Page 39 - BANKING FINANCE SEPTEMBER 2015
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Amma' - a network of self help groups which distribute
company's products will now be encouraging people to
open bank accounts. They will be helping the people to open
bank accounts by making them aware of the importance
of thrift and savings. Each Shakti Amma that is the customer
service provider is supposed to open at least 70 accounts.
strategies. Villages having the population of 2000 or less HUL has tied up with SBI to start the pilot project on
can be selected and they can have tie-up with the banks in financial inclusion in rural areas of Maharashtra and
order to open accounts when they select dealers and Karnataka and the plan is to roll out the projection across
distributors. They can compulsorily include these rural the country in the next 12 months. At present, 12 Shakti
people within banking net with a small effort. Ammas have opened around 1000 bank accounts and a
network of 43000 Shakti Ammas are enrolled with HUL. This
demands more than 30 lakh bank accounts in rural areas.
This can help the rural consumers to enjoy the banking
benefits as well as opportunity to access capital.
This can help in reaching the habits of thrift as well as all The bankers can enjoy various advantages with the Shakti
transactions can be done through banks. Again, a number Projects. Firstly, the customer base can be improved and
of benefits can follow this particular arrangement. Rural secondly, banks can meet the objective of financial inclusion.
consumers can understand the importance of savings and About 80% of participants are women who find this a
there-by improve the standard of living. They can be friendly and accessible method. HUL can penetrate about
relieved from the clutches of moneylenders if the account 20% of villages by this method.
holding branch can offer micro finance. This can even help
them to get rid of their habits to a certain extent. This can help the company to introduce new products along
with financial inclusion. The innovative methods of HUL can
Para Rural communities have certain typical features. For give the benefit of acquiring two birds with one arrow which
e.g. if the loans are raised in the name of women they are includes various financial services and acquiring marketing
very particular in returning the same without any default. of products through the banking access points.
This can help the women to improve their knowledge of
banking and the related aspects. The Analysis of the above case study reveals the following:-
4 The company can reach out to the rural poor with the
Case Study
help of the project.
Bottom of the pyramid is always filled with fortune which
is proved by the case study of HUL. In order to convert the 4 It can try to market any product in rural areas since
rural folks into consumers, HUL has started with their first the trust of the consumers have already been
project called 'Shaktimaan' which has given wide varieties developed.
of goods manufactured by them to the rural folks.
4 Maximization of sale and profitability can be achieved
The demand for various goods started pouring in due to this very easily.
project. Even rural people started using deodrant and
shampoos due to this effort. The entry of HUL can create a 4 Since rural consumers are also adapting to changes,
great impact among the rural people in terms of conversion introduction of a new products becomes very easy.
of demand into purchases. This could create a great
awareness among the rural folks about the company and 4 The customer base can be improved without much
its products. effort.
Another milestone in HUL's marketing strategy is 'Shakti 4 Social capital can be created while serving the bottom
of the pyramid.
4 The reputation of the company gets elevated too.
RBI has said, concerns on the front of income distribution
and poverty alleviation cannot be met without full scale
BANKING FINANCE | SEPTEMBER | 2015 | 39
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