| ID | : | 182 | | Bank Name | : | MargaretoMalley Bank | | Loan Cycle | : | 1 | | Enterprises | : | Banking as an Enterprise | | SHG Name | : | Kulumai Federation | | Location | : | Reddiarpatty , Kannivadi, Tamil Nadu | | Loan Distribution Date | : | June 2003 | Activity | : | Margaret o Malley Bank was opened in the year 2001 and utilized to support Kulumai Federation, which consists of 104 Self Help Groups with 1560 members in the Kannivadi region. Each SHG has got two representatives in the Federation. The Federation has a savings of Rs. 100,000 from the contribution received from the groups.
By taking interest-free loan of Rs. 200,000 they lent small amounts to the Groups to meet their urgent domestic, personal and business requirements. Kulumai meets the Banking needs of the groups at grassroot level. From the profits earned they were able to repay the loan and meet the working expenses of the Federation.
| | Status | : | Repaid | | Group | : | Asia Initiatives |
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