Current Affairs - Banking - Discussion

State Bank of India and Nabard have signed an agreement with five NGOs in Bengal for the promotion of 2,500 joint liability groups (JLGs). JLGs are informal groups of 4-10 members engaged in similar economic activities and willing to jointly undertake the responsibility to repay loans taken by the group from a bank. Nabard has fixed a target of credit linking 80,000 JLGs in West Bengal in 2017-18. It has sanctioned assistance for the promotion of 60,000 JLGs by various NGOs in the State through 339 projects in different districts.