In the absence of men, women pay interest rates as high as 5-10% per month

64% migrants lack access to bank accounts; 69% have no form of insurance

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​​Migrants from Rajasthan earn only Rs. 5,060 per month on an average

Financial Inclusion of Seasonal Migrant Workers

There are over 150 million seasonal migrant workers in India mostly engaged in  unskilled work in industries such as construction, mining, manufacturing, hospitality, domestic work and head loading.  They remain excluded from formal financial services due to low incomes, risky jobs and their constant movement between source (villages) and destination (cities)

Most seasonal migrants receive wage payments in cash, often with fraudulent deductions and delays. Being unfamiliar with cities, they also lack access to basic banking services , affordable credit and exclusion from crucial social security such as insurance and old age pensions. In the absence of men, the women left behind in villages struggle to manage cash flows and raise credit in the event of emergencies.

Migrant workers enter labour markets at an early age of 13-14 years which usually leads to early return and retirement. In most cases  migrant families slide back into poverty with limited or no savings. As a result of poor access to formal financial services, migration for this group of workers becomes a poor economic opportunity.

Therefore Shram Sarathi was established to address the financial needs of this group of workers and to create greater visibility about their challenges in the financial sector.