SMS
Shakti Mahila Sangh Bahu-Uddeshiya Sahkari Samiti, Maryadit Majholi (M.P.)
2016-17 have been a year of mixed experience for Shakti Mahila Sangh (SMS). In one hand we have achieved mile-stones like mobilization of first Tier-II capital for SMS from SIDBI, added four new districts to operate in addition to cur-rent two districts with the permission from the Govern-ment, begged the prestigious challenge fund project from SIDBI etc. but on the other hand post demonetization our disbursements got effected for almost four months which severely affected our business. We have expanded and re-mained just above the last year’s loan outstanding of the microfinance business of the cooperative with the support from Poorest State Inclusive Growth (PSIG) Program, SIDBI and IDBI as a BC partner apart from lending support from Central Bank, SBI, NABARD Financial Services, SIDBI, Ananya Finance, RangDe and BASIX. We have also implemented the FPO promotion with NABARD support and also implemented NABARD’s new initiative “Livelihood Enterprise Development Program (LEDP)”. We have been asso-ciated for institutional partnership with Hand in Hand, New Delhi for Financial Literacy Program which got con-cluded in March, 2017 and with CONNECT Social Enterprise Development Services, Hyderabad for institution de-velopment, microfinance and livelihood promotion.
Operationally we have started two new branches to existing three branches. As on March 31, 2017 SMS was oper-ating in 744 villages through 2490 no of SHGs. 6075 new members have joined us and the total cumulating number of members has reached to 24,890. The number of staffs also increased from 62 to 85 during the current financial year. The total portfolio was Rs. 29.74 crore with BC portfolio from IDBI Bank at Rs. 21.27 crore and own portfolio at Rs.8.46 crore. The deposits (savings from members) was at Rs. 3.67 crore and borrowing outstanding was at Rs. 6.40 crore. We have mobilized term loans from SIDBI, SBI, NABFINS, ANANYA, BASIX etc. Tier II capital as sub-debt of Rs. 1 crore was availed from SIDBI during 2016-17.We have maintained 100% recovery this year as well which is a strength of SMS since inception. Though post demonetization the on-time repayment got slightly disturbed in some villages but those members paid the installment before the next installment date. All these achievement are the result of the hard work of the team of SMS. In nutshell I would like to conclude that FY 2016 -17 was a successful year for SMS. We have not only rolled out our operation in new areas but also successfully served our members. It has also given the confidence to expand our operations in more areas so that we could serve more people from underprivileged section and achieve our mission and vision. Thanks for reading,
All these achievement are the result of the hard work of the team of SMS. In a work environment where every team member is dependent on another team member for accomplishing the job it becomes necessary for them to work in a team spirit with full cooperation and coordination amongst different departments and also different level of staffs within the same department. During this year we have found that the behavioral trainings during the month of September’2015 and February,2016 to all staff members of SMS by CONNECT with support from PSIG, SIDBI have contributed a lot in inculcating the team spirit along with individual personality development.
In nutshell I would like to conclude that FY 2015 -16 was a successful year for SMS. We have not only rolled out our operation in new areas but also successfully served our members. It has also given the confidence to expand our operations in more areas so that we could serve more people from underprivileged section and achieve our mission and vision. Hence, SMS is proposed to convert into multipurpose multi state society under the Multi-State Cooperative Societies Act, 2002 and in next three years we want to achieve new heights and provide different ser-vices.
Total outreaches to the poor with our loan product increased from 14,201 members to 24,645. Similarly this increment can clearly be seen in portfolio & No. of SHGs which increased from Rs. 39,182,210 to Rs.300,132,009.00 and from 1423 to 2395 respectively with 100% recovery.
This year, we have also started working as Business Correspondence for IDBI Bank. We disbursed around Rs. 10 core to 3210 members as income generating loan.
Like credit, a significant change can be seen in Savings program. All members availed the facility of Savings as per their savings capacity and their needs. Total 24,645 members saved through the Compulsory Deposit (CD) and Recurring Deposit (RD) products Rs. 11,528,000.00 & 10,589,000.00 respectively. Apart from this Rs. 22,157,000.00 has been deposited as Fixed Deposit (FD) by members.
2015-16 was also favorable year for our livelihood support training programs. Under our regular training programs, we had trained approximately 50 members in stitching, 40 members in computer literacy and 370 members in accounting through SHG training programs.
Another initiative of financial literacy training was taken and 400 women entrepreneurs were trained on importance of financial planning, savings & budgeting. They were also trained on how to calculate and understand the rate of interest of loan etc. This was done with the support of FWWB, who not only funded the program but also provided technical training for the same.
In closing I would like to conclude that FY 2015 -16 was a successful year for SMS. We have not only rolled out our operation in new areas but also successfully served our members. It has also given the confidence to expand our operations in more areas so that we could serve more people from unprivileged section and achieve our mission and vision.
Hence, SMS is pro-posed to convert into multipurpose multi state society under the Multi-State Cooperative Societies Act, 2002 and in next three years we want to achieve new heights so that we could double the outreach in terms of membership and providing different services. Thanks for reading,