Financial Inclusion, Security and Sustenance for Unorganized Working women
Project Lakshmi was conceptualized by Finscholarz as part of its Corporate Social Responsibility.
The project aims to promote Financial Inclusion and Financial Sustenance amongst the working women in unorganized sector. It brings together the stake holders in the ecosystem – social groups, NGOs, public sector banks and volunteer students.
There are three facets of financial security that the project focuses on: risk management, savings and investment, and retirement and pension. To help women understand these concepts, the project has developed a story in the vernacular language to explain each facet in simple terms.
In addition to the financial awareness, Project Lakshmi also facilitates account opening for domestic workers, making it easier for them to access financial products and services.
Programs & Schemes
The following are some substantial benefits that the benefactor women can take advantage of:
1. Zero balance Jan Dhan Account
2. Overdraft facility of Rs. 10,000/-
3. Life insurance of 2 lakhs,
4. Accident insurance of 2 lakhs,
5. Medical insurance of 5 lakhs and
6. Monthly pension of 5000/-* at the age of 60!!
*Amount can vary depending on age
Changing Lives, Financially
The first Project Lakshmi event was organized in November 2022 in association with Inner Wheel and Bal Bhojan. Multiple camps have been organized to reach out with help from other social groups.
Overall, Project Lakshmi has been a highly successful initiative. By leveraging existing government products and services, the project has been able to reach many women. It has provided them with the right resources they need to manage their finances more effectively and build a more secure future for themselves and their families.