The Hindu Business Line : ‘Innovations in functioning of self-help groups needed’

Some innovations in the style of functioning of self-help groups (SHGs) may help wipe out poverty in India, according to Mr B. Pramod, Senior General Manager of Syndicate Bank.

Inaugurating a seminar on microfinance, organised by the Justice K.S. Hegde Institute of Management at Nitte in Udupi district on Friday, he said the idea of SHG was formed during 1980s with the theme — ‘Each for all, all for each’.

Stating that financing the SHGs has become the prerogative of banking institutions, he said some innovations in their style of functioning have to be inculcated so as to wipe out poverty in the country.

Carving a niche

Microfinance has carved a niche in the economic history of the country. Even development banking stresses on microfinance, he added.

Speaking on the occasion, Dr N.K. Thingalaya, economist, called upon a change in the role of district credit plans. He said that district credit plans could be effectively used as poverty eradication tool.

Dr M.S. Moodithaya, Director of the Institute, spoke on the issue of micro units (SHGs) transforming themselves into micro-enterprises. New generation banks should effectively play a role in transforming the mindset of the SHGs for their own growth, he added.

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‘Innovations in functioning of self-help groups needed’