Micro-finance improves rural life
Source: Hueiyen News Service
Imphal, May 30 2009:
Introduction of Grameen Trust, Bangladesh model micro-finance program under Loyalam Bank Project (LBP) of Rural Development Organisation (RDO), Lamshang, has brought smile to many disadvantaged households in Manipur.
This was seen during a financial literacy awareness programme held under the aegis of RDO, Lamshang at Khurai Chingangbam Leikai Laishang hall near here on Saturday.
"Giving small amount of loan really helps us in maintaining out family budget including our children's education",Taorem Ongbi Meena,a housewife of Soibam Leikai in Manipur's Imphal east district told this reporter on the sidelight of the awareness programme on Saturday afternoon.
Meena makes mosquito nets with the little amount from LBP while her husband Ranjit takes up small time business to run a family of five.
After seeing Meena's success in the last two years,more housewives including a neighbour Shantibala and another colleague Sonolata from her own locality started to take financial help from LBP to start weaving and a pan shop.
Likewise many housewives in Imphal east district used to joint the project.
"At present we've over 1500 beneficiaries who were given proper financial literacy training", P Sunilkumar, Branch Manager of Sagolmang LBP said.The project provides micro-finance starting from Rs 5000 to Rs 30,000 to the needy rural women folks without any
guarantors.
Interestingly LB Project also covers insurance as most of it's beneficiaries are individual household weavers besides providing scholarship to their school going wards after an annual test.
"We conducted the tests for children who read in Class V to IX every year to select at least 3 children from each classes for the annual scholarship",M Kesho,a senior staff informed.The annual scholarship amount ranges from Rs 350 to Rs 450 per month.
L Sudhir Chand,Programme Officer of the LBP said,"Our objective to raise living standards of most disadvantaged section of the rural women besides giving awareness on financial literacy".
The project which was launched in the mid-ninties had been giving benefits to thousands of women folks living in the state.Presently it provides micro-finance to over 12700 rural women folks through six branches of LBP in Imphal West,East,Thoubal and Bishnupur districts.