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Bank Sakhi / BC Sakhi plays vital role in financial inclusion

Part of: GS Prelims and GS-II – Governance

In News:

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.

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