We run a co-operative bank owned entirely by the women labourers in the unorganised sector and other marginalised women in Davanagere who have formed self-help groups. Women in the unorganised sector work are not able to depend merely on the wages that they earn and have to fall back on loans for sustaining their family expenses. Due to this they get perpetually trapped in paying off debts and high interests to informal money lenders and have no access to formal loans.
Mehnat Muslim Alpasankyathara Mahila Souhardha Sahakaari Co-operative Bank empowers marginalised women economically.
- Started by working class marginalised women, it has more than 700 shareholders today.
- The bank has been a source for children’s education, home repairs, micro entrepreneurship, building garment business through loans with lower interest rates. Moreover, the interest money goes back to the members and is shared among the women in the self-help group.
- There are more than 120 women’s self-help groups currently.
- These groups meet weekly to save money, repay loans, savings, debt management and association accounts have also been opened.
- 350 individual accounts have been opened by women.
- Around 200 women have taken a loan of ₹ 50000 and are repaying it as of 2024.
- In addition to attaining financial independence through these groups, women also discuss problems in the area related to basic facilities and bring them to the attention of the concerned authorities. They are also questioning violence and abuse in the family and larger society.