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Stree Nidhi Credit Cooperative Federation Ltd has disbursed Rs 1,400 crore to the Self Helf Groups (SHGs) in Telangana during 2016-17 crore against Rs 1,148 crore in the previous year, registering 22 per cent growth.
This was announced by its Managing Director, G Vidya Sagar Reddy, at the third general body meeting held here on Thursday.
"Despite demonetisation effect, which halted disbursal of loans for almost three months, Stree Nidhi made good progress,’’ he said.
Coverage of SHG members increased by 35 per cent during 2016-17. It had touched 16.63 lakh members in 2.63 lakh groups spread over 16,695 village/slum level federations. The provisional repayment has been pegged at 98 per cent.
Referring to the progress made by Stree Nidhi, which was as set up in the wake of Andhra Pradesh microfinance crisis due to the harassment of clients by recovery agents of microfinance institutions in 2010, Reddy said it has been identified by the Government of India as a national support organisation.
A memorandum of understanding will soon be entered into with Rajasthan for replicating the Stree Nidhi model.
Stree Nidhi is an apex society promoted jointly by the SHG federations and state government.
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