Illuminating the essence of women’s empowerment, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank on Monday emphasized the pivotal role of financial support in elevating women and nurturing their entrepreneurial spirit.
“Every woman possesses innate entrepreneurial talent, with a staggering 95% success rate in their startup ventures. Their earnings not only uplift their families but also enrich the fabric of our society,” said Ghosh reflecting on the entrepreneurial acumen inherent in women.
Ghosh cited success stories such as Ms. Lanka from Chembur, whose monthly income witnessed a remarkable surge from 22 rupees to 30,000 rupees with the bank’s support. Similarly, he spotlighted Ms. Shravani from Odisha, showcasing the transformative potential of women’s economic empowerment in enriching communities.
A leading advocate of financial inclusion in India and with over three decades of experience in microfinance, banking, and development, Ghosh is renowned for his work in transforming the lives of the underprivileged through initiatives like ‘Bandhan.’
“We found out when we worked at the village level that women don’t have access to financial services. That is why we started Bandhan Bank. Today women are earning money and contributing to the society and family,” he said while also highlighting that out of the 3,26,00,000 customers associated with the bank today, more than 2 crore were women customers.
He also spoke about the evolution of banking amidst the rise of fintech companies. “While digital innovations will shape India’s future, our commitment to providing credit, facilitating group meetings, and ensuring regular engagement will foster sustainable growth in rural India,” he said.
He added that a good number of account holders today are senior citizens who have a lack of trust towards the fintech firms and therefore, rely on more traditional banking avenues.
Furthermore, the banker emphasized the importance of maintaining a balance between business sustainability and charity. He stated, “Sustainability is crucial in any business, charity cannot sustain businesses. At Bandhan Bank, we ensure both our customers and our business thrive sustainably. Surplus funds are directed towards CSR initiatives, distinguishing us in our commitment to societal well.”
He was speaking at the ‘Ideas of India’ Summit 3.0. Under the theme ‘Banking on People Power, The Rise of Financial Freedom’. Also attending the event was Dr. Arvind Panagariya, Chairperson, 16th Finance Commission, and former Vice Chairman of Niti Ayog.
‘Underemployment is the real problem’
Speaking about the old India and the new India, Dr. Panagariya said, “I used to be very pessimistic about India in the 1980s. Things changed in 1991. We have had upside down but the trend has been towards liberalization. If we take away COVID years, we have grown about 8.8% in real dollars for the past 20 years, which we could not imagine in the 1980s.”
Offering economic perspectives on fostering growth while addressing unemployment, the veteran stated that the conditions are perfectly there for India to take the world by storm. India is now the only economy, which is growing strongly.
“Unemployment is not really a problem for India; underemployment is. The challenge is creating well-paid, high productivity jobs.” he said while adding that the population is large and young which will help the country grow since India doesn’t have the kind of dependency ratios as China.
Concluding his address, the expert stressed upon the implementation of labour laws, privatization of public sector enterprises and banks as some of the important reforms that need to be brought about.
