Self Help Groups in Madurai saving many lives - SHGs Madurai Tamil Nadu

The usurers (Kandhu vatti and katta panchayath groups) in Madurai charge around 20-24% per month for a given amount. This is huge amount of interest, apart from the principal that was borrowed.

Self Help groups charge starting from 2% per month or 24% per annum and that helps a lot of lives in Madurai.

Madurai Collector U Sagayam says, "SHGs play a major role in emancipation of women. As per government statistics 16,420 SHGs function out of Madurai, which have extended loans to the tune of 450 crore. The district administration has provided 10.60 crore in loans to 265 groups to start and develop their own ventures for self sustenance during 2010-2011 ."

I think this is a revolution for Madurai's grass roots and this will definitely make a positive impact over a period of time! Glad to see this happen and hope this happens in other cities of Tamil Nadu as well.