Self-Help Groups
In 1997, 52 Credit Unions were started under the name Nirai Vazhvu Sangam. Later, these were transformed into self-help groups (SHGs). Initially, there were 11 self-help groups. Members of these groups saved only Rs. 20 per month.
SHGs are informal, self-governed groups of women with similar social and economic backgrounds. Members save a small portion of their earnings to create a common fund, which is used to provide loans within the group. This system helps members avoid high-interest loans from informal lenders and supports their financial needs, such as emergencies or starting small businesses.
As of March 31, 2022, the total savings of the members have grown to Rs. 22,13,43,792. Currently, members save between Rs. 300 and Rs. 2000 per month. Today, there are 8141 members. The total revolving funds, including savings and loans, amount to Rs. 50,74,40,488.
MIDS supports rural women from economically disadvantaged backgrounds through People’s Organization i.e. Self-Help Groups (SHGs). These women face significant hardships due to limited resources and opportunities, and SHGs provide a pathway to improve their living conditions.
The purpose of these groups is to meet the basic needs of the people, promote economic growth, and help members overcome debt problems. To achieve this goal, field workers regularly visit and guide each group.
MIDS focuses on strengthening these SHGs to ensure they operate methodically and effectively. The following details highlight the achievements of MIDS SHGs.
Credit Support
SHGs provide quick, hassle-free loans to members, helping them meet emergency needs and start income-generating activities. Each group has robust internal controls to manage funds efficiently.
Capacity Building
MIDS enhances the skills of SHG leaders through training and meetings. Regular sessions on accounting and bookkeeping help treasurers manage finances accurately. Cluster meetings and field visits ensure transparency and systematic operations.
Recognition
As part of MIDS' Silver Jubilee celebration, 121 SHGs that completed 20 years of service were honored for their contributions to the rural community.
