Helping Rural Women raise Income SHGs (Self Help Groups)
With the initiative to help SHGs (Self Help Groups) to transform into SBGs (Self Business Groups) in Tirupati has been doing very well – according to the CEO cum MD of Andhra bank, Mr. Suresh N Patel. Under this new initiative the women residing within the rural areas are offered with a chance to help them generate much better revenue income to support their family and their needs.
According to the latest updates from Suresh Patel to the media reporter, the new scheme has been functional for over one month successfully within the state. According to the statements made, the new initiative was first implemented by the Founder of Andhra Bank Mr. Pattabhi Sitaramayya and was initially launched under his foundation name for self help group (SHG).
- According to latest updates the new scheme that was launched statewide is aimed at helping the women of the rural areas to overcome their financial needs and requirements.
- According to the sources, the rural women can make use of the new scheme for getting established and setting up their own business for supporting their family.
- Under the new scheme the organizers have so far managed to add over 200 groups who are getting full benefit under this scheme.
- As per the sources, the scheme offers a benefit of providing with financial assistance to these SHGs so they can get established by setting up any small scale unit within the state.
- One main benefit under this scheme is that the beneficiary can take full benefit of the scheme without making any collateral security deposit against the loan amount.
- The benefit can be taken by any member who is having some past experience of any skills or work that will help the group to get established for earning their income.
- The sources have also added that all possible training for generating income will be provided by the bank itself to the members so they can make best selection of their livelihood source.
- Under the new statements, each group can also claim for taking a financial assistance as loan for a maximum up to Rs 25 lakhs per group.
- In case the group is applying for individual loan then the disbursement will be done depending on the proposal made by each one of them in the group.
- The group members can make use of this loan amount for getting started with setting up their units and generating immediate income.
- The SHG is also free to make use of the loan amount for setting up any type of activity including MSME, agricultural or economic depending on their likes and preferences.
- In case they are able to generate profits then they can also request for additional loan amount from the Bank.
According to sources the new scheme is a life saving scheme for SHG and rural women so they can be self independent and support their kids and family members. This will also help improve their social status.