The Hindu Business Line : `Snehagram' project launched

South Malabar Gramin Bank (SMGB) has launched `Snehagram' project aimed at freeing the rural folk from the clutches of moneylenders. The project, the first such initiative by a bank in the State, was inaugurated by Mr E. Ahamed, Union Deputy Minister for External Affairs, at Kondotty in Malappuram district on Tuesday. To start with, SMGB is planning to implement the project in eight villages and it will be taken to 42 more villages during the current fiscal. As many as 35 beneficiaries of Cherukavu panchayat have already been provided with loans totalling Rs 7.27 lakh during the inaugural function, said Mr N.S. Bose, Chairman of the bank. - Our Bureau

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