Sree Nidhi Credit Cooperative Federation Limited, a government-owned cooperative society in Telangana, has recently announced its plan to provide loans worth Rs 2710 crore to self-help groups (SHGs) in the state. This move is aimed at boosting the economic empowerment of women and marginalized communities in Telangana.
SHGs are community-based organizations that are formed by women, particularly those from low-income households, for the purpose of pooling their resources and providing mutual support to each other. These groups have been instrumental in empowering women by providing them with access to credit, improving their financial literacy, and enabling them to start and sustain small businesses.
Sree Nidhi’s decision to provide loans to SHGs is a significant step towards promoting financial inclusion and economic growth in Telangana. The loans will be disbursed through Sree Nidhi’s network of 31 district cooperative banks and 1100 village-level units, which will ensure that the funds reach the targeted beneficiaries in a timely and efficient manner.
The loans will be available to SHGs for a wide range of activities, including agriculture, animal husbandry, dairy farming, handicrafts, and small-scale industries. The loans will also be provided at competitive interest rates, which will make it easier for SHGs to repay the loans and sustain their businesses.
Sree Nidhi’s initiative is part of the Telangana government’s larger effort to promote inclusive growth and development in the state. The government has been actively promoting SHGs by providing them with training, capacity building, and financial support. The government has also set up a dedicated department for women’s welfare and empowerment, which is responsible for implementing policies and programs aimed at improving the lives of women in the state.
Overall, Sree Nidhi’s decision to provide loans to SHGs is a positive development for Telangana’s economy and society. By empowering women and marginalized communities, the loans will help to create a more inclusive and equitable society, where everyone has the opportunity to thrive and succeed. It is hoped that other states and organizations will follow Telangana’s lead and prioritize the economic empowerment of women and marginalized communities.
