Financial Inclusion

What does Financial Inclusion mean?

‘Financial Inclusion’ literally means, including those people who would have otherwise been excluded from opening a bank account either because they are not near a bank, or the banks won’t allow them to because they may not be rich, or they just simply don’t have the education needed to understand why banking is so important to stabilizing their income/outcome. In this case, we are including them into a banking service so that their money will be safe.

An Interview With a Geosansar Customer

We asked a Geosansar customer some questions about how having a bank account has affected them.

Q: How did you manage your money before setting up a bank account with Geosansar? 

My money was never safe. I either kept my money in my pocket or in a small box at home which I hid so that no one could find it. Sometimes I would loan it to my relatives.   I found it difficult to sleep sometimes as I felt my money was not secure.

Q: Where did you find out about Geosansar?

They came to our factory and conducted a meeting. They told us why it was important to open a bank account.

Q: Why did you choose to open up a bank account with Geosansar?

They are very helpful and are just looking after people like me. Geosansar does not require many ID proofs. As I do not have proper ID documents I chose Geosansar as it is very easy to open a bank account with them.

Q: What was geosansar like when you went to them to help set up a bank account?

It was like a small branch of SBI [State Bank of India] and the people were nice

Q: How has geosansar helped with keeping your money?

Now that I have my account with Geosansar I keep all my money in this account as I feel it is very secure. I withdraw small amounts as and when I need them.

Q: How do you use your bank account?

Currently I use my bank account for my salary. I also use it for small savings.  I use it for remitting money [sending money home] to my family in the village who have a SBI account there.