The Hindu 26.08.2009
“Self-help groups creating a revolution in State”
Special Correspondent
— Photo: G. Moorthy 
MONEY MATTERS: S. Sebastine (second from left), Commissioner, Madurai Corporation distributing loans to members of self-help groups in the city.
MADURAI: Self-help groups were creating a revolution in Tamil Nadu and their success had prompted other States to emulate them, said the Chairman and Managing Director of Indian Bank, M. S. Sundara Rajan, here on Saturday.
Addressing an ‘SHG Credit Bazaar’ organised by the Indian Bank, Mr. Sundara Rajan was happy that the seed (SHG movement) sown in Dharmapuri had now grown into a huge banyan tree. The Indian Bank, he said, was the first bank in the country to start an exclusive branch for SHGs in 2005. Its success led to the opening of 27 such branches in the last two years.
These exclusive branches had advanced loans to the tune of Rs 400 crore to benefit 1.56 lakh SHG members. The objective of such a high scale lending was to improve the status of women through SHGs. While pointing out that the recovery rate among the SHGs was 98.5 per cent, Mr. Sundara Rajan advised the women SHGs to have a better profit margin for their products, instead of selling them at cost price. The Indian Bank, he said, would organise an expo to showcase the products made by women SHGs in Madurai.
Inaugurating the SHG Credit Bazaar, the Corporation Commissioner, S. Sebastine, said that the civic body was keen to improve the basic facilities for its citizens. The second Vaigai drinking water project, expected to be commissioned by the end of this month or the first week of September, would meet the drinking water needs of the city.
A scheme to facilitate easy flow of storm water in 11 channels had been taken up to cover a distance of 800 km. New bins were being provided to the residents for segregation of waste at source, Mr. Sebastine said and urged the SHG members to make people realise that waster should not be dumped in the open. He lauded the Indian Bank for its unique performance in SHG lending, which was an example for other banks to emulate.
The Deputy General Manager, M. Kathiresan, said the bank had forwarded assistance to the tune of Rs 69.46 crore to 6228 SHGs in the Madurai Circle. The Microsate Branch (for SHGs) here had advanced Rs 7.84 crore as assistance to 874 SHGs in the last four months. Mr. Sundara Rajan distributed Rs 1.46 crore as assistance to 103 SHGs on the occasion. S. Dushyanthan, Branch Manager, proposed a vote of thanks. A blood donation camp organised to mark the 103rd Founding Day of the bank was inaugurated by S. M. Sivakumar, Dean (in charge), Government Rajaji Hospital, at the Microsate Branch. An automated teller machine of the bank was opened at the Subramaniaswamy Temple, Tirupparankundram, by the Police Commissionerr, K. Nandabalan.