RMK extends microfinance to the poorest and asset less women entrepreneurs through Intermediatroy Organisations (IMOs) for income generating activities @ 6% simple interest who in turn extend the loan to SHGs beneficiaries’ upto 14% simple rate of interest.
The existing mechanism for effective implementation of various schemes of RMK is as under:
i. On receipt of any loan application from the NGOs, a preliminary appraisal is made. If any additional documents/ information is required from the applicant side, a query letter is raised. After receipt of full set of documents, the loan is then appraised.
ii. At this stage, a decision is taken as to either refer it for pre-sanction study by the RMK officials or to decline the proposal.
iii. For those proposals which meet all the eligible criteria framed by RMK and after receipt of all required documents / information, a pre-sanction study is conducted by RMK officials.
iv. During such pre-sanction study, the RMK Officers visit the organization, check all the books and registers such as Cash Book, General Ledger, Vouchers etc. They also visit the Self-Help Groups (SHGs) promoted by the organization, interact with SHG members. Based on the feedback / information collected during the field visit, the officers prepare the Pre-sanction study report.
v. After this report, an appraisal note is prepared by the concerned Deputy Director for placing the same before the Competent Authority.
vi. The Competent Authority, after considering all the relevant facts of the case as contained in the Appraisal note, sanctions or defers the proposal for submission of further details or declines it. The applicant NGOs is conveyed the decision of the Competent Authority.
vii. After sanction of the loan by the Committee, RMK conveys the sanction to the NGOs containing all terms & conditions of the sanction.
viii. On receipt of necessary documents viz. disbursement certificate, utilization certificate, etc., the post-sanction monitoring study is conducted by the RMK officers (other than the one who had under taken the pre-sanction visit) to verify the end use of the funds, adherence to the terms & conditions of the sanction letter and quality of utilization of funds.
ix. During the Post Sanction Visit, RMK officials verify the related records, entries in books etc.
x. The women SHGs benefited out of the 1st installment of loan are also visited at random by RMK officials to verify the assets created out of RMK loan. In case of misutilization / misappropriation, RMK can also recall the loan.
xi. If the borrowers default, necessary legal action under Section 138 of Negotiable Instrumental Act, filling of Civil Suit and other recovery proceeding through appointment of Arbitrator are taken. Simultaneously the defaulting NGOs are blacklisted whereby they are debarred from availing any sort of grants or aid by any Central / State Government agency.
This information was given by the Union Minister of Women and Child Development, Smt Maneka Sanjay Gandhi in reply to a starred question in the Lok Sabha today
The existing mechanism for effective implementation of various schemes of RMK is as under:
i. On receipt of any loan application from the NGOs, a preliminary appraisal is made. If any additional documents/ information is required from the applicant side, a query letter is raised. After receipt of full set of documents, the loan is then appraised.
ii. At this stage, a decision is taken as to either refer it for pre-sanction study by the RMK officials or to decline the proposal.
iii. For those proposals which meet all the eligible criteria framed by RMK and after receipt of all required documents / information, a pre-sanction study is conducted by RMK officials.
iv. During such pre-sanction study, the RMK Officers visit the organization, check all the books and registers such as Cash Book, General Ledger, Vouchers etc. They also visit the Self-Help Groups (SHGs) promoted by the organization, interact with SHG members. Based on the feedback / information collected during the field visit, the officers prepare the Pre-sanction study report.
v. After this report, an appraisal note is prepared by the concerned Deputy Director for placing the same before the Competent Authority.
vi. The Competent Authority, after considering all the relevant facts of the case as contained in the Appraisal note, sanctions or defers the proposal for submission of further details or declines it. The applicant NGOs is conveyed the decision of the Competent Authority.
vii. After sanction of the loan by the Committee, RMK conveys the sanction to the NGOs containing all terms & conditions of the sanction.
viii. On receipt of necessary documents viz. disbursement certificate, utilization certificate, etc., the post-sanction monitoring study is conducted by the RMK officers (other than the one who had under taken the pre-sanction visit) to verify the end use of the funds, adherence to the terms & conditions of the sanction letter and quality of utilization of funds.
ix. During the Post Sanction Visit, RMK officials verify the related records, entries in books etc.
x. The women SHGs benefited out of the 1st installment of loan are also visited at random by RMK officials to verify the assets created out of RMK loan. In case of misutilization / misappropriation, RMK can also recall the loan.
xi. If the borrowers default, necessary legal action under Section 138 of Negotiable Instrumental Act, filling of Civil Suit and other recovery proceeding through appointment of Arbitrator are taken. Simultaneously the defaulting NGOs are blacklisted whereby they are debarred from availing any sort of grants or aid by any Central / State Government agency.
This information was given by the Union Minister of Women and Child Development, Smt Maneka Sanjay Gandhi in reply to a starred question in the Lok Sabha today
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