Amol Agrawal on the Bankers who Built Modern India
Ideas of India
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Pygmy Deposits: A Community Banking Revolution
This chapter explores the pioneering pygmy deposit scheme in India, designed to promote financial inclusion for individuals with minimal savings. It highlights the innovative door-to-door collection method, which strengthened community ties and empowered depositors through small loans. The narrative also addresses the challenges faced by traditional banking institutions and regulatory bodies in understanding these impactful local banking practices.
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