New Delhi, ESAF Small Finance Bank's Dabba Savings Account campaign has received global recognition and has won a bronze medal under the Sustainable Development Goals category at the Cannes Lions, said K Paul Thomas, its Managing Director.
The campaign aims to promote financial inclusion, which is a part of the United Nations Sustainable Development Goals, and the government's emphasis on supporting those who are unbanked.
ESAF Small Finance Bank's Dabba Savings Account campaign helps women from economically backward areas who do not have bank accounts due to fear or lack of access to banking processes.
Thomas said empowering women who used to keep their loose cash among the rice grains inside a rice canister (dabba) in their kitchen is the aim of this savings product.
As part of this initiative, the bank distributes these boxes with inbuilt hidden safes free of cost to women at their monthly community functions while opening micro savings accounts.
"These women continued their habit of saving, but safely. They deposited their dabba savings with ESAF in similar meetings. When they went to buy rice, ESAF used their fingerprints for them. Access to accounts was made easier. Shopkeepers were equipped with micro-ATMs, which is India's unique Aadhaar biometric technology," he said.
Thomas said this is a unique initiative of the bank to promote financial inclusion for the empowerment of women and betterment of the country.
He said, for the past several years the Bank has been striving to empower these underprivileged women by transferring their micro savings from their homes to the safety of the Bank.
“We started this project in South India, but seeing the positive results and impact, we will expand it to the entire country,” he said.
The campaign aims to promote financial inclusion, which is a part of the United Nations Sustainable Development Goals, and the government's emphasis on supporting those who are unbanked.
ESAF Small Finance Bank's Dabba Savings Account campaign helps women from economically backward areas who do not have bank accounts due to fear or lack of access to banking processes.
Thomas said empowering women who used to keep their loose cash among the rice grains inside a rice canister (dabba) in their kitchen is the aim of this savings product.
As part of this initiative, the bank distributes these boxes with inbuilt hidden safes free of cost to women at their monthly community functions while opening micro savings accounts.
"These women continued their habit of saving, but safely. They deposited their dabba savings with ESAF in similar meetings. When they went to buy rice, ESAF used their fingerprints for them. Access to accounts was made easier. Shopkeepers were equipped with micro-ATMs, which is India's unique Aadhaar biometric technology," he said.
Thomas said this is a unique initiative of the bank to promote financial inclusion for the empowerment of women and betterment of the country.
He said, for the past several years the Bank has been striving to empower these underprivileged women by transferring their micro savings from their homes to the safety of the Bank.
“We started this project in South India, but seeing the positive results and impact, we will expand it to the entire country,” he said.
