Minister Errabelli Dayakar Rao releases annual credit plan of SERP
SERP sets a target of providing loans to the tune of Rs 15,037 crore to women SHGs in Telangana state
There are 46.46 lakh women enrolled in 4.3 lakh SHGs in the Telangana state
HYDERABAD, MAY 30, 2023: Minister for Rural Development and Panchayat Raj Errabelli Dayakar Rao on Tuesday released the annual credit plan target prepared by the Society for Elimination of Rural Poverty (SERP) at a meeting held in Hyderabad.
Speaking on the occasion, the Minister informed the bankers to liberally provide financial assistance to the women SHGs and make them entrepreneurs. The SERP credit plan states that the women SHGs were expected to get loans to the tune of Rs 15,037 crore during this current financial year 2023-24, he said and informed the bankers to avoid levying of service changes on the SHGs.
Reiterating that there was recovery of 98 per cent of loans provided to the women SHGs, he claimed that the Telangana state tops among other states in providing loans to the SHG groups. On an average, each SHG was provided loan to the tune of Rs 5.56 lakhs in the Telangana state, he pointed out.
There were 46.46 lakh women enrolled in 4.3 lakh SHGs and total assistance given to these groups was to the tune of Rs 3,924 crore. The loan quantum which was Rs 3,722 crore in 2014-15 at the time of formation of the State rose to Rs 12,722 crore during the previous fiscal. Prompt repayment by the SHGs resulted in significant improvement in their credit worthiness as could be seen from the Rs 3,500 crore increase in the annual credit plan.
At the same time, the non-performing assets too were on the decline. From 8.8% in 2014-15, the NPAs had come down to 1.62% during the previous fiscal and this had in turn prompted the banks to issue more loans to women SHGs.
Panchayat Raj secretary Sandeep Kumar Sultania stressed the need for the bankers to change their rules and procedures in line with the needs of women SHGs whose business ventures created several success stories. SERP Director (linkages) YS Reddy, NABARD Telangana Chief General manager Susheela Chinthala, RBI representative Anil Kumar, state level bankers committee chairman Amith and others were also present.
