What are the financial needs of the urban poor?

Urban poor consists of mainly two categories: the local people who are permanent residents of the place for long, have permanent identities  but employed as laborers in the mills and smaller organizations. They have a mindset that is deadlocked at a level and does not want to open for opportunities lying at outside of their doors. Either they are satisfied with their status or do not have entrepreneurship to take up adventurous jobs that might risk their set life pattern. On the other hand a large chunk of urban poor come from rural areas from the same state or outside the states. They are generally adventurous. They are open to find any type of employment or opening their own shows. Many of them open their shops on the footpaths. They have risk taking capacities but not educated enough to avail of standards benefits of government succors or bank loans or proper professional training to enable them to progress much in life. They have temporary shelters and believe in remitting the saved money back to their villages. Such people need attention from the government for entrepreneurial development for adopting better enterprises. They must be given their identities, to be worth for bank finances. Permanent settlement schemes for those who are staying for than a decade should be opened for them. Thousands of them are taxi drivers, shop owners, broker’s assistants, or brokers, Sabji/fruit vendors and other jobs where hard labor and risk is required to stand in the life. They have spirits and enterprises and need help. They could be converted in to real assets of the city if proper finance and training are provided. To conclude, proper identification of genuine urban poor, provision of identification, recognition by banks, training in particular lines, or vocation, shelf help groups and other relevant assistance can convert them as assets for the city.

Microsolar Brain

In urban areas, JLGs, even SHGs, can obtain credit by forming a homogeneous group in the growing resettlement colonies keeping in view the diversity of occupations, financial needs and time availabilities of the urban poor and then by giving individual loans, namely, micro-enterprise loans to select JLG members who establish a good track record through group borrowings, entrepreneurship skills and who want larger loans for productive purposes.

Urban poor needs to protect whatever they have built up financially & depending on their need, go for Insurance Protection - Life or Non-life. There are many products in Life depending on his return patern & risk coverage pattern & so also in General Insurance , such as Motor policy, Health policy to name a few.

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Urban poor would need finance for creating means of livelihood. Possibly, this should be a better form of financing urban poor as compared to giving loans for consumption or even ostentation.

India is a class based society. An individuals problem is not work alone. One has to find Housing, health care, education, transportation, unemployment insurance, sanitation, good breathing air etc; etc; which work alone cannot provide. Even for the educated these were out of reach for 50 years and now since the wage levels have gone up some respite may be there for some, others are all in the same boat.

According to me awareness is the greatest need of the urban people. Awareness here means giving them the picture of what they had, what they have and what can they have in future. I think that urban people must giving training in the field they are expert in, as for example there is a rose farmer in the village then he must be given training to improve quality and quantity of roses rather then helping him financially to be a rose dealer. Making him a good farmer will increase productivity and good revenue to him but making him dealer of it will create competetion in market and tension in his family. So I prefer training & proper education of specialisation instead of financial help and creation of competetion in market.

Most probably, all urban poor require the financial for the use of Farming and animal preperation.

we know that urban poor are not listen any thing u say about many saving. they first want to pour the whole day earning money in the evening itself. It is necessary to give them counselling how to make savings. And lot of people not having proper education (they have been studying upto higher primary school).