Rural credit project for boosting saving habit

NASHIK, March 29: More than 700 self-help groups were engaged at Walha village in Pune district under the Maharashtra Rural Credit Project (...

NASHIK, March 29: More than 700 self-help groups were engaged at Walha village in Pune district under the Maharashtra Rural Credit Project (MRCP) to inculcate the saving habit among the poor and to ensure people’s participation in credit planning and credit administration.

The project, designed by the International Fund for Agricultural Development (IFAD), was launched through the National Bank for Agriculture and Rural Development (NABARD) in 1995 to develop credit culture among the ultra-poor through self-help groups, with support from various agencies for the socio-economic development of the village.

The seven-year project was initially introduced in four districts of the state — Chandrapur, Nanded, Yavatmal and Pune. It is now to be implemented in eight districts through 440 branches of five commercial banks.

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Talking to visiting mediapersons from Nashik here yesterday, chief general manager of NABARD, P A Pathak and assistant general manager Koshi said the groups, comprising mostly women, wereworking effectively and the project was getting a “tremendous response”.

According to Pathak and Koshi, the project was aimed at people below the poverty line — having an annual family income of up to Rs 11,00 — and gave priority to those with income upto Rs 8,500. These included small or marginal farmers, artisans, vulnerable groups, tribals and women headed households.