Minister for Panchayat Raj and Rural Development Jupally Krishna Rao today said Stree Nidhi Credit Cooperative Federation Limited has been awarded “A” grade during recently completed audit for the financial year 2015-16 against its B grade last year.
Krishna Rao attended a program with Stree Nidhi Federation, an apex society at the State-level promoted jointly by Self Help Group Federations, Town level federations and the State government and reviewed its performance. The meeting also approved a credit plan of Rs 1810 crore for 2017-18.
The minister said despite demonetization-effect loans could not be disbursed for the last three months due to curbs on cash withdrawals from banks. The Stree Nidhi Corporation has done a very good job by making 98 per cent of repayment of loans during 2015-16 and 2016-17 fiscal years. The Stree Nidhi Federation registered a record growth rate of 22 per cent by disbursing Rs 1,400 crore during 2016-17 against Rs 1,148 crore during last year, he said. The disbursements as on March 25 was at Rs 1,330.15 crore.
The coverage of members has reached 16.64 lakhs in 2.63 lakh of SHGs spread over 16,695 village, slum level federations in 587 mandal level and town level and the coverage of SHG members has increased by 35 per cent during 2016-17. He also appreciated the staff and the officials for achieving A grade and asked them to make persistent efforts for inclusive growth by offering loans to the needy class and women for empowerment.
The minister said the State Government was offering huge funds for the purpose and it is time to disseminate information and offer loans for social justice and all round development he said. The Scheme was appreciated by the Centre, emerged a deal with Rajasthan government and will be signing another with West Bengal he said. Special chief secretary of the Panchayat Raj was offered Rs 3.48 crore cheque on the occasion. (NSS)