Mahan Coal ltd has helped more than 550 from three villages, namely, Ameliya, Budher and Suggo to open bank accounts as part of its ‘Sustainable livelihood Initiative’. This initiative was launched three years ago after the company realised that the absence of financial literacy was one of the reasons for their weak economic status.
The company is confident that along with its other self-employment oriented training programmes, and the incentive and pension schemes that it has started for the villagers, this initiative will also yield positive results in the short term.
After a detailed situation analysis, MCl set up dedicated teams to spread awareness of the banking system among the villagers and helped them open savings bank accounts. The company also opened a facilitation centre at the project office in Ameliya to provide necessary support to villagers of different age groups to open bank accounts.
Following the positive response, MCl has started to remit money to the respective accounts under its different incentive and pension schemes like Widow Pension, Physically Handicapped Allowance, Sustenance Allowance, Motor Vehicle Training Allowance, Self-Help Groups and wages for local labour.
MCl CEO Ramakant Tiwari said, “We are hopeful that access to the banking system and financial literacy will empower the rural community, especially in these three villages. As a responsible corporate, we are happy to participate in our own way to help in advancement for the most marginalized people in society even in the remotest areas. This is in-line with the given directives of the central government.”