Where There’s a Will, There’s a Way
There’s a saying in Hindi, “Jaha chaah hai, waha raah hai” (Where there’s a will, there’s a way). Lakhimi Baruah’s unwavering desire to financially empower underprivileged women led her to establish the Konoklota Mahila Urban Cooperative Bank (KMUCB) in 1998. Her initiative has changed the lives of thousands of women in Assam.
Born in a small village in Jorhat, Assam, Lakhimi Baruah understood the struggles of rural women firsthand. After completing her graduation, post-marriage, she began working in a bank in the 1980s. It was during this time that she saw the struggles of illiterate and underprivileged women who were excluded from the benefits of banking services.
“Many women in rural parts of Assam are economically not self-reliant yet. Even if they have money, they still lag in proper utilisation of that money. One of the prime reasons is the lack of saving opportunities in rural areas. Even if there are saving mechanisms, many rural womenfolk are unaware of them. Financial institutions do not reach out to them. Lack of education might have contributed to the lack of awareness of the importance of saving their hard-earned money,” Lakhimi Baruah told YourStory in an interview.
After a decade in the banking sector, Lakhimi realized she could bring about change by starting a bank for women. Though she didn’t have specialized knowledge of banking, she applied to the Reserve Bank of India in 1990 to set up a cooperative bank for women. After eight years of persistence, she received approval in 1998.
With an initial investment of ₹8.45 lakh and 1,500 women members, KMUCB was established in Jorhat in 2000. Today, it stands as Assam’s first women’s cooperative bank, with over 45,000 account holders, four branches, and 21 regular employees—all women. The bank offers a range of services, including zero-balance accounts, recurring deposits starting as low as ₹20, and soft loans tailored to the needs of daily wage laborers.
KMUCB has reduced the need for exploitative moneylenders and offers women a safe and supportive environment to save and grow their money.
“When an illiterate woman comes to our bank, we fill her form and do all the formalities. At times, women come to the bank secretly; they want to save their hard-earned money so that it isn’t misused by their husband. They soon become regular visitors to the bank,” Lakhimi shares.
The bank’s recovery rate stands at an impressive 93 percent, a testament to the trust and reliability it has built among its customers. With over 250 customers visiting daily, KMUCB offers all the schemes available in government banks, ensuring that rural women have access to the same opportunities as their urban counterparts.
Lakhimi Baruah’s exceptional work has not gone unnoticed. In 2021, she was honored with the Padma Shri, one of India’s highest civilian awards, in recognition of her efforts to financially empower Assamese women. Additionally, KMUCB received the Nari Shakti Award in 2016 for its outstanding contribution to society.
Lakhimi Baruah’s journey is a powerful reminder that determination and compassion can create lasting change. By providing women with the tools to achieve financial independence, she has not only transformed individual lives but also strengthened entire communities. Her story is an inspiration to all, proving that where there’s a will, there’s indeed a way.