BASIX Bags the Skoch Financial Inclusion Award 2011

BASIX, a trademark of BASICS Group of Companies engaged in banking, micro credit, pensions, insurance and allied business, has won the coveted Skoch Financial Inclusion Award 2011 by the Skoch Development Foundation. The award is conferred to BASIX for its excellent service in Livelihood Promotion (category) to its customers located in highly underserved remote rural areas.

The applicants pool consisted of PSU banks, MNC banks, Co-operative banks, Business Correspondents, MFI/ NBFCs, RRBs, Central Govt.s , State Govt.s, Civil Society, Individuals, Mutual Funds, Pensions, Insurance (PSU and Private) and other institutions operating in the sector. The Award is one of the highest civilian honour in the country that recognizes people, projects and institutions for their extraordinary achievements in contributing to society. The Awards are independently instituted and solely conferred by Skoch Consultancy Services Pvt. Ltd. No institutional, corporate or government endorsement or support is either expected or accepted for the awards to maintain editorial independence.

Mr. Sajeev Viswanathan, MD & CEO of Bhartiya Samruddhi Finance Limited said “This award is recognition of the value of our business model which has been evolved over a decade in response to an overwhelming need for inclusive growth in India.”

Congratulating for the award, Mr. Ajay Bimbhet, Managing Director, Royal Sundaram Alliance Insurance Company Ltd. said, “We are delighted for our partner on receiving this high ranked award, and feel equally proud to be associated with a group who has excelled in field of financial inclusion. BASIX has not just helped us in reaching to the depth of the country, but has been the primary driver of our rural commitment.”

Over the past 15 years, BASIX has worked on providing a financial identity to its over 3.5mn customers located especially in the rural areas. Working its way up from imparting financial literacy--> livelihood promotion through technical assistance and micro credit --> Risk mitigations through insurance services --> Savings services (bank account opening and transactions, micro pensions, recurring deposits etc)