Current Affairs - State - Discussion

The Kerala Governement launhed an ambitious micro-finance programme in the co-operative sector to help ordinary people who are being exploited by private financiers charging exorbitant interest rates for loans. It is a joint initiative of cooperative banks and Kudumbashree (women neighbourhood network). They have launched the proposed scheme, titled 'Muttathe Mulla'. Under the initiative, Cooperative banks would give away micro-finance loans to 'Kudumbashree' at an interest rate of 7 per cent, which members of the neighbourhood network can avail at an interest rate of 12 per cent instead of 37-72% interest for mico loans that the private lenders are giving.