SERP sets Rs 15,037 crore bank linkage for 2023-24

The SHG bank linkage programme aids in economic development of rural women in Telangana

Hyderabad: The Society for Elimination of Rural Poverty (SERP) has a set a target of Rs.15,037 crore bank linkage (extension of loans to households) to 30,8670 women Self Help Groups (SHGs) under the 2023-24 action plan.

Last year, SERP had set a target of Rs.12,000 crore bank linkage but had achieved Rs.12,722.14 crore linkage to 2,25,053 SHGs. This current financial year, each SHG would be extended upto Rs.20 lakh linkage for their operations.

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Under the 2023-24 action plan, among all the districts, Nizamabad has been set the highest target of extending Rs.1032 crore to 18905 SHGs, followed by Khammam of Rs.931.54 crore to 16642 and Nalgonda of Rs.911.34 crore to 19893 SHGs.

Speaking at the launch of SERP action plan here on Tuesday, Panchayat Raj and Rural Development Minister E Dayakar Rao said in the united Andhra Pradesh, Rs.21,000 crore loans were extended to SHGs. After formation of Telangana till date, Rs.68,522 crore loans were extended to SHGs.

With SHGs ensuring prompt repayment of loans, there was lot of confidence over them by banks. Further, the State government this year had released Rs.2,910 crore towards extending interest-free loans to 490 SHGs, he said, appealing to the banks to extend more loans to the SHGs.

The SHG bank linkage programme aids in economic development of rural women in the State. The State government was facilitating Rs.15,000 crore bank loans for SHGs without insisting on any mortgage or any security. Emphasis was now being laid on promoting entrepreneurship among the SHGs, said SERP Chief Executive Officer Sandeep Kumar Sultania.

Towards this, measures were being taken for identification of appropriate livelihood opportunities, improvement of their skills, mentoring, providing market linkages and enhanced credit access, he said.