Corporation Bank has extended loans at three per cent interest to around 2,700 fisherwomen. This follows a scheme of the Karnataka Fisheries Department to finance the fishing community at three per cent interest rate.
Launched in association with the Dakshina Kannada and Udupi Co-operative Fish Marketing Federation through the formation of joint-liability groups (JLGs), the loan carries interest rate of 3 per cent for beneficiaries. It is repayable in 35 months.
Addressing the gathering of fisherwomen during the launch of the scheme in Mangalore on Wednesday, Mr Ajai Kumar, Chairman and Managing Director of Corporation Bank, said each JLG shall have a minimum of four members and maximum of 10 members. Each member is eligible for a maximum loan of Rs 50000.
In Mangalore, Corporation Bank has identified 72 JLGs with around 700 fisherwomen. The bank extended around Rs 3.50 crore of loans through 11 branches.
He said the bank has financed 233 JLGs with 2,000 fisherwomen in Udupi district. It has extended loan of Rs 9.73 crore to them through six branches in that district.
Mr Ajai Kumar said the bank would like to be associated with larger number of people through such schemes.
SHGs
The bank is also active in credit-linking self-help groups (SHGs) in the country. Till now it has credit-linked around 1.24 lakh SHGs, he said. Recently, Nabard honoured the bank for giving best loans in Karnataka with best asset quality.
Terming Corporation Bank as a pioneer in implementing financial inclusion programme in the country, he said the bank has implemented branchless banking model of financial inclusion in 3,216 locations.