Indian Institute of Management, Indore has taken an initiative for bringing banking to the rural and underprivileged areas of the country. The premier management institute is initiating a program called Samanvay, as a part of its annual summit Ahvan under which the students will be helping the unbanked areas to get enlightened with banking facilities and insurance cover.
"There's a clear need for financial services as about 90% of the population here is unbanked," said Ravi Chandran, director, IIMI. "The project will commence from September with the unveiling of the annual summit."
The insititute is making efforts to tie up with major banks like Bank of Baroda, State Bank of India, Union Bank of India and Canara Bank to facilitate the opening of bank accounts.
"The accounts will have zero or a minimum balance requirement for those who don't have access to banking," said Amitava Bandyopadhyay, the programme's convener and a second-year student at IIMI.
The students body feels that it is rather than poverty, lack of information and docementation have been major precursors for lack of spread of banking facilities in several areas of the country.