The National Bank for Agriculture and Rural Development (NABARD) has found an altogether new and effective way of financing the rural residents through Joint Liability Groups ( JLG). The new plan was a success in Kerala.
Through JLG a group of people ranging 4-10 could avail loan from the bank against mutual guarantee .last year 21,000 people were benefitted through this scheme in Kerala alone . Executive Director of the bank Mr Prakash Bakshi said that Through JLGs, the bank could "reach the rural masses including the tribal, fisher folk and farmers in a better way".
NABARD has outlaid a credit plan of Rs 58,159 crore in State Credit Plan for the year 2011-12 of the bank for 14 districts in Kerala. Bank will ensure to provide 100 percent coverage of Kissan Credit Cards ( KCC) to meet their expenses.
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