What was behind the idea of creating Self Help Groups (SHGs)?
When National Bank for Agriculture and Rural Development (NABARD) had originally got into SHGs, the sole idea was to improve outreach of the banking sector. We were trying to create a financial infrastructure in the rural areas where banking had not yet reached. It is difficult for me to explain how important it is to have financial services. Imagine that banks and all financial services are not available to you from tomorrow. There will be chaos. You cannot perform any operations like paying your child’s hostel fees to international transactions for trade. If the services are restored after a week, there will be a spurt of activity and lot of transactions will take place. If we equate this to the rural poor, we can only imagine the benefits that they can draw after getting access to financial services. Why are women the main beneficiaries in the SHG scheme? When money comes to a woman, chances are that it will be spent on the family or it will be saved. In the menfolk, sometimes addit
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