Women’s financial literacy in India. Reliance Foundation, the corporate social responsibility (CSR) arm of Reliance Industries, has tied up with Crisil Foundation, the CSR arm of ratings major Crisil, to raise financial literacy among women in Mumbai’s slums.
These women, from marginalized sections of the society, are usually kept out of the financial decision making process by men. Even the employed women hand over their salary to their husbands or fathers who manage the money. Psychologically these women do not feel adept at handling finance. While in reality they are much better at managing finances, a majority of them know nothing even about the basics of banking,” the Reliance Foundation release added.
The program aims to empower these women from slums to make informed financial decisions and get them to inculcate a habit of saving. Based on the Crisil study, a module has been put in place which will educate these women in basics of banking and also help them take advantage of government sponsored programmes like Jan Dhan Yojna, Rashtryia Swastha Bhima Yojna and Pradhan Mantri Suraksha Bhima Yojna. Reliance Foundation will also help every women open a bank account under Jan Dhan Yojna, as well connect older women to the Atal Pension Yojna, the release said.
Under the joint initiative, the aim is to impart basic financial literacy to about 5 lakh women living in the slums in Mumbai. The initiative is under Prime Minister’s Beti Bachao Beti Badhao program.