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Can ‘zero investment plan’ benefit women entrepreneurs in India?

By Puja Sharma

August 16, 2022

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  • Bank Account Verification
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women entrepreneur India, Investment PayNearby, branchless banking, and digital network have announced the launch of a ‘zero investment plan’ for women entrepreneurs at the last mile, across 20,000+ PIN codes. This comes as an extension of its Independence Day campaign, Pragati Mahotsav, which celebrated the contribution of its retail partners.

In addition to accelerating the national vision of financial inclusion for all, this initiative aims to build financial independence among rural women of India by waiving business account opening fees and thereby inspiring women at the last mile to join the nation-building movement. The company aims to onboard 10 lakh+ women entrepreneurs by FY23-24.

Today, only 27% of women in India are employed, out of which women running small businesses account for only 13%. For India to progress, women need to come forward and participate. In such a scenario, the importance of financial and digital education for women at the last mile becomes very important. The distribution of Free Business Accounts/banking IDs will allow women, in the rural hinterlands, to easily become the banking and digital points of their areas so that essential financial services can reach every home.

Commenting on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “A country progresses when its women become equal participants in the progress. While the pathway to women’s enablement is many, one of the most important facilitators is financial empowerment. It is important women have access to digital and financial tools that give them better control over their earnings and savings. With women as our partners, it will ensure seamless delivery of accessible banking services to every section of society while uplifting their social standing.

We believe that women are key to social change and PayNearby is extremely honored to be driving this Sustainable Employment campaign to help them realize their potential in creating a sustainable future. We would like to welcome all Self-Help-Groups and other like-minded institutions to join us in this journey so that we can maximize the reach of this campaign and empower as many women as possible. We want to empower at least 10 lakh+ women within the next 1 year with steady income opportunities so that they become the harbingers of change, and we are giving them the tools to make India an inclusive and stronger nation. PayNearby, Zidd Aage Badhne Ki!”

“While Pragati Mahotsav was an ode to PayNearby’s retail partners who are persevering to make Bharat a financially and digitally inclusive nation, the ‘Women Sustainable Employment’ campaign serves as its perfect finale.” Jayatri Dasgupta, Chief Marketing Officer, PayNearby said. In India, close to 48% of the rural population is female. However, owing to societal construct and low literacy rate, they have very little or no access to any form of financial services or employment.

Women will learn about cash management, savings, banking, insurance, and other financial services that will, in turn, bridge the gender gap at the last mile. As aware banking sakhis, these women will play a crucial role in acquainting people with financial services while furthering the cause of financial inclusion across the country and bringing all into the formal financial fold. The campaign is geared towards giving every woman in the country a new identity, a sustainable livelihood, and an opportunity to become self-reliant, a true reflection of our brand promise, Zidd Aage Badhne Ki,” she added.

Towards this purpose, the company is waiving the cost of the Business Account, currently priced at ₹1000, required to create and maintain the account. However, women partners will have to pay a bare minimum cost for the KYC completion.

Very soon, the firm would partner with leading banks in the country and launch savings and current bank accounts at a store nearby for last-mile SMEs and customers. This will ensure every household in the country, including its women folks, have easy access to opening and operating a bank account, something crucial to the financial well-being at the last mile. The company is on a mission to double its commitment to creating a more inclusive and empowered nation.

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