The state has established a credit cooperative bank "of the women, for the women and by the women" in the strife-plagued state.
SRINAGAR: Women have always been the worst sufferers of violence, and those in the state of Jammu and Kashmir are no exception. But, the state government has come up with a new concept to help make these women financially independent.
The state has established a credit cooperative bank "of the women, for the women and by the women" in the strife-plagued state.
Based on the pattern of the Grameen Bank, a brain-child of nobel prize winner Mohammed Yusuf, the Women's Credit Cooperative Bank is aimed at empowering the underprivileged and violence-hit women of the state.
The bank will provide loans to women on lower interest rates to help them set up small and cottage industries, officials said. It also intends to provide special services like loans for special occasions, education and marriage of the girl child under micro-credit scheme.
“The bank will cater to the underprivileged strata of the society and those who do not have resources to start their own ventures to achieve economic stability,” says Nighat Shafi, chairperson of the bank.
The bank will require nearly 3000 account holders to get registered by the RBI. It also needs to have a share capital of Rs two crore to start its operations in the state. So far 900 members have registered with the bank.
Each member is subject to hold 10 shares of Rs 100 each plus the deposit the registration fee of Rs 100 for availing the services of the bank.
However, with a huge number of widows and destitutes in the state, the problem of the capital amount is a big problem before the bank. The bank has thus decided to appeal for zakat (mandatory alms from affluent Muslims) to fund the underprivileged women.
“We have requested the upper class Muslims to help these women by paying the money for purchasing of shares, which will be a service to humanity and God. This contribution will give the women power to rebuild their lives in the long run,” says Nighat.
The bank is expected to start functioning early next year by which time they hope to complete the membership drive. “We are not wasting money on setting up buildings and other infrastructure at this point. Our aim is to get things done in right manner,” says the bank chairperson.
Dr GN Qasba, Registrar J&K Cooperatives Department, hopes that it will help women of the state to be self-reliant. “The government is committed to help the women of the state. Our membership drive is going well and women are showing keen interest in this venture,” he says.
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