Microfinance News Digest

Srei Sahaj to offer State Bank of India's services through Banking Correspondent model

Srei Sahaj e-Village Limited, a subsidiary of Srei Infrastructure Finance Limited, has joined hands with the State Bank of India (SBI), today to ensure financial inclusion of rural areas by offering SBI Banking services through Sahaj Rural Development Foundation (SRDF) through its Common Service Centres (CSCs) that Sahaj is setting up in the states of West Bengal, Bihar, Assam, Uttar Pradesh, Orissa and Tamil Nadu. Through this initiative, Sahaj will bring the biggest bank of the country to the doorstep of rural people.

An overwhelming 61% of the rural Indian population is unbanked. The proportion of unbanked population is higher in the poorer regions of the country, and is the worst in the North-Eastern and Eastern regions. Access to affordable financial services – especially credit and insurance – enlarges livelihood opportunities and empowers the poor to take charge of their lives. Financial Inclusion is both a crucial link and a substantial first step towards achieving inclusive growth.

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