Industry & Economy
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Rural Development
`SHGs gaining importance, popularity'
Our Bureau
Mangalore
,
Sept. 24
FINANCING of self-help groups (SHGs) is gaining importance and popularity, according to the Chairman and Managing Director of Vijaya Bank, Mr M.S. Kapur.
Reading out the speech of Mr Kapur at the annual general meeting of the Vijaya Rural Development Foundation (VRDF) in Mangalore on Friday, the General Manager of the bank, Mr Kiran Kumar M., said financing of SHGs reduces high costs and ensures a near-100 per cent recovery.
SHGs are emerging as alternative and effective micro-credit system, he said.
Quoting Mr Kapur, he said Vijaya Bank established VRDF a decade ago as a voluntary organisation to focus the attention of rural masses on the need to modernise agricultural practices and to upgrade skills and knowledge in various ventures for increasing production and for achieving all-round socio-economic development.
The foundation should train farmers and youths in taking up self-employment ventures. As there is no dearth of bank finance for these ventures, the foundation should try to see that candidates trained by it are well settled in their life, he said.
VRDF has chalked out various programmes with emphasis on imparting modern agricultural practices and skills to farmers, Mr Kiran Kumar said.
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