The real Bharat Ratna's

Have you heard of Mann Deshi Mahila Sahakari Bank? If you live in urban India, it is unlikely you would brush this off as just another co-operative bank. But have a second look and this could really take you by surprise. This bank - Mann Deshi Mahila Sahakari Bank is the first woman;s bank set in 1997 in rural Maharashtra. Today it is the largest cooperative bank for women in the state with seven branches and over 185,000 clients. While the Govt of India is trying to expand its reach of the all-woman bank to 25 branches in the state, it has decided to take some tips from Mann Deshi. And that in itself is a big victory for these rural women.

The founder of the bank, Chetna Gala Sinha, recounted that in the first week, when the bank started operations, not a single customer walked into the bank. Then she realized the problem – women did not have the time to come to the bank and thus she changed the mode – the bank went door-to-door, through field agents.  Its customers, all women, are mainly milk and vegetable vendors, goat and sheep rearers, leather traders, and farm workers.  It offers customsied deposits like daily savings schemes for street vendors, weekly schemes for wage labourers who get weekly wages. It also offers a pension scheme to its clients in partnership with UTI Mutual Fund and a life insurance scheme in partnership with LIC.

Wanting to do more, it also set up a NGO, the Mann Deshi Foundation, which runs a business school – Udyogini, which privides vocational guidance and training and also a mentorship programme – Deshi Entrepreneurs, which provides guidance and networking opportunities for those who need to expand their business. Its aim – to create one million women entrepreneurs by 2020.

Now these are the true Bharat Ratna’s of India who bring about a change in people’s life, the way they earn a living and create a future. Hats off and more power to people like Chetna Sinha!