Tag: self-help groups

Bank officers’ body to hold protest against govt’s privatisation plan, BFSI News, ET BFSI

Banking & Finance

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Kolkata, Nov 22 (PTI) All India Bank Officers Confederation (AIBOC) on Monday said it will hold a protest programme against the government’s move to privatise public sector banks (PSBs) in Delhi later this month during the winter session of Parliament. AIBOC general secretary Soumya Datta said the government is likely to introduce the bank privatisation Bill in the winter session of Parliament scheduled to commence from November 29.

The government’s move is not based on sound economic logic, but purely a political decision to hand over the banks to “crony capitalists”, Dutta claimed.

Privatising the PSBs will hurt priority sectors of the economy and credit flow to self-help groups (SHGs), he asserted.

Around 70 per cent of the country’s total deposits are with the PSBs, he said alleging that handing them over to private capital will put the common man’s money deposited with these banks into jeopardy.

To protest against this move of the government, AIBOC will start ‘Bharat Yatra’ on November 24, which will culminate at Jantar Mantar in New Delhi on November 29, Dutta said.

He claimed that selling of PSBs to private bodies will lead to financial exclusion and not inclusion.

Finance minister Nirmala Sitharaman in her budget speech had announced that the government will make strategic divestment in two PSBs this fiscal.



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CBoI ties up with NABFOUNDATION to provide loans to self-help groups

Banking & Finance

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Central Bank of India (CBoI) and NABFOUNDATION, on Thursday, entered into a Memorandum of Understanding (MoU), whereby working capital will be provided by the bank to all self-help groups (SHGs) which have an account with it and undertake the Nabard-sponsored ‘My Pad My Right’ project.

“This cheap, collateral-free credit support is just what the rural women will need as they take up manufacturing on a regular basis,” said NABFOUNDATION, which is a wholly-owned subsidiary of the National Bank for Agriculture and Rural Development (Nabard), in a statement.

Under the project, one pad making machine will be sponsored per district across the country to a well-functioning SHG, along with the requisite capacity building support, with total grant support pegged at nearly ₹5 lakh per unit, according to the statement.

The project would see Nabard providing a total support of nearly ₹50 crore over the next three years, it added.

GR Chintala, Chairman, Nabard, noted that the project addresses rural women’s health issues and also provides a dynamic rural livelihood option on a sustainable basis.

Pallav Mohapatra, Chairman, CBoI, said the bank is committed to providing cheap and collateral-free credit support to rural women.

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