“Rural micro-banking in action” – Interns Speak

This summer saw some of the bright and enterprising interns from premier B-Schools in the country join us for their internship stint. In a first of a series where interns describe their internship experience and learning’s in their own words, we start with two interns Ms. Sunitha A and Mr. Saurabh Fasate telling their tale.

Over to them:

Ms. Sunitha A
I have just completed my first year PGDM at IFMR, Chennai. Prior to this I have done Mechanical Engineering and worked with Cognizant for two years as Programmer analyst. I love reading books, gardening, watching tennis and cricket.

I have been working out of Thanjavur as a part of my internship at the PKGFS Head office. I worked on introducing agent model of loan repayment at the branches and also measuring service level at the branches. The project was piloted in mid-May. Currently, I am working on a project that involves analyzing the needs of village people who are not customers of PKGFS and the reasons on why they have not yet enrolled.

My Experience with IFMR Trust

It has been a wonderful learning experience out here. It was rural micro-banking in action. I had heard that microfinance customers rarely default and had been wondering why. At the branches I saw how disciplined the customers were in terms of paying back their loans. Most of the customers were women and they were very happy to talk to us and share their experiences. Most of them were very happy with the relatively low interest rates being offered.

In one of the branch visits, the Wealth Manager (WM) was informing the customers about accident insurance introduced by PKGFS. An old lady who did not like this concept told “My husband and son are drunkards….Why do I need to do something for them that will give them money after my death?”

It was a nice experience as well in getting to know interns from other colleges, their area of work etc. Apart from the temple there isn’t much to see here at Thanjavur and the weather here does not permit one to venture out in the afternoon. But IPL kept me engaged in evenings and Sundays. Now that IPL is over, it has been replaced with French open.

—-

Mr. Saurabh Fasate
I am Saurabh Fasate an Intern currently at the Pudhuaaru KGFS Thanjavur. A student of IFMR, Chennai, and a commerce Graduate from the University of Mumbai, I have worked previously with the Indian Railways for three and a half years.

The project I am working on deals with developing a tool for Financial Planning of the rural households in CMS (Customer Management system) for Pudhuaaru KGFS. It is a unique product which will help the Rural poor achieve their financial goals (marriage & education of children, pension needs etc.) with minimum financial pain.

My Experience with IFMR Trust

My experience at IFMR Trust has been exhilarating as I have received active support from my project guide and other KGFS employees. Also the visits to the KGFS branches had been very pleasant as I met with WMs and customers who were welcoming and friendly.

I do remember that once I had been to Alakudi branch with Sunitha another intern here, an old lady, customer of PKGFS who had taken a Jewel Loan, after knowing that we came from Thanjavur office, wanted us to come to her home and have Elanir (tender coconut water).

It was really nice to be identified with PKGFS as it has earned enormous faith among villagers due to its dedicated, customer-centric and unselfish financial services which are way beyond their expectations.