A Case Study of the Mann Deshi Mahila Sahakari Bank (MDMSB): A Model of Financial Capability through Social Entrepreneurship

Abstract

Economic development in terms of poverty alleviation and gender equity is at the root of all State-run programmes in almost all emerging economies, including India. However although the Indian government has constantly launched commendable poverty alleviation programmes for the rural poor and women, along with financial inclusion initiatives, they have met a lack-lustre success, owing to a top-down approach i.e. either finance sans application (knowledge, skill and ability) or vice-versa. This necessitated institutional capacity building i.e. development in the form of social capital at the rural level by the local people, in addition to financial inclusion programmes. Thus were born rural social entrepreneurs with their unique rural development models, with an aim to generate employment opportunities for alleviating poverty by fostering women entrepreneurship.

This study takes an overview of one such social entrepreneur - Chetna Gala Sinha, who promoted the Mann Deshi Mahila Sahakari Bank (MDMSB), the first ever women’s rural co-operative bank in Maharashtra, which aims at rural women entrepreneurship development through its first of its kind financial capability model.