First specialised SHG branch of Bank of Maharashtra inaugurated in Hadapsar.
Reserve Bank of India (RBI) deputy governor Subir Gokarn on Sunday said financial inclusion initiatives such as self-help groups (SHGs) require unique solutions for unique challenges. Merely an access to money is not enough in such initiatives.
He was speaking after inaugurating the first specialised SHG branch of Bank of Maharashtra (BoM) in Hadapsar to provide financial services to SHGs in the district.
BoM chairman and managing director AS Bhattacharya, National School of Banking Management (NIBM) director Ashish Saha and BoM executive director MG Sanghavi, among others were present.
Gokarn said BoM has shown commitment to financial inclusion by starting a dedicated branch for the SHGs and his presence at the function recognised the fact.
He said in case of financial inclusion, one does not deal with banking issues like others. These are unique challenges and they require unique solutions.
Capacity to use funds, which are made available to the beneficiaries, has to be developed for which training is required, said the RBI governor.
He said the marketing of products or services of SHGs need to be ensured. The efforts of financial inclusion are successful if the three dimensions of credit, capability and marketing are taken care of.
BoM with its special branch for SHGs has recognised the need of taking care of all three dimensions. The bank should be congratulated for taking the initiative, said Gokarn.
Saha said women’s empowerment and social empowerment are at the core of SHG movement. BoM is a dominant stake holder in the SHG sector in Maharashtra.
Bhattacharya said the special branch of the bank for SHGs has a target of covering 1,500 SHGs in the district and lending Rs150 crore to them.
Bank manager Ratna Ganapthy said the loan proposal of all SHGs in the district would be henceforth handled by the special branch. The SHGs would be provided services of documentation and consultation in the branch. By the end of this financial year, there would be a lending of Rs10 crore.
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