BANKING ON HOPE: Faith-informed financial services for the poor (Faith & Co)

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Banking is a business of risk in risk is always linked to fear you’ve given somebody some money and now you have this fear whether it be pay me back or not will he pay the bank back but at guardian bank we’ve gone to the extent of saying we are a bank of hope rather than fear thank you foreign money lending is the world’s second oldest profession it is

A very common practice in the informal sector in india for people to borrow money and then the lender tells them all you have to do is just pay me back the interest and the interest is quoted as a percentage point per week or per month and very often the borrower is not able to do the math to realize what this translates into people who work as cleaners in an

Office their salaries may not be very high but they also have credit needs and i can tell you examples of people who have medical problems many of them didn’t have even medical insurance and then you have families where they wanted to fund their children’s education so invariably sometime in the year they needed finance and if they didn’t get that from bigger

Banks you know they were going to money lenders very often the borrower is now become the victim of the lender at best he pays a huge amount of penalty for being poor at worst he will become the slave of the lender forever normally in other banks would be you bring your income statement you bring certain documents so unless you had certain salary you were not

Able to avail the credit facility from a bank so chairman did want to create a bank where finance would be available credit would be available for even these type of people because we want to take a more humane view and see how we could help them many people come to the bank and say we have borrowed from the money lenders can you help us so guardian bank pays

The money lender and relieve them of that so that they are given a monthly installment which they’re paying not just interest but even the principle keeps getting reduced particularly so in guardian bank the way we look at risk is just not paperwork but also talking to them and finding out more about them sometimes this doesn’t happen in just one interview

We may need to call them back and sometimes we ask for their spouse to come so that we are able to talk to them yes there are people who have taken loans from us and who have misused the money and then we have struggled to get it back i still remember the early years when i used to process loans and sometimes the committee would feel very uncomfortable they

Would actually ask me what’s your gut feeling and over the years we have developed that sense as we talk to people okay this is going to work and this is not going to work so there is an uncertainty there and that uncertainty plus fear is now termed as risk and the world over we go into connections by credit scoring and all sorts of ways to mitigate that risk

And i’m beginning to to feel more and more that we are able to be a successful bank because a lot of people here are people of faith they’re used to this uncertainty but they they they color that uncertainty they infuse hope into that uncertainty which allows them to be people of faith and in fact you can’t join guardian bank if you work for another bank you

Have to be fresh pre-minted commerce graduate with the first class and then you are put through a training where we weed out people who think that they are too good for the client who comes to see them you have to serve by empathizing with the person sitting opposite you and going that extra mile to do what whatever is in your power to help him with his financial

Problems that is how you manifest your faith we’ve gone to the extent of saying this is like a vocation not a occupation or a profession you you have not found guardian bank guardian bank has found you my name is joshua prabaka i’ve been a customer with korean bank for the last two and a half years in 2014 i registered my company to do design work it’s not

Easy getting loans it’s a long procedure with banks and they expect enormous amount of paperwork to be done knowing guardian bank i was told that they do value business customers and they need for their growth and one of the times i took the step to talk to them they enabled me to get this loan giving me an opportunity to look at business in a very different sense

Actually my name is francis xavier i’ve been a customer with guardian bank from 2007 onwards those days it was very difficult any paperwork or any transactions it used to take a lot of time and procedures but with guardian bank people are accessible and people are favorable and people are helpful to help us carry out our business this is a friendly bank and

Moreover it’s a christian bank not only for christians but the non-christians also so guardian was a breath of fresh air for me actually because if you have a backup with the bank supporting you you have the boldness to be able to get back into the market i know that we definitely have made a difference in thousands of people’s lives you know enable them to

Come out of debt and change their entire lifestyle and change their economic status too foreign there is always uncertainty and with that uncertainty there is hope and therefore there is faith the faith is that over the past 20 years we have built a culture of people who are deeply engaged with this belief that they are here to serve and so we dare to call

Ourselves a bank of hope and we hope that we still are worthy of that title there is hope in every situation all this pain i’m facing for every dream i’m chasing this hope there is hope situations you

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BANKING ON HOPE: Faith-informed financial services for the poor (Faith & Co) By SPU Faith \u0026 Co.