The DBS Foundation, an organization dedicated to improving the lives and livelihoods of those in need, has unveiled a new programme in collaboration with Haqdarshak Empowerment Solutions Pvt. Ltd. (HESPL) to help increase financial inclusion, particularly in rural India. The initiative is part of DBS Bank’s more significant commitment, announced in 2023, to invest SGD 1 billion over the next ten years to better the lives and livelihoods of low-income and underprivileged people. The Foundation will provide SGD 5.1 million to fund the programme, which has targeted impacting 500,000 beneficiaries across the country.
India’s rural population often faces challenges such as a lack of information about and access to financial services and social welfare entitlements. The DBS-funded programme addresses these critical gaps by providing resources to help this demographic understand Financial concepts and products, tools, and assistance in accessing social welfare schemes, supported by Haqdarshak’s team of agents. The programme will focus on rural regions in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Chhattisgarh, and Odisha.
Sharing about the initiative, Azmat Habibulla, Managing Director and Head – Group Strategic Marketing and Communications, DBS Bank India, said:
Since inception more than a decade ago, the DBS Foundation has been focused on uplifting lives and livelihoods and, it is especially meaningful to be able to launch a new intervention with Haqdarshak, who we have nurtured since 2018 as a Business For Impact. Having completed three decades in India, DBS Bank is more committed than ever to staying true to its purpose-driven vision and catalyzing change. Together with Haqdarshak, we will take forward this shared mission to go beyond banking and empower communities through financial inclusion. By tackling real knowledge gaps with targeted solutions, we can enable pathways out of poverty and create lasting impact to help build a better world for future generations.
As part of the initiative, the specialized field teams, including Haqdarshak’s female agents, will be deployed to provide digital and financial literacy training and entitlement screening sessions. The effort will prioritize enrolling eligible beneficiaries in relevant social welfare programmes, particularly women, older people, and nano-entrepreneurs such as street vendors and tradespeople. Participants will also receive anti-scam awareness training to help them defend themselves against financial fraud. The Haqdarshak Yojana Card, a QR-coded card, will enhance the effectiveness of these services by allowing beneficiaries to easily access their social entitlement profiles online and receive periodic updates on scheme eligibility.
Over the years, Haqdarshak has worked with and received funding from the DBS Foundation (DBSF), including the 2018 DBSF Business for Impact Grant and the 2020 DBSF Business Transformation Improvement Grant. In 2023, Haqdarshak joined the DBSF initiative in India to promote digital and financial literacy among residents from underprivileged groups in Andhra Pradesh, Chhattisgarh, Odisha, Tamil Nadu, and Telangana. Over 10,000 digital and financial literacy seminars were successfully performed for over 2 lakh beneficiaries as part of this project, as well as entitlement screening and facilitation support for over 4 lakh individuals so they could access relevant welfare packages. Notably, about 90% of those trained in digital and financial literacy were women.
Commenting on the announcement, Aniket Doegar, Co-Founder and CEO of Haqdarshak, said:
As we navigate an increasingly fast-paced world, it is essential to support those needing more assistance and ensure that no one is left behind. Our new program aims to foster long-term economic resilience and self-sufficiency among underprivileged communities by giving them the skills and confidence to access the benefits of the formal system. The DBS Foundation has been instrumental as a trusted partner in our journey, and their consistent support over the years has enabled us to scale our reach and impact more lives positively. We look forward to partnering again on a purposeful initiative, bringing about real impact by sparking collective action.
This initiative is part of the DBS Foundation’s more significant aim of assisting underprivileged communities and enabling them to achieve financial resilience throughout Asia, particularly emphasizing impoverished and older adults of society. Promoting Businesses For Impact promotes businesses with a dual bottom line of profit and purpose, fostering those that correspond with its goal and incorporating them into DBS’s culture and operations.
The DBS Foundation stands for groundbreaking companies for impact since 2014, focusing on addressing significant societal concerns while making a profit with purpose. It accelerates the growth and impact of these purpose-driven firms through charitable funding, capacity building, mentorship, and other forms of support. The group also strives to spark good change by helping the disadvantaged and poor improve their situation. This includes meeting basic requirements for individuals who do not have them and promoting inclusion by teaching them financial and digital literacy. The Foundation collaborates with other partners who share its vision to spark long-term change. Its vision is to inspire collective action to help build a better world, to make each day better and tomorrow brighter.
