Eko India Wins SBI Award of Excellence for PMJDY Contribution

Dec 20, 2024 #SBI Kiosk

Eko India Financial Services, a proud partner of the State Bank of India (SBI), has been honored with the Award of Excellence for its outstanding role in advancing the Pradhan Mantri Jan Dhan Yojana (PMJDY). This national initiative, launched in 2014, aims to provide every Indian household access to affordable financial services.

Insight 1: Bridging the Financial Gap with Scale §

India’s unbanked population has significantly reduced, dropping from 557 million in 2011 to 190 million by 2021 (World Bank Global Findex). Eko has contributed to this transformation by establishing a widespread network of CSPs (Customer Service Points), 45% of which are led by women. These CSPs have been instrumental in bringing banking services to marginalized communities, enabling many to access financial services for the first time.

Making Numbers Count

• Women’s Empowerment: Eko facilitated the opening of over 4.8 mn accounts for women under PMJDY, directly improving their access to savings, credit, and insurance.
• Reaching Remote Areas: A significant portion of these accounts were opened in areas with limited access to formal banking, such as Northeast India and tribal belts.
• Economic Empowerment: Each Jan Dhan account has an average deposit of ₹3,400, underscoring how financial inclusion leads to active economic participation (Government of India, 2024).

Insight 2: Women at the Center of Financial Inclusion §

Globally, women are 7% less likely than men to have a bank account (World Bank, 2021). Eko has actively worked to close this gap in India by focusing on women-centric financial inclusion:

• Financial Literacy: Eko CSPs not only open accounts but also educate women about using these accounts for savings and transactions.
• Enhanced Mobility: By enabling women to access their funds locally, Eko eliminates barriers such as travel costs and time constraints.

Insight 3: Challenges and Breakthroughs in Financial Inclusion §

While the PMJDY has brought 500+ million new accounts into the banking system, 48% remain inactive (RBI, 2023). Eko addresses this challenge by:

• Ensuring accessibility through a digital-first approach, reducing the dependency on physical branches.
• Encouraging transaction activity via microcredit, remittance services, and financial literacy programs.

PMJDY’s mission is clear: universal access to financial services. By creating zero-balance savings accounts, providing accident insurance, and enabling overdraft facilities, the program has reshaped financial inclusion in India. Eko’s work aligns directly with this vision, proving that a focused approach can create meaningful impact.

Empowerment Stories: Real Change on the Ground §

Take the story of Meera Devi from Uttar Pradesh, who opened her first Jan Dhan account through an Eko CSP. With access to microcredit and savings, she has grown her small tailoring business, doubling her household income in just two years. Stories like hers reflect the transformative power of financial inclusion.

A Shared Commitment to Inclusion §

This award from SBI recognizes Eko’s dedication to serving the underserved. It is not just a milestone but also a reminder of our responsibility to reach even farther.

Looking Ahead: Building a Financially Inclusive India §

Eko is committed to scaling its efforts and addressing new challenges. By leveraging technology and partnerships, we aim to reduce financial inequality and empower more communities across India.