DBS Foundation And Haqdarshak Expand Financial Literacy Program

DBS Foundation, in collaboration with Haqdarshak Empowerment Solutions Pvt. Ltd. (HESPL), has launched an enhanced financial literacy program aimed at fostering financial inclusion in rural India. With a funding commitment of SGD 5.1 million, this initiative seeks to improve financial resilience and social security for 500,000 beneficiaries, including 50,000 nano entrepreneurs such as street vendors and small tradesmen.

The collaboration builds on a longstanding partnership between DBS Foundation and Haqdarshak. It forms part of DBS Bank’s broader mission, announced in 2023, to allocate SGD 1 billion over the next decade to uplift low-income and underprivileged communities across Asia. The program will focus on rural regions in the states of Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Chhattisgarh, and Odisha, addressing critical challenges such as limited access to financial services and social welfare entitlements.

Through a comprehensive approach, the initiative will deploy dedicated field teams, including female agents from Haqdarshak, to conduct financial literacy training sessions and entitlement screening workshops. Beneficiaries will be educated on essential financial concepts and products, enabling them to make informed decisions and access relevant government welfare schemes. Special emphasis will be placed on enrolling women, the elderly, and nano entrepreneurs into social welfare programs. There will also be sessions for awareness about scams in order to avoid fraud from taking the participants' money.

Service delivery will also be improved as it will offer a Haqdarshak Yojana Card that will have a QR code and beneficiaries can view their online social entitlement profiles. This card will inform beneficiaries periodically regarding eligibility under any scheme, ensuring them that the most recent schemes will not pass them by. DBS Bank employees will play an active role in the program through its staff volunteer initiative, ‘People of Purpose,’ conducting community sessions alongside Haqdarshak agents to raise awareness and engage with beneficiaries.

Azmat Habibulla, Managing Director and Head of Group Strategic Marketing and Communications at DBS Bank India, emphasized the significance of the initiative, stating, “Since inception more than a decade ago, the DBS Foundation has been focused on uplifting lives and livelihoods, and it is especially meaningful to launch a new intervention with Haqdarshak, whom we have nurtured since 2018 as a Business for Impact. With the completion of three decades in India, DBS Bank is now more committed than ever to its purpose-driven vision and catalyze 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 a lasting impact to help build a better world for generations to come.”

Haqdarshak’s association with the DBS Foundation dates back to 2018 when it received the DBSF Business for Impact Grant, followed by the DBSF Business Transformation Improvement Grant in 2020. In 2023, Haqdarshak became a DBSF program partner in India, fostering digital and financial literacy among citizens from vulnerable communities across Andhra Pradesh, Chhattisgarh, Odisha, Tamil Nadu, and Telangana. Over 10,000 digital and financial literacy sessions were conducted, benefiting over 200,000 individuals, while entitlement screening and facilitation support were provided to more than 400,000 people to help them avail themselves of relevant welfare schemes. Notably, around 90% of the participants trained in digital and financial literacy were women.

Aniket Doegar, Co-Founder and CEO of Haqdarshak, expressed his gratitude and enthusiasm for the renewed partnership, stating, “As we navigate an increasingly fast-paced world, it is important to support those who may need more assistance and ensure that no one is left behind. Our new program is designed to help the underprivileged communities achieve long-term economic resilience and self-sufficiency by equipping them with the skills and confidence to access the benefits of the formal system. The DBS Foundation has been a trusted partner in our journey, and their consistent support over the years has enabled us to scale our reach and positively impact more lives. We look forward to partnering once again on a purposeful initiative that brings about real impact by sparking collective action.”

This initiative aligns with the DBS Foundation’s broader objective of supporting vulnerable communities across Asia, with a particular focus on the underprivileged and ageing population. By championing businesses with a dual bottom line of profit and purpose, DBS continues to advocate for enterprises that align with its mission of creating positive social impact. Through its collaboration with Haqdarshak, the Foundation aims to address critical knowledge gaps and foster pathways to financial resilience, empowering communities to build a better and more inclusive future.