Foundation stone laid for 874 development works

Ariyalur: The Local Administration Minister, Mr M.K. Stalin, distributed revolving funds to the tune of Rs 10.80 crore to 28,671 self-help group members.

He laid the foundation stones for 874 development works to be taken up at an estimated cost of Rs 67.93 crore.

Mr Stalin also laid the foundation stones for the collectorate to be constructed here at a cost of Rs 16.23 crore, for the Jayamkondam Combined Drinking Water Supply Scheme to be executed at a cost of Rs 26.06 crore and also launched the e-district project.

Speaking on the occasion, the Minister said that the 3.70 lakh self-help groups in the State with over 59 lakh members had a total savings of about Rs 1,826 crore. The self-help movement in Tamil Nadu was serving as a model for the country and the SHGs have inspired the confidence of bankers through their good track record of repayment.

Indian Bank has advanced Rs 1,824 crore to about 2.57 lakh SHGs across the country till June 30, 2008, and of this, Rs 1,058 crore has been advanced to 1.46 lakh SHGs in Tamil Nadu.

This was ample proof for the confidence reposed on the SHGs by bankers, he said at the function.