The Hindu : Tamil Nadu / Chennai News : Supplement government’s efforts, banks told

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Thursday, Nov 06, 2008
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Tamil Nadu

Tamil Nadu - Chennai

Supplement government’s efforts, banks told

Special Correspondent

Chief Secretary launches micro credit scheme

— Photo: K. V. Srinivasan

New initiative: Chief Secretary K. S. Sripathi giving loan documents at the launch of Rotary IOB Sampoorna Micro Credit Scheme in Chennai on Wednesday. IOB Executive Director G. Narayanan and R I District 3230 Governor A. Subramaniam are also in the picture.

CHENNAI: Chief Secretary K.S. Sripathi has appealed to the public sector banks and voluntary agencies to supplement the government’s efforts at executing welfare schemes for the poor in rural or semi-urban areas through self-help groups. He was launching the Rotary-Indian Overseas Bank (IOB) Sampoorna Micro Credit Scheme, a project spearheaded by the vocational services team of the Rotary International District-3230, at a function held here on Wednesday.

Mr. Sripathi said the government was gradually giving up the role of a ‘doer’ to play that of a ‘facilitator,’ and there was now a healthy competition among the public sector banks to come up with welfare schemes for the poor.

Pointing out that there were more than 3 lakh self-help-groups in Tamil Nadu alone, and their credit rating was 100 per cent, Mr. Sripathi said that depending upon the success of the Rotary-IOB initiative, the micro credit scheme could be extended to other districts and then to different parts of the country.

The Chief Secretary handed over loans to select beneficiaries under the differential rate of interest of four per cent. G. Narayanan, Executive Director, IOB, said the bank was willing to tie up with other Rotary clubs and reputed non-governmental organisations to extend loans to the weaker sections. Rotary District Governor-3230 A. Subramaniam said there were more than 103 clubs in the RI- District-3230, and the Rotary movement would ensure success of the scheme. G. Sree Vidhya, District Chairman-Vocational Services Rotary International-District-3230, and IOB General Manager S. Elangovan spoke.

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