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Bank assists Indian village communities by providing solar power

Using solar energy to create viable livelihoods The Hindu, V. K. RAKESH REDDY , 22 June 12, Andhra Pragathi Grameena Bank uses a centrally-sponsored scheme for people in Obulapuram and surrounding villages

The sun, which is the one resource that is abundant in Anantapur district, is creating viable livelihoods for the poor of Anantapur district with visionary banking by the Andhra Pragathi Grameena Bank (APGB).

Pamidi town and mandal headquarters, which is famous for high sales of
garments such as jeans, night dresses for men and nighties besides
dhoties etc., has been a provider of livelihood for people in the
surrounding villages such as in Obulapuram village.

The scheme leverages solar power, turning around the partial and often
failing livelihoods of many families dependant on stitching nighties
for sustainable livelihoods, Regional Manager of APGB, Mohammed Khan,
said that the bank was using a centrally-sponsored scheme of renewable
energy ministry which provides for a subsidy of 40 per cent to those
who put to use solar energy for their lighting, heating and cooling
needs…..
The bank decided to provide for a solar panel and a battery which
would provide for uninterrupted power.

Besides this, the bank also made a study on the kind of machinery
being used and finding out which machinery drew more power than
required and decided to fund to replace the motors in those stitching
machines.

Appealing for many such weavers in the district to utilise the scheme,
he said that each unit under the scheme cost Rs. 27,000 and required a
10 per cent margin from the beneficiary while the rest is the loan
component at an interest rate of 11 per cent payable in 5 years.

Government subsidy

Besides, Khan said, the government was giving a subsidy of 40 percent
which meant that the beneficiary would not have to bother about paying
half the amount that the bank lends.

“Today, each of the beneficiary family stitches more than 50 nighties
earning more than Rs.250 which means an increase of more than Rs.4,500
per month per family,” said Mohammed Khan who also added that the bank
would come forward to fund any such family interested in leveraging
solar power for their benefit through innovative application of
existing schemes.
http://www.thehindu.com/news/states/andhra-pradesh/article3559668.ece

June 23, 2012 - Posted by Christina Macpherson | decentralised, India