional initiatives that could be extended to Dharavi residents to help overcome poverty, be financially independent and develop entrepreneurship. (Hint: Think on the lines of giving micro credit, priority sector lending and any other social initiatives which could help them improve their standard of living)
Answers
Answer:Dharavi in Mumbai, India is the largest slum colony in Asia. Most of Dharavi residents are migrants either working in factories and eateries or involved in self-employed activities. Initially, officials of ‘Indian bank ‘and volunteers contacted the residents of Dharavi at their residence and encouraged them to open bank accounts under simplified KYC norms as part of its urban financial inclusion initiative. The services of volunteers, community leaders and NGOs started producing encouraging results in a short time. Enthused by the positive response and after assessing the potential, Indian banks decided to open a branch in Dharavi in February 2007.
Today this branch is supported by three ATMs, two on-site and one offsite. The bank has also achieved a business of Rs 60 crores with more than 30,000 ‘no-frill accounts”. The bank has tested the potential of huge commercial benefits. Encouraged with the success, the same bank is planning to open one more branch supported by more ATMs in Dharavi.
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