Minister launches Stree Nidhi digital recovery app
Vijayawada: Minister for MSME and SERP Kondapalli Srinivas on Thursday launched Stree Nidhi Recovery App in Vijayawada.
Stree Nidhi, which plays a crucial role in providing timely and affordable credit to the poor SHG members to alleviate poverty, has initiated digital process to repay the loans for their benefit.
Stree Nidhi has taken steps to provide necessary loans to poor women within 48 hours through modern technological methods like mobile technology and biometrics, in collaboration with government, banks, and other financial institutions. To accelerate the loan repayment process, ensure financial transparency, and enable beneficiaries to achieve progress in payment security, Stree Nidhi and Union Bank of India have jointly developed a digital app named 'Stree Nidhi', informed Stree Nidhi managing director Hariprasad.
Speaking on the occasion, Minister Srinivas, the chief guest, stated that due to illiteracy, rural women waste a lot of time making traditional repayments of their loans. Additionally, lack of understanding of financial transactions and clarity on how much they have repaid can make them cheated, potentially increasing their financial burden.
Considering these factors, the Minister expressed delight that Stree Nidhi is moving towards modern technology to accelerate the financial progress of rural women and protect them from falling prey to microfinance. He added that providing the facility for payments through the Stree Nidhi App, in a digital format, will benefit the beneficiaries. He congratulated the banking partners, who collaborated through CSR funds to implement the App.
Union Bank General Manager Bhaskar Rao expressed happiness at Union Bank being a partner in the digital payment app.
SERP CEO Vakati Karuna stated that Stree Nidhi is an integral part of the SERP organisation and contributes to the financial development of poor women in rural and urban areas.
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