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Loans totalling over Rs 8.27 crore disbursed to SHGs in Arunachal

Arunachal Pradesh Chief Minister Pema Khandu distributing loan cheques to representatives of Self-Help Groups in Itanagar on July 21, 2021. Photo: medleynews

Itanagar, July 21 (MNN) Arunachal Pradesh Chief Minister Pema Khandu on Wednesday disbursed over Rs 8.27 crore to 789 Self-Help Groups

The loans given under Deendayal Antyodaya Yojana National Rural Livelihoods Mission (DAY NRLM) were provided by State Bank of India, Arunachal Pradesh Rural Bank, and Arunachal Pradesh State Cooperative Apex Bank.

While APRB has given over Rs 4.90 crore to 504 SHGs, SBI has loaned Rs 2.26 crore to 174 SHGs and APSCAB Rs 1.11 crore to 111 SHGs. A loan subsidy of Rs 1 lakh is given to each eligible SHG.

Khandu said that savings, thrift and micro finance support to the SHGs under DAY NRLM have been instrumental in initiating a transformational change at the household level in rural areas. DAY NRLM is currently under implementation in 22 districts through 33,516 rural households.

“We are striving hard to address the formidable challenge of financial inclusion in rural areas where our citizens do not have the desired level of access to financial services.

“It is a matter of pride that we today have about 3,796 SHGs, mostly of women, across the state. Our aim should be to handhold each of them through all means at our disposal. We also have to bring in all these SHGs under the SHG Bank Linkage Programme,” he observed.

Khandu said that the government role doesn’t end with providing loan. He said that at the end of the day, each SHG would have to repay the principal amount plus the interests to the bank.

“This is a business model. To enable the SHGs to profitably use the loan amount we need to give them market linkage. This should be seriously taken into account by departments like Agriculture and allied sectors and agencies like the Arunachal Pradesh Marketing Board,” he stressed.

The government has so far released DAY NRLM grants through ArSRLM in the form of revolving fund to 2,901 SHGs totalling Rs 435.15 lakh and community investment fund to the tune of Rs 1,285.16 lakh to 280 primary level federations of SHGs.

These funds are resources in perpetuity for the SHGs and their federations and are provided by the State Rural Livelihoods Mission to strengthen the institutional and financial management capacity of SHGs and their higher order federations.

Bankers have been at the forefront in providing credit linkage support to SHGs under DAY NRLM where repayment rate is 100 per cent till date.

Representatives of various SHGs from across the state joined the virtual meet with the Chief Minister and put forth their respective experiences and suggestions.

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