The bank set up in 1995, started with a handful sex workers as customers in small town Sonagachhi, the biggest red light area in Kolkata.
KOLKATA: Usha Multipurpose Cooperative Society (UMCS), a financial institution founded and run by the sex workers, achieved a new milestone of touching Rs 9 crore business with some 8,500 clients across five districts of West Bengal.
The Bank set up in 1995 with an active support of West Bengal State Co-operative Bank and brainchild of Durbar Mahila Sammanay Samity, an NGO, the UMCS started with a handful of customers of sex workers in Sonagachhi, the biggest red light area in Kolkata, now boasts to have disbursed loans of Rs 15 lakh.
The bank has taken the banking services to the doorsteps of sex workers across the state.
The Bank has seven branches, including two in Kolkata and one each at South and North 24 Parganas, Nadia, and Murshidabad.
"The NGOs, who are working with the sex workers, feel that these women hardly had the habit of saving. But we have daily deposits of Rs 50,000," said Shantanu Chatterjee, in-charge of the credit division of UMCS.
"We are planning to open branches in more red-light areas," said Amita Das, a sex worker from Bowbazar and the UMCS president.
The annual turnover of the bank, which is in the process of digitising operations, is now about Rs 9 crore.
"Keeping in mind the target group, no identity proof is required to open an account. The initial deposit can be as low as Rs 15. The daily collection scheme is the most popular," Mr Chatterjee said.
"While conducting a survey at Sonagachhi, it was found that economic insecurity forced sex workers to entertain clients who refused to use protection. Most of the sex workers did not have a savings plan and were often harassed by goons," the NGO Mahasweta, spokesperson said.
Gauri Das, president of the Samity, said, "Initially, it was very difficult to attract customers. But now things have changed. The sex workers open account and take loan for their children."
The bank has sanctioned loans upto Rs 15 lakh, mostly to sex workers, who wanted to start businesses and to fund their children's education.
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