Why have we decided to push poor people to high lending rates and exclusion?
By paying in #cash to our domestic help and drivers etc. we are doing bad to them than any good, actually pushing them away from formal #financial system and forcing them to vicious cycle of #poverty. How…?
My two logics and perspective –
1. We get small value loan from banks because we have a fixed income hitting our account every month. Imagine we have been giving cash to helpers who will never be able to prove it as their regular income to any lender bank, hence no bank will lend to them. Our fault..
2. Its high time we stop looking at them as bhaiya and didi (means an individual) with a pity, and think how will they access bank account so lets pay by cash. Consider them as #Proprietor, #Entity, #Business men/women, they are delivering services and hence earning. Pay to them in their bank account that’s another way you can help him/her and their entire family and help them avail loans at much lesser rates
Atleast in metro cities we can do that, #Teach, help them open bank accounts. Cost of banking and distance is much lesser at these places.
We just have to change our mindset not theirs’ to increase #FinancialInclusion and pull them out from vicious cycle of poverty and high lending interest rates
I do whenever I get an opportunity to teach them..