Rashtriya Mahila Kosh (RMK)

Rashtriya Mahila Kosh – RMK – The Rashtriya Mahila Kosh was first established by the government of India in the year of 1993, March. It is an autonomous body under the ministry of women and child development programme. The Rashtriya Mahila Kosh was registered under the scheme of societies registration Act 1860. The society has expanded its microcredit to poor and underprivileged women by the way of collateral free, quasi-formal delivery mechanism. As the NGOs, women cooperatives, federations etc, act as intermediaries for this groups. As the union budget has proposed this microfinance scheme to be converting it into a non-banking financial company (NBFC) in the year 2012-2013.

Objective:

The aims and objectives of the Kosh are to undertake the activities performed by the promotion of credit as an instrument of socio-economic change and the welfare development through the provision of a package of finance and social development services. And to demonstrate the scheme and development which will replicate participatory approaches in the organization of women’s group for their effective utilization of the credit money lend from the micro-financing scheme. To promote research, study, documentation, and analysis of the scheme. The documentation and analysis have been done to promote the federation and networking of the women all over the country. The organizations were formed after the shaping and exchange of experience and information by the development only. The information will be provided based on the development skills of the management and social mobilization, to take part of the promotion and support the expansion of entrepreneurship skills. This skill was among women and promote the support of grassroots level of the societies and organizations. The other information of the participatory structures for providing for women effective access to decision making.

Benefits of the Scheme:

The RMK was set up by the government of India 1993 as a national level organization to give the credit need to the poor and asset fewer women in the formal sector. The benefits will be given only to the eligible women as a citizen of India. Those who are in need only can apply for this finance scheme offer as per the guidelines of the government.

Loan Promotion
Main Loan Scheme.
Revolving fund scheme.
Refinance Scheme.
Repeat Loans.
Franchisee Scheme.
Housing Loan Scheme.
Family Loan Scheme.
Working Capital Term Loan

Rashtriya Mahila Kosh is extending the scheme to its IMO network across the country and also it is involved in building the capacity with the help of other support services through partnerships. Those organizations applying for loans from Rashtriya Mahila Kosh have to fulfill certain eligibility norms.

Applying for Rashtriya Mahila Kosh

The RMK extends the microfinance scheme to the poorest and asset fewer women entrepreneurs with the help of intermediary organization (IMOs) for income generating activities @ interest rate of 6% its very less interest rate. Which will, in turn, extend the loan to SHGs beneficiaries up to 14% rate of interest.

The receipt of any loan application form the NGOs will have a preliminary appraisal. Further, if any documents or information needed applicant is requested to submit the required documents, to get the loan appraised.
At this next stage, a decision will be taken either to refer it to the pre-sanction study by the RMK officials or they can decline the proposal.
So those who have to meet the eligibility criteria framed by the RMK and also have the receipt of all required documents/ information, a pre-sanction study will be conducted by the RMK officials.
At the time of the pre-sanction study, the RMK officers will be visiting the organization, they will check all the books and registers of the organizations. Such as cash book, general ledger vouchers etc. So based on the information gathered on the checking, the officers will prepare the Pre-sanction study report.
After the preparation of the appraisal note about the organization, the concerned Deputy Director for placing the same before the competent authority.
The competent authority will be considering the all relevant facts about the case on the appraisal note.
On receipt of necessary documents i.e, disbursement certificate, utilization certificate etc will be available and the post-sanction monitoring is conducted by the RMK officers to verify the end use of funds and the quality of utilization of funds and adherence to all the terms and conditions of sanction letter with the quality of utilization of funds.
The women will be benefited out of the 1^st installment of the loan. In case of any misutilization/ misappropriation, RMK can also recall the loan.
They can also take a legal action under the Section 138 of Negotiable Instrumental Act. Although the civil suit and other recovery proceedings will be taken on the person also the defaulting NGOs are blacklisted from availing the future benefits of any central/ state government agency.

So, this is the following things and checkups will happen once you applied for this RMKs scheme.

Important Links:

http://pib.nic.in/newsite/PrintRelease.aspx?relid=124102

http://rmk.nic.in/