Driving Rural Prosperity: How SAVE Solutions is Deepening Financial Inclusion Across India

SAVE Solutions Pvt. Ltd., through its NBFC subsidiaries and innovative financial models, is playing a pivotal role in reshaping rural India’s access to finance. In an exclusive interaction, Ajeet Kumar Singh, Managing Director & Co-Founder of SAVE Solutions, outlines how the company is empowering women, supporting MSMEs, promoting homeownership, and integrating social security schemes to build a more inclusive and financially secure rural economy.

1. How are SAVE Solutions’ NBFC subsidiaries transforming rural India’s access to finance and driving deeper financial inclusion?

Ans. SAVE Solutions’ three NBFC subsidiaries—SAVE Microfinance, SAVE Financial Services, and SAVE Housing Finance—play a transformative role in rural India’s financial landscape:

• SAVE Microfinance: Provides microloans to rural women through the Joint Liability Group (JLG) model. This empowers women to start small businesses, leading to financial independence and contributing to local economies. Additionally, through co-lending partnerships with State Bank of India and Federal Bank, SAVE Microfinance is able to extend customized financial support to its customers, further strengthening its mission of inclusive growth.
• SAVE Financial Services: Offers secured loans to micro, small, and medium enterprises (MSMEs), facilitating business expansion, job creation, and local economic development in rural areas.
• SAVE Housing Finance: Focuses on providing affordable home loans to low-income families, enabling them to achieve homeownership and improve their living conditions.

Together, these subsidiaries create a comprehensive financial ecosystem, addressing the diverse needs of rural populations. They go beyond basic banking services, promoting entrepreneurship, housing development, and financial empowerment—thus significantly advancing financial inclusion in underserved regions.

1. How does SAVE Solutions leverage impact investing to support MSMEs and promote sustainable economic development in underserved regions?

Ans. SAVE Solutions utilizes impact investing to support MSMEs and drive sustainable economic growth in underserved regions by:

• Providing capital through SAVE Financial Services, enabling MSMEs to expand operations, invest in infrastructure, and create jobs.
• Offering affordable, tailored financial products like secured loans and working capital financing, which help businesses scale and contribute to local economies.
• Ensuring long-term sustainability by prioritizing businesses that generate positive social and environmental outcomes alongside financial returns.

Through impact investing, SAVE not only assists MSMEs in overcoming financing challenges but also fosters growth in marginalized communities, contributing to economic development and inclusive, sustainable progress.

1. How is SAVE Microfinance empowering rural women through the JLG model, and what has been its social and economic impact so far?

Ans. SAVE Microfinance empowers rural women through the Joint Liability Group (JLG) model, offering several benefits:

• Women form small groups, sharing responsibility for repaying microloans, which mitigates lending risks.
• This model promotes solidarity, trust, and collective responsibility among women, allowing them to access loans for business expansion, agriculture, or other livelihood improvements.

Social Impact:

• Women gain economic independence, increasing their decision-making power regarding household income, education, and healthcare.
• The model improves social status within communities, empowering women as financial decision-makers.

Economic Impact:

• Women contribute to local economies by driving entrepreneurship and job creation, enhancing financial independence.
• SAVE Microfinance has positively impacted millions of rural women, fostering a culture of financial inclusion and entrepreneurship across communities.

1. Can you share how SAVE Solutions integrates social security schemes into its services to enhance rural financial well-being?

Ans. SAVE Solutions integrates social security schemes into its services to enhance the financial well-being of rural families by:

• Leveraging its Customer Service Points (CSPs) and banking correspondent network to facilitate access to government programs like Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Atal Pension Yojana (APY)
• These programs provide insurance, pension benefits, and savings schemes, ensuring financial security for low-income families.
• By making these schemes accessible, SAVE helps rural families manage risks, save for the future, and secure their economic stability.

Incorporating social security schemes into SAVE’s financial inclusion efforts contributes to long-term economic resilience, helping rural families build financial stability and protect against unforeseen financial shocks.