On 25th of the September’ 2003 BLAZE TRUST was formed and adopted “KARUNAI ILLAM” an orphanage home. The trust appointed a teacher to conduct classes for their education betterment. However the trust envisaged working with similar vulnerable communities such as children, physical and mentally challenged people, women and the needy communities.
In the year 2007, in the month of June, BLAZE TRUST, started its foray in the field of micro credit, by, accident. While working among the rural poor, in areas like Telungupalayam, LIC colony etc. for, creating awareness regarding education, the volunteers found an unusual number of children roaming in that area, without going to school. On enquiring they, found out the reason for that, was, due to lack of funds and that, the parents were not in a position to send them to school regularly.
The trustees felt the urgent need to do something to enable the students continue their education without break. They then organized a meeting with their parents who requested the trustees to help the parents by providing small education loan at low rate of interest so as to help send their children back to school.
Then the trustees took loans from friends and relatives, with, the sole purpose of providing loans to the parents of 90 school dropout children, for their readopt ion into school. Thereby, starting, the Trust’s journey into the field of Micro-credit.
In rural India, 70% of the people do not have a bank account. There is no proper banking infrastructure even till today in many of the villages. To have access to bank people need to travel a lot of distance and above all the banking facilities are same for all sections of the people.
This made bank an out of reach to the common man. Now the things are changing and there is a shift towards the common man through financial inclusion where banking facilities are now easily accessible and also the services are specially designed for a common mans.
Financial Inclusion is a buzz word among the banking sector in India. It is a hard fact to digest that millions of Indians still do not have access to a bank account and other financial services. Financial Inclusion aims at making the banking services being available to the rural Indians through Business Correspondent model.