Women's bank to come up at district centres

Members of Stree Shakti Sanghas in the State need not approach nationalised banks for financial assistance in the near future. An exclusive women’s bank is on the cards at all the district centres.

The proposal moved by the Karnataka Women’s Development Corporation (KWDC) envisages setting up of women’s bank in all the districts. The management and administration of such banks will be vested with the members of Stree Shakti Sanghas.

The bank, by the women and for the women, will route all its transactions through the Corporation, and will function as an alternative to nationalised banks to meet the requirements of Stree Shakti Sanghas.

“The State government has granted permission to set up the bank in Shimoga and
Mangalore.

Site allotted in Shimoga

A site has been allotted in Shimoga for the construction of a building.

The proposal was mooted during the tenure of C C Patil as the minister for women and child development,” said Sarojini Bhardwaj, the chairperson of KWDC.

She said the budgetary grant of Rs 50 crore to the Corporation will be deposited with the proposed bank.

The transactions of the bank will be initially restricted to members of Stree Shakti groups, and will be extended to unorganised women gradually.

As many as 1.40 lakh registered Stree Shakti Sanghas are functioning in 30 districts of the State. The women’s groups have been generating a considerable sum of deposits. A sum of Rs 56 crore has been mobilised in Shimoga district alone.

However, the funds have been deposited in various nationalised banks. At present, the women’s groups are at the mercy of these banks to secure financial assistance and sometimes precious time is lost in meeting the lending norms of nationalised banks.

An exclusive bank for women’s groups is expected to give a fillip to the activities of Stree Shakti Sanghas in the State.