Punjab National Bank gets SKOCH FINANCIALINCLUSION AWARD – 2012 “Access to Banking and Financial Services” for its Jana Mitra Rickshaw Scheme

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INVC,,

Delhi,,

Punjab National Bank is awarded Skoch Financial Inclusion Award – 2012 under “Access to banking and Financial Services” category for its Jana Mitra Rickshaw Scheme by the Skoch Development Foundation onJanuary 05, 2012. The award was given by Dr. C Rangarajan, former Governor Reserve Bank ofIndiaand Chairman, Economic Advisory Council to the Prime Minister. Ms Usha Ananthasubramanian, Executive Director, received the award on behalf of the bank.

Punjab National Bank has always been in the forefront in providing banking services to the unbanked population in the country and believes that the poor are bankable. The Janamitra Rickshaw Scheme of the bank is an attempt in this direction and has been designed to help the vast number of Rickshaw pullers operating in our cities.  The scheme aims at addressing three basic issues of availability of a good quality rickshaw, cheap finance to the beneficiaries and support for maintenance of the rickshaw.

A special light weight rickshaw was designed in association with IIT Guwahati which provided comfortable seating for passenger, space for keeping luggage and hood to cover the passenger as well as the rickshaw puller from rain and sun.  Arrangement was also made for providing repair services for the rickshaws at rickshaw stands to minimize the break downs which result in loss to the rickshaw puller. Local Non Government Organizations have been involved in providing back end support.

Finance for acquiring the Rickshaw is provided to the beneficiaries through a concept of Joint Liability Group (JLG). A group of 5 JLGs are asked to operate from a common stand. The NGO helped in timely delivery of the rickshaw by the manufacturer, procuring municipal license, health insurance and insurance for the rickshaw; repayment of bank installment etc.

PNB Janamitra scheme is designed to provide need based finance on easy terms and conditions and covers cost of rickshaw, uniform for the rickshaw puller, municipal license fee for two years and premium for life and health insurance for three years.

Approximately 10000 rickshaw pullers in 25 different cities have been covered under the scheme. It has helped in improving the quality of life of the beneficiaries considerably. Some of the rickshaw pullers over a period of time have acquired multiple rickshaws.

Bank has made significant contribution in extending banking services to the unbanked population through its Financial Inclusion Plan. Over 78 lac unbanked customers have been included in the banking stream out which over 42 lacs are serviced through ICT based BC model. Over 7600 unbanked centers in the country have been provide with banking facilities either through brick and mortar branches or through BC model. Over 2300 of these villages are with population over 2000 allocated to the Bank by SLBCs.

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