Beneficiaries Of The Joint Liability Group

One of the beneficiaries of the Joint Liability Group scheme of the Coimbatore District Central Cooperative Bank. Those who make their livelihood out of small trades such as selling flowers, tender coconuts or stuffed dolls on roadsides can avail themselves of bank assistance now.
Women Development Cell of the Coimbatore District Central Cooperative Bank is forming “joint liability groups” and helping the traders with loans of Rs. 5,000 each.

Explaining the scheme, joint registrar of cooperatives R. Ramamoorthy says each group has four to 12 members. They are identified with the help of non-governmental organisations or trusted customers of the bank. The members open zero-balance group account with the bank and are extended Rs. 5,000 each. The loan is to be repaid in six months at 10 per cent interest.

During the last three months, the bank has covered 1,562 people under this scheme and extended about Rs. 75 lakh as assistance. They have to have a family card for address proof. With peer pressure, the groups repay the amount promptly. The respective branch managers monitor the groups to ensure there is no misuse of the money.

“The aim is to free the small traders from money lenders and private financiers,” he explains. The assistance can be used to buy resources for their business or to repay existing loans. The beneficiaries are able to take back home what they earn daily due to the low interest, he adds. The groups are mainly in urban areas, especially in Coimbatore and Tirupur. The bank hopes to disburse another Rs. 75 lakh before the end of this financial year.

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