Online edition of India's National Newspaper
Thursday, Aug 09, 2007
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Online edition of India's National Newspaper Thursday, Aug 09, 2007 ePaper |
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Andhra Pradesh
Correspondent
Bank lending to the poor on an average is 11 pc as against moneylenders’ share of 87 pc Andhra Bank and State Bank of India agree to take up major chunk of lending
Kakinada: The district administration has planned to extend more aid to women self- help groups for meeting the total financial requirements of their families to free them from the clutches of money lenders and pave the way for their real empowerment. It was noticed that the bank lending to the poor, on an average was hardly 11 per cent as against the moneylenders’ share of 87 per cent in all the villages. Under the action plan prepared, district Collector M. Subrahmanyam proposed to increase the bank linkage to Rs.450 crores adding 20,000 new self-help groups to the existing 60,000 groups during current year. `The aim is to bring two lakh poor families under the SHG fold and take care of all their financial needs through bank linkage. The plan envisages clearing the debts of SHG members to moneylenders and also the outstanding loan to the bank by sanctioning fresh loan at 4 per cent interest. The other requirement of the SHG members such as children’s education, house repair, wards marriage, health needs and income generating assets besides working capital for meeting agricultural investments will be taken care of ’ said Ch Kumaraswamy, DRDA project director. He said on Wednesday that the bank linkage target for this year was Rs.430 crores but it was proposed to surpass the target making it Rs.450 crores. The total financial inclusion plan, he said, would be implemented in 200 villages during this year. Already 200 banks were identified and each bank would adopt one village in its service area and basing on the recommendations of the village committees constituted, would extend financial assistance up to a maximum of Rs.5 lakhs to each SHG. Mr. Kumaraswamy said lead bank Andhra Bank and State Bank of India had agreed to take up major chunk of the lending to the tune of Rs.130 crores . Two hundred SHG women are given training in identification of the income generating activity suited to each family. Loan sanctioned to each SHG would be a term loan repayable in five to seven years. The community based recovery mechanism adopted would ensure prompt recovery of the loans. He said the grounding of first village under the total financial inclusion scheme would commence by month-end.
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