Lupin Foundation aims to open 2 lakh bank accounts by 2020 in Rajasthan

Bharatpur: Lupin Human Welfare and Research Foundation, part of pharma major Lupin, will facilitate opening over 2 lakh bank accounts through its financial inclusion programme in rural areas by 2020.

As part of the initiative in partnership with State Bank of India, the company will provide banking solutions to the poor and farmers at its kiosk centers spread across Rajasthan.

Since 2010, the foundation has opened 2.4 lakh SBI bank accounts by sending its banking correspondents to about 495 villages.

"The total transactions so far have been over Rs 48 crore and these have been done by people who never knew what banking was," Lupin HWRF Executive Director Sita Ram Gupta told PTI.

The services provided are opening of bank accounts, deposit and withdrawals, transfer of funds, and ATM withdrawal, among others.

Gupta said the aim is to make the villagers banking friendly so that they can understand how to manage their money.

"The per month transaction has gone up to Rs 2.1 crore through these services," he added.

The foundation works in the areas of employment, education, sanitation, drinking water, and woman empowerment.