Mon qualifies to avail additional Interest Subvention of 3% set by RBI
Mon, March 29 (MExN): An SHG leader’s summit was held under Financial Inclusion Initiatives programme of Nagaland State Rural Livelihood Mission (NSRLM) at DRDA resource centre, Mon town on March 28. A press note received here stated that the summit aims to bring the SHGs and the financial institutions build coordination and understanding for the growth of the rural poor.
Tsalito Sangtam, Project Director DRDA Mon, speaking as resource person shared on initiatives of Government of India towards socio-economic empowerment of women through various flag-ship programmes. Unlike the earlier schemes with subsidy component, he clarified that the NRLM SHGs have the privilege to avail credit through Interest Subvention (IS), where a prompt loan recovery interest is sub vented from 12% to 7%. Apart from the general IS, Mon district which falls under the 150 most backward districts in the country qualifies to avail additional IS of 3% set by RBI. He reiterated that the SHGs under Mon block should set exemplary role and guide the other intensive blocks in the days to come.
KK Sharma, Chief Manager SBI Mon main branch, who participated as resource person deliberated on stages of credit linkage and importance of documentation of book of records by the SHGs. While touching on how loans are made available by the Banks, he informed the women that loans are provided through deposits of customers. He shared his concern on the urgent need for up-liftment of the rural population of the district and assured to render support to the SHGs in credit linkage by April onwards.
W. Chemkai Konyak, Branch Manager NSCB Mon branch, shared on importance of loan recovery and livelihood. He clarified about the current system of account opening process and the system of Interest Subvention (IS) from loans offered by government of India. The IS of 5 % which is funded by NABARD/MoRD will be reimbursed to the SHG account on prompt recovery. He said NSCB is giving full support to NRLM SHGs whereby 28 SHGs have already been provided credit in 2014-15 while 34 cases are under consideration for sanction during 2016-17.
L. Temjen Longchar, District Program Manager (DPM) spoke on challenges for community cadres towards changing the lives of the down-trodden. He expressed optimism that the NSRLM shall very soon achieve success in Nagaland like Andhra Pradesh while the standard of women will be uplifted very soon.
Rajuselie Lhousa, district coordinator for financial inclusion (DC-FI) touched on the level of financial inclusion initiatives achieved in the district. Sharing a piece of advice to the SHGs, he appealed the womenfolk to maintain tolerance within the groups while resist unfavorable situations and protect the already built institutions of the poor. He expressed gratitude to the leadership in SMMU NSRLM for providing support to organize the workshop under ‘FI Initiatives’ in Mon district.
S.K Das, field officer of SBI Mon main branch, also participated in the meeting appealed the public to work hand in hand so as to bring positive changes in the public welfare system.
Earlier, L. Hangsa Konyak, block program manager (BPM) Mon block shared on the history of NRLM, its vision and activities undertaken during the last 4 years in Mon block. The Bankers and SHG leaders also had a very healthy deliberation towards relation building.
Altogether 83 participants comprised of grass-root level women leaders representing Village Level Organization (VLO), Bank Sakhi (BS), Village Facilitator (VF), Master Book Keeper (MBK) and Internal Community Resource Person (ICRP) respectively from the 18 villages of Mon block including bankers, DMMU and BMMU staff of NSRLM attended the program.
