Bhubaneswar: Mahagram is a social enterprise focusing on Financial Inclusion that has enabled banking from the mom-and-pop store around the corner through fintech solutions. The company’s mission is to enable rural women to save money at the local Kirana (or grocery) stores, instead of traveling miles to the nearest bank branch.
Recently, Mahagram has tied up with a public sector bank – the Bank of Maharashtra to roll out the ‘Bank Sakhi’ project in Odisha. The fintech would provide financial technology and infrastructure support to augment rural financial inclusion. As part of the tie-up, the company has onboarded more than 11,000 bank sakhis (women) on the BharatATM platform to help the rural citizens avail themselves of basic banking services at their doorstep or the next door Kirana stores.
Mahagram aims to increase the ratio and habit of household savings in rural India. “At Mahagram, we are indulged in offering basic banking services like deposit and withdrawing transactions to consumers but it is now high time for rural people to save money. We are focusing on Financial Inclusion the flagship project of Modi government, by helping lot of beneficiaries to open bank accounts under the ‘Jan Dhan Yojana’. We are also emphasizing on rural women because they are the ones who run households. Our vision for 2022 is to offer women the service of recurring deposit.” says Mr. Ram Shriram, CEO, Mahagram
The company’s vision is to make India, especially rural India, free from the cumbersome paperwork that banking involves and make fintech ubiquitous around the country. It is building scalable solutions to grow its market and to enable its customers to send, deposit, and withdraw money from the nearest grocery (Kirana) stores.
Financial literacy and financial accessibility will grow exponentially as the fintech sector in India are growing and witnessing massive innovations. Mahagram believes that in the post-Covid era, people have turned serious about the second source of income. They have realized that they need to put their savings into the right investment solutions.