Habit of repaying bank loans should be encouraged: Deputy CM Yumnam Joykumar
Joykumar was speaking at the inaugural function of Common Facility Centre & Distribution of Seed Money as MUDRA Loan and Sewing Machine to 90 beneficiaries of Livelihood & Enterprise Development Programme (LEDP) Imphal East
Deputy Chief Minister Yumnam Joykumar Singh has said that bank loans should not be treated as grants and habit of repayment should be encouraged among masses.
Joykumar was speaking at the inaugural function of Common Facility Centre & Distribution of Seed Money as MUDRA Loan and Sewing Machine to 90 beneficiaries of Livelihood & Enterprise Development Programme (LEDP) Imphal East under the sponsorship of National Bank for Agriculture & Rural Development (NABARD) at Lai Lampak Community Hall in Sabungkhok Village today.
The Deputy chief minister said the attitude of proper utilization of bank loans for productive works and again the habit of loan repayment should be developed among ourselves. He said, if so banks will take interest in lending money to the people. He further said that beneficiaries should not confine only to the trades where many people have been working already but they should develop innovative ideas using expertise in them.
Such innovations will definitely help to extend business volume and more profit will be made. Insisting on promotion of tradition dress making, Joykumar Singh said Self Help Groups (SHGs) and Clusters should work for the promotion of local traditional varieties of cloths and marketing facilities within and outside the state should also be increased.
Corpus fund by contributing a little amount of money each by the members of SHGs and Clusters should also be made so that it can be helpful in the hour of need, he added.
Joykumar Singh distributed sanction letters of Rupees 20,000 Certificates and sewing machines each to the beneficiaries of three Clusters of Imphal East under LEDP Programme on the occasion.
General Manager, NABARD, Manipur Regional Office M Srinivasa Rao said, a new business model is being developed by the Self Help Groups and Clusters in the grassroots. He said, the interest shown by the women folks in the sector is very interesting and NABARD will try to support their initiative all the time. He said, NABARD will work to replicate the model by extending monetary support to different SHGs and Clusters in the State.
Chairman, Manipur Rural Bank Shri Samarendu Samal said, Manipur Rural Bank is always ready to support such initiatives of developing entrepreneurship and income generation in the State. Th Biramangol Singh, secretary, People’s Development Society (PDS) also spoke on the occasion.