Powered by: Motilal Oswal
01-01-1970 12:00 AM | Source: Accord Fintech
NPAs of self-help groups down to 1.8%: Rural Development Minister
News By Tags | #248 #607 #3825 #857

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Union Rural Development Minister Giriraj Singh has said that non-performing assets (NPAs) of self-help groups (SHGs) have gone down to 1.8 per cent. He said NPA for self-help groups was 9.58 per cent in 2014.  He also urged banks to provide incentives to those who have NPA of less than one per cent and stressed that loans given to those in need do not become NPA.

The minister said that a waiver of three per cent will be given on the interest being paid on loans. He also said that in 2014, only 2.35 crore women were part of self-help groups and the number has increased to more than 9 crore now. He said ‘Our aim is to increase the number to 10 crore by 2024’.

He further said the government is working on covering SHG workers under a pension scheme. The campaign's primary objective is to mobilise disadvantaged rural communities unaware of the benefits of the Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM). The campaign will be organised in all states with the expectation of forming more than 1.1 lakh SHGs.