PUDHUAARU KGFS Newsletter

Volume No. I Issue No. VII
PUDHUAARU KGFS Newsletter
Pudhuaaru KGFS
Vol. 1 Issue. VII
OUR MISSION
“To maximize the financial well being of every individual and every enterprise by
providing complete financial services in remote rural Thanjavur and Thiruvarur”
First case of personal accident claim at Alakudi
One of our Alakudi branch customers,
Smt.V.Umarani aged 33, a daily wage labourer met
with an accident on 24th of Sept. The fire accident
occurred on the evening of 24th September
around 08.30 pm while she was cooking. According to initial reports, she was using a kerosene
stove and a leakage occurred while filling in
kerosene, leading to a fire outburst. She was
immediately rushed to the Government hospital in
Thanjavur and she underwent treatment for two
days. The treatment was not successful and was
declared dead on the evening of 26th September.
She is survived by her husband, Sri.Veemaraj, who
is a daily wage labourer and 5 female children (all
minor). Veemaraj was the nominee
for Umarani’s Personal Accident Insurance (Sum
Assured Rs.25000).
The branch was informed of her death on
29.09.09. The duly filled in claim form and a copy
of FIR were submitted on Monday(12.10.09). A
delay in the submission of post-mortem report derailed the timeliness, albeit slightly. The claim was
adjudicated on 17.11.09 and the cheque was
received on 3.12.09
This is a clear case where a higher sum insured
could make a bigger impact to the household
especially considering the fact that a steady source
of income brought in by Smt.V.Umarani is now no
more. A better sum would have ensured for better
future plans of the five little children.
WM Script Implementation
The idea was that they would precisely
learn how to converse with the villagers in
order to know the cash flow of the household, assets & liabilities, the risks the households may face and the savings opportunities. The conversation will help the WMs to
suggest/prescribe appropriate financial
products from our suite in order to maximize the financial well being of every household in tune with our mission.
The WMs did an excellent job and WM's
from 6 branches have been trained on the
usage of standard script. Pudhuaaru CEO
Gurunath has now taken up the task of
In order to understand and have clarity on the
financial position of household, 4 WMs of
Pudhuaaru KGFS (Ramalingam, Rajasekar,
Rajkumar and Govindaraj) were provided with a
standard script.
ramping up this across all branches including
better understanding of all aspects of Wealth
Management. He along with Bharathi of training
team conducted training for 32 Wealth Managers
on 14th November 2009.
Pudhuaaru KGFS, II Floor, No.66/2999, No.1, Trichy Main Road, Thanjavur, Tamil Nadu-613 007
Pudhuaaru KGFS
Vol. 1 Issue. VII
Induction training at PKGFS and the new standard script for WMs
At PKGFS this year 4 batches of Induction Training
have been conducted for the newly recruited
WMs. We have been adding value by including
sessions like ‘A day in the life of a WM’ wherein a
WM from a branch is called to narrate what all he
does and what all happens in the branch & in the
service area. The session after ‘Branch Attachment’ is very lively as the WMs get to see what is
actually happening at the branch after they learn
about products and processes in the theory sessions. Also the 3 case studies we are discussing
during the training is to give a clear insight into
cash flow and understanding the impact of our
products in improving the financial well being of
the household.
We have recently piloted the standard script at
two branches involving 3 Wealth Managers
(Ramalingam, Govindaraj and Rajasekar) who have
been in the system for over an year. The IFMR
Rural Finance Training team handheld them for 2
weeks in order to have a proper flow of conversation with the villagers The standard script which is
mission aligned, is drafted in such a way to essentially make the WMs understand that our dialogue
with the villagers should reflect our concern for
the financial well being. The WMs start off with
introducing PKGFS and a brief introduction as to
how Pudhuaaru KGFS has progressed. Thereafter
we seek permission from the villager for asking a
few questions.
These are related to the family size, activity, asset,
liability, income expenditure and based on the information they get, the WMs make them understand why every family needs a safety net
(Insurance : be it Personal Accident or Cattle) and
also how small savings of say Rs 20 per day or Rs
100 per week grows to a large sum. The WMs intimate the villagers that PKGFS accepts investments
of small amounts under our MMMF. The WMs
drive home the point that savings are essential to
meet the dreams and aspirations of the family, be
it Education of children, Marriage of children,
Renovating a house or building a corpus which will
give a return during the period when they cannot
pursue any income generating activity
Also we extend loans for income generating activity as well for paying off high cost debts. In all
these the WMs convey the message that the
surplus the villagers get out of income generating
activity or by paying off high cost loans can be
invested in our savings scheme (MMMF). The
WMs also intimate the villagers the details of our
enrollment process and how easy it is & simple.
The WMs intimate the villagers that in tune with
our mission we shall ensure that every household
is enrolled in Pudhuaaru KGFS. The WMs are
trained to show immense patience and commitment during the entire conversation to demonstrate to the villagers that we are here to achieve
our mission and we will take all necessary steps in
this direction. The WMs give feedbacks on the
positives as well as concerns raised by the
villagers.
This standard script is discussed in the training sessions as well. We have been intimating the WMs
that they are in fact ‘financial doctors’ prescribing
appropriate products to each household and for
this it is essential to capture household information in Customer Management System (CMS) as
correctly as possible. The importance of CMS is
clearly explained to the trainees. Going forward
using tools like FELIH (Financial Engineering for
Low Income Household) , Wealth Index and Safety
Index, we are planning to empower the WMs to
prescribe appropriate Financial Products to each
household.
PKGFS Wealth managers, who are implementing Wealth
Managers Standard Script across the branches of PKGFS.
