Poor women are exceptional at saving, providing for their families and generating income. However a large part of this opportunity is wasted as there is no proper knowledge about the various Govt schemes and policies.
The Govt initiative of 1992 to make the traditional and formal banks to extend financial services to deprived sections through informal Self Help Groups (SHGs), has now blossomed into a “monolith” micro Finance initiative.
A self-help group (SHG) is a village-based financial intermediary usually composed of 10–20 local women. Most self-help groups are located in India, though SHGs can also be found in other countries, especially in South Asia and Southeast Asia.
Members make small regular savings contributions over a few months until there is enough capital in the group to begin lending. Funds may then be lent back to the members or to others in the village for any purpose. In India, many SHGs are ‘linked’ to banks for the delivery of microcredit.
Adarshmay provides seed funds, training, accounting & admin support to the SHGs formed by its community members. For the initial six months complete training and support is provided to the SHG with monetary incentives to ensure that the women become proficient in managing money and people. SHG weekly meetings too will be hosted in the Adarshmay Centre providing a good meeting place for the members.