At Squaria Global, we make sure that the low income segments of the society and disadvantaged segment are given financial services at affordable rates through Financial Inclusion. This helps in boosting up the economy of the poor residing in the rural areas. Financial services range from savings, deposit services, payment, transfer, and credit to insurance. The rural crowd is otherwise not given opportunities to even open a bank account. Considering their difficulties, we ensure our team to assist them to complete and carry out all bank related operations and further help them learn about the latest facilities available. Our team helps these people to open no-frill i.e. zero balance accounts with several benefits if provided. In the process of Financial Inclusion, information technology is vastly used for real time account opening and benefit disbursement. At their door-step, beneficiaries are enrolled with textual and biometrics data. The beneficiaries for financial inclusion include Below Poverty Line families, old age people, widows and unemployed young people. After the enrollment, a smart card is produced by using a printer and it can further be used during transactions. The card is updated automatically at the bank server in real time basis.
This process has several benefits to the society as it increases the people’s confidence to deal with financial issues. It helps them understand all financial affairs and cannot be fooled by anyone. People who do not have bank accounts often fail to make plans for future savings that can be savior during emergency. In order to encourage savings, financial inclusion is a great tool that educated them about saving and its urgent requirement in need. People will start saving through banking instead of more priority given to materialized saving via buildings, land and bullion. By encouraging this, a large population of India shall be banked and achieve a financial stability.