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Farmers in these unbanked locations are compelled to travel 5-10 kilometres to reach a traditional ATM or bank branch. Image for representation
IDFC Foundation, the Corporate Social Responsibility (CSR) arm of IDFC Group, has partnered with Vasudhara Dairy, to help in financial inclusion efforts at 1,000 villages in Gujarat and Maharashtra, using Financial Inclusion Devices or interoperable Micro ATMs.
This initiative will enable thousands of farmers to now access financial services in their villages. Farmers in these unbanked locations are compelled to travel 5-10 kilometres to reach a traditional ATM or bank branch.
The first few Financial Inclusion Devices were officially handed over at a ceremony in Mogarwadi village, around 25 kilometres from Valsad.
Vasudhara Dairy's initiative in the 1000 villages aims to enhance rural livelihoods on a national scale. The Financial Inclusion device or interoperable microATM is a digital innovation by IDFC Bank that has helped build access to banking services and convenience even in the most remote locations in our country.
Speaking on the occasion, Dr NS Rajan, CEO of IDFC Foundation, said, "Financial inclusion is key to improving the quality of life in rural India. Within the rural landscape, the dairy sector is an area which provides livelihood to millions of marginal, small and landless farmers. Many of them are excluded from the financial mainstream. Thus, we have identified it as an area of large-scale social intervention."
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