Bank Sakhi / BC Sakhi plays vital role in financial inclusion
Part of: GS Prelims and GS-II – Governance
- Self Help Group women working as BC Sakhis and Bank Sakhis are playing a vital role in disbursement of Rs.500/- to women having PMJDY accounts (Pradhan Mantri Jan Dhan Yojana) amidst COVID-19 Lockdown.
Important value additions:
- BC Sakhis are Self-Help Groups (SHGs) women working as Business Correspondents for banks.
- A Bank Sakhi is someone who has been an SHG member involved in conducting banking and book-keeping activities of the group.
- As a Bank Sakhi, she provides a range of financial services on behalf of the bank to her community.
- She is supported by the local SHG federation which provides capacity development, training, and financial awareness in the community.
- She is paid a commission by the bank for different services, which covers her costs and provides her with an income.
Pradhan Mantri Jan Dhan Yojana
- It is a financial inclusion program of Government of India.
- It is open to all Indian citizens.
- It aims to expand and make affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions.