Sunday, January 8, 2012

Woman bank to provide loans for Sthree Shakti members

Are you a woman entrepreneur planning to start a new venture, a small business, a home industry, but doesn't know where to ask for financial support. Here is some good news for you. The Mysore District Women Co-operative Bank, situated next to Sahakara Bhavana , has come out with several schemes exclusively for women seeking financial assistance to run their business or industry.

The Bank will provide loans to members of Sthree Shakti Organisations at nominal rate of interest to help them start their own business. In the beginning about 10 Sthree Shakti Organisations will be provided with the loan facility, which in the coming months will be extended to others. With 100 per cent loan recovery, the NPA (Non Performing Assets) of this bank is zero percent, for which even the RBI has expressed happiness for this feat.

The e-stamping facility which is currently available only in selected scheduled banks and co-operative societies, will be soon made available in this bank too. Bank President B Radha says, 'Most of the illiterate women who come from villages find it very difficult to get e-stamping done. Our bank staff will assist them to fill up the documents and avail the benefit of e-stamping instantly.'

The Bank is also providing Government sponsored Insurance scheme 'Yashaswini' available for farmers and their family members by collecting Rs 130 and a photo-copy RTC document. Says Radha, "Except for us, no other urban bank is providing this facility. Already 12 farmers have made insurance claims."

The Bank started in 1995 with a seed capital of Rs 25 lakh and with 3,000 members as share-holders, today does a turn over of Rs 18 crore. The bank follows RBI regulations and is governed by Karnataka Co-operative Act and Co-operative Departments.

This is the only Bank exclusively for women in Mysore and Chamarajanagar districts with around 2,000 customers and 7,200 share-holders. About eight taluks like Mysore, Chamarajanagar, Nanjangud, Gundlupet, T Narasipura, Hunsur, KR Nagar and Kollegal taluks are covered by this bank.

President Radha said, 'Without insisting on too much documentation, we provide loans upto Rs 1 lakh for women. We primarily concentrate on illiterate women to help them provide better standards of living. In addition we provide home-loans, construction loans and small-business loans.'

MUDA has allotted 45000sqft land for the Bank in Adichunchanagiri Road, Kuvempunagar where the bank plans to open it's new branch shortly. For loans and other details contact 94483 42441 or 2445372.

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