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The financial freedom of women in rural India had been obstructed until now due to problems such as banking restrictions, illiteracy, and the absence of collateral. It is here that Chetna Gala Sinha, an economist and social activist, came to the rescue and changed the scene. She established the Mann Deshi Mahila Sahakari Bank, which is the first rural woman-owned and controlled cooperative bank in India.
Who Is Chetna Gala Sinha?
Chetna Gala Sinha is an internationally acclaimed social worker, banker, and entrepreneur from India. She was born in Mumbai and migrated to Mhaswad, a drought-affected village in the Satara district of Maharashtra state, due to her marriage. Working among rural women gave her insight into their economic difficulties and made her dedicate herself to financial inclusion of women.
Why Did Chetna Gala Sinha Start Mann Deshi Bank?
The concept behind the establishment of Mann Deshi Bank came up in the early 1990s after Kantabai, a village blacksmith, sought assistance from Sinha in opening a bank account. All commercial banks turned down Kantabai since she had very little money in the form of savings, and she did not have any documents. In the year 1996, when Sinha approached the Reserve Bank of India for obtaining the license of cooperative banking, it was denied to her due to the illiteracy of the women’s group that was promoting the bank.
What Is Mann Deshi Mahila Sahakari Bank?
Mann Deshi Mahila Sahakari Bank, which was established in 1997 in Mhaswad, Maharashtra, is India’s first micro-finance bank that is fully regulated by and owned by rural women:
Under the RBI as a cooperative bank. Managed by rural women shareholders. Provides doorstep banking, loans without any collateral security, savings plans, and micro-insurance for daily wage workers.
How Does Mann Deshi Support Rural Women?
Credit Facility: Gives microcredit facilities for livestock, farm machinery, street vending inventory, and expansion of small enterprises.
Doorstep Banking: Utilises digital handheld devices managed by field workers (Bank Sakhis) for collecting savings daily in local markets.
Entrepreneur Development: Offers funding, mentoring, and access to markets to enable women to become entrepreneurs from labourers.
Vocational Training: Runs practical training sessions on entrepreneurship and finance through mobile classroom buses.
Chetna Gala Sinha's Work With Mann Deshi Foundation
In addition to the bank, Sinha also started the Mann Deshi Foundation to tackle the larger social challenges. The Mann Deshi Foundation runs schools of business for rural women, maintains a community radio station, implements agricultural water harvesting schemes in areas prone to droughts, and organises sports academies for youth.
Conclusion
The story of Chetna Gala Sinha reflects how community-driven innovation can be used to break systemic poverty traps. Through creating a banking system based on trust, accessibility, and strong female leadership, she has been able to empower thousands of rural women.
Image credits: Instagram
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