KARIMNAGAR: The ambitious programme called `financial inclusion' (Ardhika Chekurpu), which is aimed at expanding banking services to all those hitherto not accessed, was formally launched in CC Palli village of Koheda mandal on Wednesday.

This novel programme was taken up for the first time in the State in Koheda mandal. In this village, there are 17 women SHGs, where 191 women were poor and 34 were poorest of the poor. Earlier, these SHGs had availed loan of Rs. 3.5 lakhs. Presently, under the financial inclusion programme, the loan of Rs. 58.55 lakhs was released to these SHGs.

Debt swap

Out of the Rs. 58.55 lakhs, Rs. 24.58 lakhs would be used for debt swapping from outside loans, Rs. 31.04 lakhs would be used on investment purposes and Rs. 2.91 lakhs for clearning of earlier

bank linkage loans. Besides, an additional Rs. 34.80 lakhs was also given to SHGs for other economic activities. The scheme would reduce debt burden to the extent of 50 per cent by switching over from moneylenders to banks and further reduced by 37.5 per cent after applying `pavala vaddi' (four per cent interest).

State Bank of Hyderabad Chief General Manager R. P. Sinha, after formally launching this programme in Koheda mandal headquarters, said that financial inclusion would transform the women SHGs with their economic empowerment through micro credit plan. Quoting a survey, he said that about 50 per cent of population in the country have not availed any banking services for their economic activity. In order to provide economic support to the remaining 50 per cent of the population, they have launched this financial inclusion programme.

Bank loans

Indira Kranthi Patham CEO T. Vijay Kumar suggested that SHG members use bank loan for their economic empowerment programmes so that they would get regular monthly income. He said that the Government had chalked out an action plan to provide training to about 65,000 rural youth on various trades and employment in urban areas.

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