 Online edition of India's National Newspaper Wednesday, Jun 18, 2008 ePaper | Mobile/PDA Version |
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New Delhi
PNB-AIF deal will help workers like rickshaw-pullers avail of loans ‘It aims to promote micro entrepreneurship among urban poor’ NEW DELHI: Punjab National Bank on Tuesday entered into an agreement with American India Foundation (AIF) to make credit facility available to non-government organisations working in the sphere of livelihood promotion and generation. The MoU would enable informal sector workers like rickshaw-pullers to avail themselves of loans. Under the agreement, the bank will extend credit facility to NGOs across the country that have been identified and recommended by AIF. The loans schemes offered would be “Rickshaw Sangh” — under which borrowing NGOs will in turn give loans to rickshaw-drivers to own their rickshaws — and “Rickshaw Enterprise Project”— under which drivers will be given rickshaws on rent by the borrowing NGO. However, all rickshaw-pullers would be encouraged to own their rickshaw ultimately after a time-framed credit proposal. AIF Vice-Chairman Pradeep Kashyap said: “An overwhelming majority of rickshaw-pullers are victims of high daily rentals making it impossible for them to own a rickshaw in their lifetime. They don’t have access to basic formal banking services such as loans, savings, insurance, disposable income to access basic utilities or provide adequately for families. This initiative intends to promote micro entrepreneurship among urban poor and rural migrants.” According to PNB Chairman-cum-Managing Director K.C. Chakrabarty, the MoU aims at bringing rickshaw-pullers into the banking fold and taking care of their financial needs for improvement of the standard of their lives. “We would like to make this community a productive asset of the economy and connect them with the banking stream to enable them to benefit from the economic development of the country.”
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