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SKDRDP in order to develop the rural masses provides 3 main financial instruments.
These microfinance activities provides stable ground for powerty alleviation. The loans are called as Pragathi Nidhi and come in different varieties and purposes. SKDRDP also brings banking closer to people with its BC Suvidha Scheme. The BC Suvidha also mobilises savings causing people to inculcate habit of saving. The loans and Banking Correspondence lay the foundation of stronger growth. To make the families more stronger from the uncertainties of life, SKDRDP provides Insurance and Pensions. SKDRDP acts as an aggregator/ collection agency for National Pension Scheme by central government. Being a very important program NPS works as division of SKDRDP. There are 2 Insurance programs of SKDRDP. Jeevan Madhura Life Insurance and Sampoorna Suraksha Health Insurance. The Jeevan Madhura is sponsored by LIC and SKDRDP acts as Insurance Broker. Sampoorna Suraksha is a section 25 company and Subsidiary of SKDRDP. Sampoorna Suraksha provides health insurance.
Some of our microfinance activities are:
SKDRDP initiated a micro-financing scheme known as Pragathinidhi in 1996, which provides loans to members to help promote their livelihoods or develop infrastructure. The main features of Pragathinidhi include the provision of adequate funds without any administrative formalities, a convenient tenure, easy accessibility and easy weekly repayment installments. The funds required for lending are sourced from bank loans or the savings of the members which are deposited with the group's account.
In 2003, with plans to extend Pragathinidhi on a larger scale, SKDRDP reinvigorated the program with systematic procedures. The group can now take loans for agricultural purposes, infrastructure development, non-formal sector development activities and group enterprises.
Almost 50% of our country men / women donot have bank accounts. It is the endeavor of the government of India to make everybody an account holder in the bank. Called as Financial Inclusion, this is a gigantic task. SKDRDP has been acting as Business correspondent for achieving financial inclusion. This model envisages financial inclusion at the door step of the poor by opening village offices known as the customer service point. SKDRDP took an active part in implementing the Financial Inclusion plan of the government of India by working as Banking Correspondent and Business Facilitator (BC and BF) in several districts of Karnataka. Under the programme SKDRDP is promoting Self Help groups enabling the poor people in the remote villages to access banking facilities at their door steps. SKDRDP is BC and BF to State Bank of India in Dharwad, Gadag and Haveri districts, Union Bank of India in Gokak, Davangere, Koppala, Chamarajnagar, Mysore and Kasargod districts, Canara Bank in Chitradurga district, Corporation bank in Tumkur, Belgaum, Mandya and Hassan districts, Rathnakar bank in Bagalkote district, IDBI bank in Raichur and Bangalore Rural and Pragathi Grameen Bank in Bellary districts. SKDRDP working as BC for the last five years covering almost 17,500 villages and towns. As a BC SKDRDP is using POS (Point of Sale) machines in the villages extensively to conduct the transactions of the poor people with the bank. At present on a weekly basis almost Rs. 80.00 crores is being transacted through this system.