Pudhuaaru KGFS, II Floor, No.66/2999, No.1, Trichy Main Road, Thanjavur, Tamil Nadu-613 007
Pudhuaaru KGFS
Vol. 1 Issue. VII
WMs practicing the new standard script on field
Pudhuaaru KGFS, II Floor, No.66/2999, No.1, Trichy Main Road, Thanjavur, Tamil Nadu-613 007
Pudhuaaru KGFS
Vol. 1 Issue. VII
PKGFS @ a glance
Snapshots of the numbers for the months of Nov & Dec 2009 will be released in January 2010
PKGFS in October ‘09
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Total Enrollments as on 31st Oct 2009: 22,421
Total Enrollments In October 2009: 2,876
High Enrollments in Branches
 Paruthiyappar Kovil: 362
 Umayalpuram: 263
 Varagur: 219
Total no. of PAI policies issued: 1,884
Total no. of MMMF New Customers: 1,844
MMMF Investments sum total (Rs): 11,42,425
Product Wise Disbursements (in lakhs)
Products
JLG Loan
Jewel Loan
Retailer Loan
Individual Loan
Livestock Insurance Loan
Premises Loan
School Loan
Grand Total
Amount
380.60
133.37
1.60
0.02
515.59
Snapshots - New Branches
Total number of branches: 34
Number of branches opened in the last 5 months: 19
Pudhuaaru KGFS, II Floor, No.66/2999, No.1, Trichy Main Road, Thanjavur, Tamil Nadu-613 007
Pudhuaaru KGFS
Vol. 1 Issue. VII
Pudhuaaru KGFS - Getting ready for expansion
Pudhuaaru has planned to scale up their
operations by opening 36 additional branches in
2009-10 (from 34 existing to 70). This expansion
requires the leadership team adequately trained
on Team Building, Mentoring and problem solving
abilities. To meet this challenge, for the first
time, a training program was organized for a select
set of PKGFS employees on the 24th and 25th of
July using the services of an external certified
trainer.
The training was delivered by Mr. Stephen in
Tamil (Of Abba Career Guidance & Counselling) who is one of the four Certified Trainers in
India for Louis Allen International, U.S.A. a reputed
Training and Development Organization. The
training focused on leadership, feedback, problem
solving abilities and team building which will result
in improving organisational efficiency. The COO,
RM, ARMs, IT manager, HR manager, Training
manager and some identified WMs participated in
the two day program. Participants were taken
through each of the important concepts using
games and this kept the participants engrossed
and there was no dull moment in the training.
After the icebreaker session, by means of a game
the participants were taught the power of
repetition, planning, and how teams should work.
This was followed by an exercise where participants understood that there can be no problem/
issue which is beyond their control. The teams
then understood the concept of group dynamics.
The day then saw concepts of leadership, how to
provide feedback, how to resolve issues
and covered in detail how to coach/mentor.
All the above were intertwined with exercises and
group activities, which made the training very absorbing & exciting. All the participants said that
they were immensely benefitted and suggested
that similar program be organized for the larger
group and cover WMs as well. The training
session concluded with Chandrachudan and
Gurunath talking to the participants and stressing
the importance of ensuring that the takeaways are
implemented in their daily routine, which everyone wholeheartedly assured. All the participants
were issued with the training material in Tamil.
Pudhuaaru KGFS, II Floor, No.66/2999, No.1, Trichy Main Road, Thanjavur, Tamil Nadu-613 007
Pudhuaaru KGFS
Vol. 1 Issue. VII
Employee’s Corner @ PKGFS
From this edition, we are introducing another new series called “Employee’s Corner @ PKGFS”. The focus
of the series will be on the employees of Pudhuaaru KGFS and bring to light their commendable work and
their journey with PKGFS. It will also throw light on the employee oriented programs conducted at PKGFS.
Over the last 3-4 months, the training team at
PKGFS have conducted competitions on
submission of case studies for 3 batches of WMs
as a part of the induction process. One conducted
in the first week and two conducted in the third
week. Besides this, a competition was conducted
for the existing WMs on the similar lines as well.
The first case was aimed at understanding the
rural household and was helpful in enabling the
WMs to understand the method and the necessity
of collecting information. The WMs were able to
understand and appreciate the importance of
assets / liabilities / income / expenditure etc. The
objective of the second case was to introduce the
WMs to risk and also understand from them, the
consequences that can arise given the situation in
hand or any likely unforeseen happenings.
The third case touched upon the cash flows in
operations and how to manage it. It also explains
the necessity to look into the income and expenditure and also the assets and liabilities and thereby
judging the capacity to repay the loan obtained.
The end result of the case studies were to come
up with a suitable product that would satisfy the
customer, given his requirements.
WINNERS (In order of merit)
Among the existing WMs:
Ramalingam, Jothimani and Shanti K
As a part of Induction:
Batch II: Manokaran M, Karthik C
Batch III: Prema G, Anbumani R
Batch IV: Valarmathi M, MappilaiMydeen M
AMFI Certification
Six of our employees, Pandian
(RM), Prasanna, Mohamed Asik,
Naresh Kumar, Vinoth Kumar (all
ARMs) and Mohamed Ansaree
(WM) have successfully cleared
the AMFI Certification exam
conducted on 22nd November
2009. Congratulations to them in
achieving this feat.
They are only the second set to
have come out in flying colors
after Jagadeesan and Abirami.
To access the photographs taken within the
Ecosystem, Follow IFMR @ Flickr:
http://www.flickr.com/groups/ifmr
To know about the latest happenings at PKGFS on an
up to date basis, Follow PKGFS @ Facebook:
http://www.facebook.com/group.php?
gid=90982374640
We love to hear from you ... Write to us at
pkgfsnewsletter@pudhuaarukgfs.co.in
Pudhuaaru KGFS, II Floor, No.66/2999, No.1, Trichy Main Road, Thanjavur, Tamil Nadu-613 007