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Samurdhi Bank Societies record Rs. 4,268 M at end Dec. 2001

by Uditha Kumarasinghe

The remarkable progress achieved by Samurdhi Bank Societies in alleviating poverty and developing the savings habit among the poor has enabled them to record total deposits amounting to Rs. 4,268 million at the end of December last year.

This includes the money deposited by Samurdhi families and low income groups at countrywide Samurdhi Bank Societies under five types of saving schemes namely (Members, Children, Diriyamatha, Non members and Groups) savings schemes, a spokesman for the Sri Lanka Samurdhi Authority told the Daily News yesterday.

In addition to these five loan schemes, Samurdhi beneficiaries had saved a sum of Rs. 7 billion in their compulsory saving accounts at the end of December last year.

Given the significant role Samurdhi banks have played, the movement has grown to be the largest people's movement and key credit facilitator for the poor of the country, he said.

"The prime objective of the Samurdhi bank concept is to set up a continuous source of income to the poor by inculcating the savings habit and provide them credit facilities to commence income generating projects".

At present the Sri Lanka Samurdhi Authority has established 980 Samurdhi Bank Societies throughout the country. Nearly 1.7 million low income families have become active shareholders of these Samurdhi Bank Societies. A Main Society (Maha Sangamaya) has been set up at each Divisional Secretariat Division to coordinate and supervise all the Samurdhi Bank Societies in the respective division.

Meanwhile the entire Samurdhi program has granted Rs. 1,196,025 credit to needy Samurdhi beneficiary families while loans amounting to Rs. 810,511 have been provided by Samurdhi Bank Societies under various loan schemes introduced for the well-being of the poor.

He said at present the loan recovery rate of Samurdhi banks is 108 per cent and only 3 per cent Samurdhi beneficiaries have defaulted repayment of loans.

Under the 100 Day development program of the Government, arrangements have been made to set up 70 Samurdhi Bank Societies in North-East areas to provide financial support to a large number of Samurdhi families to boost their economic activities. Of them 58 banks have already been opened and another 12 Samurdhi banks are due to be opened soon.

"The objective of the Samurdhi movement is to prepare an income generating project for each Samurdhi beneficiary family by utilising the large amount of money available in the Samurdhi movement. This program has already started strengthening these families", he added.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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