West Bengal leads in micro savings of Self Help Groups

West Bengal leads in micro savings of Self Help Groups

West Bengal is known for mobilising the highest number of small savings accounts. Living up to the reputation, the state has maintained its lead too in terms of micro savings of self help groups (SHGs).

Even states like Andhra Pradesh, Tamil Nadu and Karnataka -- where the SHG movement flourished the most -- are behind West Bengal in this regard. This is according to the latest micro-finance report published by the National Bank for Agriculture & Rural Development (Nabard).

According to the latest statistics, the average savings per group is the highest in West Bengal. As on March 31, 2009, the 6,09,439 groups in the states have collectively deposited Rs 1233.28 crore in banks, showing an average savings of Rs 20,235 per group.

By contrast, Andhra Pradesh has 12.81 lakh groups with a total Rs 1191.93 crore of savings. Tamil Nadu and Pondicherry collectively have 7.30 lakh groups with Rs 577.31 crore worth of deposits, while Karnataka has over 4.57 lakh SHGs with Rs 566.87 crore of deposits in banks.