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Two women hold a large colourful umbrella close to them on the cool, fuzzy Sunday morning of the Mumbai Marathon. Standing next to the entry point for the Dream Run, the women, employees of Swadhaar FinAccess — an urban financial institution — drew less attention than the umbrella, which was an immediate hit.
With words like ‘insurance,’ ‘long-term earning,’ ‘risk-cover’ and ‘investment,’ the umbrella stuck out like a sore thumb next to placards, which read ‘Save the Girl Child,’ ‘One World’ and ‘Run for Education,’ among others. Then there were the fake 100 and 1,000-rupee notes proudly displayed on their arms, seemingly going against the event’s theme of selflessness, benevolence and generosity.
Why this theme, we ask? Because the disparity between the informal and formal financial sector and between the economically advantaged and disadvantaged, is a growing concern in urban areas today, lament the women from the Mumbai-based not-for-profit organisation.
The phrase ‘saving for a rainy day’ is taken to another level, with the umbrella representing the financial cover needed for a secure economic future, they explain.
Financial awareness
Swadhaar, a not-for-profit urban microfinance institution, works towards spreading financial awareness among the slum community in Maharashtra and Gujarat. This is the second year in a row that the organisation has participated in the Mumbai Marathon.
“We are working primarily for the slum community, especially women. This is a segment with low-risk appetite. Our focus is to impart financial knowledge to this community and move this population from an informal to a formal economy,” said Chief Executive Officer of Swadhaar, Preeti Telang.
Largely a women-centric organisation, it conducts sessions among women to help them understand the importance of saving for the future. They assist them in opening bank accounts and connect them with financial products for insurance and credit.
The Mumbai-based NGO came out in full force with its 140-member team of staffers from across 14-members in the city.
Swadhaar FinAccess was founded in 2005 by Veena Mankar and Haseena Vahanvaty.
sneha.p@thehindu.co.in
priyanka.pani@thehindu.co.in
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