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Meghalaya cabinet nod to financial cooperative to support self-help groups
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....eghalaya cabinet nod to financial cooperative to support self-help groups<BR>PTI News<BR>Dated:- 30-1-2025<BR>PTI<BR>Shillong, Jan 30 (PRI) The Meghalaya cabinet on Thursday approved the establishment of the Pla Tangka Cooperative Society (PTCS), which will work to strengthen the financial ecosystem for Self-Help Groups (SHGs) across the state. Addressing a press conference, Chief Minister Conrad....
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.... K Sangma said that the financial ecosystem of SHGs in that state has seen a remarkable transformation with the capital available growing from Rs 40 crore in 2018 to over Rs 1,000 crore at present. "Given that Rs 1,000 crore is already contributing significantly to Meghalaya's GDP, PTCS will be a game-changer for rural economic development," he said. "One of the biggest advantages of PTCS is tha....
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....t it will ensure easy and direct access to funds, eliminating the need for SHGs to go through the lengthy and complex processes of applying for loans from commercial or cooperative banks," he added. PTCS will act as a financial intermediary, specifically designed for SHGs, making credit readily available and fostering entrepreneurship at the grassroots level, Sangma said. Meghalaya has become th....
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....e fourth state in India to institutionalise this model after Rajasthan, Andhra Pradesh and Telangana, he said. While 'Pla' is Khasi for bag, 'Tangka' is Garo for money, together meaning "bag full of money", an official explained. The Pla Tangka Cooperative Society is inspired by the Stree Nidhi Model of Telangana, he said. "Through such innovative initiatives, we aim not only to empower women t....
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....o become 'Lakhpati Didis', but also to enable them to scale their income to the level of millionaires through multiple livelihood sources," the CM said Access to capital has always been limited in Meghalaya owing to the rural dispersion and dispersed nature of banks across different regions, he said, adding that PTCS will act as a catalytic instrument for the next phase of SHG-led economic growth....
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.... in the state by increasing access to bank linkages. This initiative is being backed by the Centre for Research in Schemes & Policies (CRISP), which is providing pro bono support to the Meghalaya government. The organisation signed an agreement with the Meghalaya government in 2022 to assist the state government in designing, redesigning, and implementing better schemes and policies. PTI JOP SOM....
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....<BR> News - Press release - PIB....