Sanchayan newsletter sep'11


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Sanchayan newsletter sep'11

  1. 1. SANCHAYAN NEWSLETTER VOL.V SEPTEMBER 2011 Sanchayan Rural Financial Literacy Program In collaboration with Youthreach India, sponsorship by AIS, and on-ground support from Disha, Sanchayan conducted a series of financial literacy and awareness workshops for the women undertak- ing microfinance activities in villages near Roorkee, Haridwar district, Uttarkhand. The workshops cov- ered various topics like importance of savings, no-frills banking, need for PAN, insurance, NPS, pyramid schemes, chit funds and other issues that directly affect the rural populations. It saddened us to see the proliferation of pyramid schemes and other frauds that are cheating the village women across nu- merous villages. Forget about growth, even if the women can protect themselves from financial risks, this would be an excellent outcome for them. What is more sad is that these pyramid schemes are be- ing perpetuated by youth and relatives who get attracted to the false promises and end up getting cheated. They are told that they are buying insurance when in fact they end up paying direct market- ing companies for dreams of a bike or holiday trip. The Government should seriously increase vigilance on these direct marketing companies immediately if it really wants to help the poor women. The next phase of workshops are slated to be held in villages around Rewari, Haryana. We shall be sharing more experiences with you soon. Financial Services & Financial Literacy for the Urban Poor Women opening no-frills saving accounts in ‘Banking Camp’ held at Sanchayan Suraksha Point (SSP), Trilokpuri, East Delhi in collaboration with Indian Overseas Bank [IOB] Millions of rural population are migrating to the cities to find work and employment. They require new identity proofs, bank accounts, encouragement to save, insurance, mediclaim, child & family support, plan for retirement, and so many other financial products and services. We feel that the urban poor are equally in need of financial products and services as they are affected badly by migration in terms of low income as compared to income in villages, and also lack of a support system in the cities for them so to ensure smooth migration. Sanchayan is complementing the efforts of the Governments, Regulators, Banks, Insurance cos, Finan- cial Institutions and other organizations by increasing awareness among the urban poor about multiple products & services that can help them to lead a financially secure life.• Check out more pics of Sanchayan’s workshops at• Partner with us to conduct financial literacy workshops for your employees at your office/factory “Partner”• This Diwali, donate for a good cause—Support Financial Education for Disadvantaged Youth** Website is currently being developed.• If there is any change in your details then send email with subject as “Update” to• Share this Newsletter with your friends and networks by clicking this link “Financial Literacy in India”