Port Blair, Feb 26: The A&N State Cooperative Bank Ltd., Port Blair is extending loans to the Self Help Groups and Joint Liability Groups (JLGs) which are linked with the Bank for their various income generating activities through all its branches. The Bank has, so far, advanced an amount of Rs. 14,96, 74,80/- involving 1412 groups SHGs and 91 JLGs amounting Rs. 1.48 crores as on date under this segment. The current Rate of interest being charged for such loans is 10.75 % p.a by the bank. Owing to the demand of these loanees, the managing committee in its last meeting reduced the rate of interest to 10.50% p.a. effective from February 2013 which will go a long way in fulfilling their demand and enhanced credit flow. Thus, the Bank Management requesting all the prospective members/ SHGs to link their groups with the Bank first and to avail the small loans for their income generating activities / livelihood for improving their socio economic condition.
This reduction of ROI on SHG came for discussion during the inauguration of food processing unit UNNATI, an NGO of Port Blair by Smti. Bhawanee Singh, First Lady of the A&N Islands and the Chairman assured the first lady that the matter will be placed before the Managing Committee. The Managing Committee appreciated the proposal and reduced 0.25% interest. Thus the ROI Changed on the SHG shall be 10.50%.
