52. Microfinance

I was serving in a nationalised bank as a Senior Executive when I was inspired by Swamiji and His mission of uplifting people at all levels – personal, social, spiritual… So after retirement I became an ashramite in March 2008.

In order to help the poor to raise their standard of living I started work on a microfinance institution and sought the blessings of Swamiji who blessed this project as NITHYANANDA LAKSHMI.

Microcredit is the extension of very small loans (microloans) to those in poverty designed to spur entrepreneurship. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit. Microcredit is a part of microfinance, which is the provision of a wider range of financial services to the very poor.

NITHYANANDA LAKSHMI will extend microcredit to the poor through self-help groups in Southern India – Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. To begin with, 50 self-help groups have been identified in and around Bidadi. They are aimed at imparting entrepreneurship training in village crafts to the women members of the groups and providing them the habit of thrift and knowledge of productive skills. Before the end of 2010, 1000 groups are targeted to be active under NITHYANANDA LAKSHMI. Through this initiative, the physical and intellectual needs of the people at the grassroots level will be addressed which will then take care of the spiritual needs of people.

• Sivaguru, Retd. Banker