Pigmy Deposit Scheme
||This article reads like a review rather than an encyclopedic description of the subject. (December 2007)|
Money can be deposited into an account on daily basis. The amount may be as small as Rupees five. It can be called a recurring deposit scheme, as the money is deposited almost daily. The unique characteristic of this scheme is that a bank agent collects the money daily, from the account holder's doorstep.
This scheme was introduced by Syndicate Bank headquartered at Manipal, Udupi district of India. The scheme was introduced to help daily wage earners, small traders and farmers to inculcate a saving habits and also as a means to fund their bigger capital requirements, such as a wedding, home buying, vehicle purchase etc. The scheme is now offered by several other banks in India.
They were treated as part and parcel of the banking and trading system often carrying legitimate and confidential market and trading information within the network and contributed to the development of stock exchanges. The trading system is not complete without recognising them as the pillars of funds deposit system, in India; especially.
As they were enjoying high level of confidence amongst the business community they even took part in personal affairs of traders-big and small and also took part in various social activities again within the network.
Many a competition were held to recognise the efforts of these tiny soldiers armed with highly noticeable market or marketing skills that led to the popularity of Pigmy Deposit Collection system in India.
It is learned from reliable sources that the Pigmy System is being introduced overseas and U.A.E has given it a modern name "mobile banking".
It will be not a surprise if Western Bankers gave a serious thought in introducing this as it will generate revenue, market enthusiasm and works as a defense mechanism should a bank be in need of one....
This also generated huge deposits over a period and also created long-term and sustainable employment to youth who like freedom and also enjoy mingling with market enthusiasts as well as in creating market sensation (sometimes).
"A day or evening is not complete without the visit of these Pigmy collectors on the premises of a trader or the depositor".