The Urban-Slum Focus – A Pilot Approach
Individuals living in slums somehow manage to meet their fundamental necessities like water, food and shelter, and are also employed. However, most of them are not able to make their ends meet – primarily because of bad financial planning and financial illiteracy. They are also not much aware about the government’s schemes, nor do they know how simple banking and savings schemes can help them in securing their and their children’s future.
Also, many urban-slum dwellers get trapped in the cycle of borrowing on high interest rates and the attendant humiliation and exploitation by the local unorganized moneylenders as they do not know much about bank loans/schemes.
Against this backdrop, urban slums have been selected for the pilot financial-literacy project. The following are the primary reasons for selection of urban slums: Easy accessibility to target groups due to nearness
near developed metro/urban towns The inhabitants have access to basic economic
needs like water, electricity and shelter The inhabitants are mostly employed or are engaged in small business/trade or are skilled professionals The children have access to basic primary