The paper analyses the savings pattern in North-East India to understand their specific needs and design products and services that suit their needs. A qualitative research was conducted in the four states of North Eastern region (NER) of Assam, Meghalaya, Manipur and Tripura.
The study also examines the options, challenges, and opportunities for financial institutions interested in delivering financial services to the poor; and explore the ways in which donors and other players can ensure sustainable and safe provision of savings services to this market.
Savings in the NER is practiced through informal, semi-formal, or formal mechanisms in the form of cash, in-kind, or account-based savings. The choice is influenced by the economic status of the user which was related to stable cash flows, asset base (land holdings, livestock, jewellery), and availability of lump sum amounts to cope with crises.
The unmet demand for savings services is huge, and the thriving informal mechanisms have proved beyond doubt that low-income people have the capacity to save significant amounts. The key challenge that low income people face is limited access of service and also some cases of fraud.
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