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SHGs must repay loans on time, says Collector

Staff Reporter



Reaching out: Karur Collector J.Uma Maheswari inaugurating the new ATM at Thogamalai in Karur district.

KULITHALAI: Women self help group members should promptly return the money they had borrowed from banking institutions so that funds could be rotated properly and the groups' own credit rating will be high, according to Karur Collector J.Uma Maheswari.

Participating in a function organised by the Indian Overseas Bank to disburse credit to SHGs and also to mark the opening of a new ATM at its Thogamalai branch near here on Friday Dr.Uma Maheswari said, SHG members should ensure that money borrowed was utilised for the purpose it was sought for and they must repay the credit within the stipulated time and avoid delay in remittance so that their credit worthiness remained good. By repaying in time the SHG members could set an example for the others to repay promptly, she added.

Speaking on the achievements of the IOB, Thogamalai, the Collector said the branch had raised its volume of business from Rs. 19 crore to Rs. 38 crore in the past three years besides lending a huge amount for the women self help groups in the region.

So far more than Rs. 24 crore has been disbursed to 868 SHGs as credit under various heads, she pointed out

Speaking on the occasion Senior Regional Manager, IOB, Dindigul Region, C.Anbu said that his bank was extending credit to the priority and other sectors keeping in mind the requirement of the people.

The IOB was also extending Education Loan to the eligible and the deserving, he noted. Kulithalai RDO Balasubramanian, lead district manager K. Chandrasekaran, Chief Manager Raju, Thogamalai branch senior manager C.Kanikannan, Thogamalai panchayat president Veerappan and Pilloor president Raghavan, and others participated in the programme.

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