By Empathy Team
Globally, financial inclusion is considered a crucial indicator of development and well-being of society. Rang De was born as an initiative that helps this process of financial inclusion and facilitates small loans (micro-credit) for those who do not have access to fair credit. Financial inclusion creates opportunities to access and avail financial services provided by formal financial institutions.
At Rang De, our various initiatives are therefore aimed at creating an empowered community of borrowers who are financially included and share the least credit burden when availing a loan to build a better life for themselves.
As we transition into a new platform, here’s how the borrowers are going to benefit from the steps that we have taken towards financial inclusion of the last mile.
• Lower rates of interest: In this new platform the interest rates that borrowers pay will be much lower than at RangDe.org.
• Transactions through banks: Unlike in RangDe.org, borrowers will now be getting loan amounts transferred digitally into their bank account.
• Credit history to showcase financial behaviour: Very soon, borrowers will have their own credit histories reflecting their financial behaviour strengthening their ability to obtain credit.
• Creating awareness through financial literacy programs: We are in the process of creating customised financial literacy programs that educate the borrowers and create an awareness of what it means to be financially included. This initiative also aims at creating a more responsible borrowing behaviour.
Rang De’s Swabhimaan initiative aims to bring adaptive financial literacy and financial inclusion to rural communities in India. Started in March 2017, the Swabhimaan programme is currently running across three states in the rural areas of Karnataka, Madhya Pradesh, and Chhattisgarh.
Rang De’s initiatives towards creating a financially inclusive India:
Over the past 11 years, we have disbursed close to INR 70 crores for the underserved communities in the form of affordable and customised loans (210% interest rate per annum). This has helped more than 65,000 families meet the expenses related to education and running small businesses. Presently, we are working in 18 states in India. (Statistics reflect the data from the last year)
If you have any questions or comments, feel free to write to us at firstname.lastname@example.org.
About Team Empathy:
At Rang De, we live the values we stand for. Empathy is one of our core values and Team Empathy wears many hats working hard behind the scenes organising events, putting thoughts into words, managing volunteers and most importantly keeping the social conversations going!