Fisherwomen groups receive loans at 3% interest

Fisherwomen groups receive loans at 3% interest

Mangalore Today News Network

Mangalore, March 29, 2012 : Under a financing scheme formulated by Department of Fisheries along with Corporation Bank, in association with Dakshina Kannada and Udupi District Co-operative Fish Marketing Federation, as many as 20 fisherwomen groups received loans at three per cent interest through Joint Liability Groups.

 

As per the loan scheme, the department of fisheries gave the loans which will be disbursed at 12.5 per cent rate of interest, of which three per cent interest will be collected from the fisherwomen while the remaining 9.5 per cent will paid by the Government.  The loan is payable within 35 months.

As per the scheme, each Joint Liability Group shall have minimum of four and maximum of 10 members each and each member shall be eligible for a maximum loan of Rs 50,000.

During a formal programme here on Wednesday in mangalore the loan were given out to some of fisherwomen Self Help Groups during. Corporation Bank Chairman and Managing Director Ajai Kumar said that earlier in association with the Federation, Corporation Bank has financed about 233 JLGs and has also extended loan of Rs Rs 9.73 crore through six branches of Udupi district.

He said that through the Federation, Corporation Bank has identified 72 JLGs in Mangalore and about Rs. 3.50 crore will be extended to them through 11 branches in Mangalore.

B Nagaraj Shetty, chairman of the Coastal Development Authority inaugurated the programme. He said that the Authority has taken up renovation of 10 markets and 20 more fish markets will be renovated next year. Apart from this, he said there are 801 markets in the entire coastal stretch, which will also be developed. Karnataka Fisheries Development Corporation President Nithin Kumar, Corporation Bank General Manager K Rama Murthy among others were present