Methodology of mahila bachat gat
Answers
A "mahila bachat gat" is an economical intermediary group that generally comprises of more than ten local men or women. The people of this group earn daily wages and a single person collects the savings from all of them. The collected money is then used to provide relief to any person, who has immediate needs to fulfill. In addition, the group members contribute regular savings for few months until they have sufficient funds to begin lending. In our country, numerous "mahila bachat gat" groups are connected with banks for effective delivery of small credit. The group members use this method to become economically stable, all by themselves. They employ peer pressure and collective wisdom to guarantee timely repayment and efficient end-application of a credit. This system removes the requirement for collateral as well as is tightly related to solidarity lending that is broadly employed by small finance institutions. A fixed interest rate is utilized for all loan calculations to simplify the bookkeeping system. Such "mahila bachat gat" groups are acknowledged as tools for different goals comprising birth control, enhancing school enrollment, growing leadership capacities among poor people, helping the needy ones and women empowerment. These groups lessen the gap between low caste and high caste members.
Mahila bachat gat is a self-help group that allows women to educate themselves, learn new things and enable themselves so that they no longer need to depend on others.
Some of its methodologies include:
* To learn procedures about banking
* To get habitual of saving small
* To get bank loans for the work that they want to do
* To achieve economic progress with self-confidence
* To make arrangements for extra income sources, like candle making, papad making etc.