The Mann Deshi Mahila Sahakari Bank was founded by illiterate, rural women who won a hard-fought battle for a banking license from the Reserve Bank of India - the top regulatory authority in India. Since then, the bank has grown from start-up share capital worth US$15,000 to assets worth US$4,250,000 in 2008-2009. Mann Deshi is proud of a repayment rate of 97.5% and has over 96,000 clients.
The culmination of many problems in the Satara District led to the formation of Mann Deshi Mahila Bank. An annual rainfall of only 5 inches has slowed local agriculture (GDP growth in this area is less than 4% annually), driving many into urban centers in search of work. Consequently, nearly 50% of students leave school before the 10th standard in search of service sector jobs.
Early in life women become primary caregivers in the household and are forced out of schooling - for local women, the illiteracy rate is as high as 65%. Many who remain in the area are those who have no opportunities elsewhere, thus, the area is primarily comprised of scheduled caste, backward caste, and other backword classes (OBC) members of whom over 75% are below the poverty line.
Background & History
