Women in Finance: Banita Jain
This story is a part of Femvest 2.0, and is a women’s financial empowerment initiative in collaboration with Mirae Asset. In this story series, we recognize women achievers in finance who have carved a niche for themselves.
Is it possible for a woman from a humble semi-urban and orthodox background to etch a successful career in Finance? Ask Mrs. Banita Jain, and you will get a vigorous nod of the head. Need, more than passion, helped Banita grow in the Finance industry.
Born in 1968 in Madhya Pradesh in a small town called Bhind, the women in the house were not allowed to step out of town to take up higher studies. All were married by the age of 22 or 23, and so was Banita.
Her husband was a steno in a consumer forum, and she had graduated in arts. They always wanted to start something of their own and to provide sufficient for the growing family. So, by 2000, they took a post office agency and started selling FDs and RDs to friends and family.
In 2007, She applied for an AMFI Registration Number (ARN) and started working as a Mutual Fund Distributor. So, partly due to financial conditions and partly due to family members’ suggestions, she kickstarted her career in the financial domain.
Despair, challenges, and recovery in career
Soon after starting off as an MF Distributor, a major challenge confronted her. Banita recalls, “In 2008 came the biggest stock market crashes of all time. I had Just started working but everything went down the drain. My office, which was built from all the life savings, had to be shut down. I had to begin everything again from scratch.”
It took Banita nearly 3 years to get back on track and build Assets Under Management (AUM) of 6 crores. She built an office again, this time in the heart of the city, hired two employees, and worked day and night.
My husband has been my role model till date. With trainings and everything else, he has always been there.
“My husband has been my role model till date. With trainings and everything else, he has always been there,” states Banita with apparent pride.
When she started her career after marriage, her children were small. Banita began planning for their education and learning about the Finance industry in parallel. She was from Hindi medium, so, language also became a barrier. Nevertheless, with her husband’s support she kept pushing forward.
Achievements underpinned by grit and hard work
Banita confidently declares that she is the best in her line of work, but when it comes to the language barrier, she is still not that confident. Yet, she provides her clients with the best of the advice.
In this context, she shares an anecdote with us: “I had a client from Tamil Nādu, whose portfolio I managed. So, when they got a transfer, he thanked me for guiding him regarding his investment and helped him grow the money he used to previously grow by traditional methods. That experience has been really dear to my heart!”
He thanked me for guiding him regarding his investment and helped him grow the money he used to previously grow by traditional methods. That experience has been really dear to my heart!
Right from filling out KYC forms to forming holistic goal-based portfolios, Banita has seen every aspect of running the distributor business. Moreover, hailing from a Hindi-medium schooling background and navigating the world of financial education where everything from a factsheet to webinars is done in English, her professional success is all the more commendable.
Today, Banita has a team of 9 people, an AUM of over 150 crores, and an active client base of over 2500 customers. And still, she says, “I have a long, long way to go.”
Money management tips from Banita
When it comes to money management, Banita states: “If I can do it, anyone can do it. This Women’s Day, I wish to convey to every woman who has grown up amidst certain boundaries, who has been told what she can and cannot do, that YOU CAN. You can do anything you set your mind and right intentions to. You can run the world. You can have it all!”
If I can do it, anyone can do it. You can do anything you set your mind and right intentions to.
She has seen women not having any idea of the papers and policies in front of them, and feels that needs to change. “What if,” she adds, “God forbid, a mishap happens? They should sit with their husbands and have a conversation on financial matters.”
Banita’s words of support for HerMoneyTalks and its work
Finally Banita shares her belief that financial empowerment is important, and the HerMoneyTalks platform is a step in the right direction. With gratitude, she wishes HerMoneyTalks all the best and requests to keep doing the good work.
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