BIRTH OF SANGHAMITHRA -A HISTORICAL PERSPECTIVE 

“SANGHAMITHRA”
(Friend of the Groups)
Download Annual Report of 2016 - 17

A saga of an Indian MCI which wants to 
“make a difference” by “doing things differently” 
   
 
1984-85

:

MYRADA ( a premier NGO of the Country) begins work on sags ( Self-help Affinity Groups) and Credit
1986
:

MYRADA & NABARD ( National Bank for Agriculture and Rural Development) work together on linking sAg's and credit; conducted several studies
relating to transaction costs of various models of credit delivery in the rural context.

1987
:

NABARD gives an R & D grant of Rupees one million to MYRADA to pilot the sAg concept of Banking with the Poor

1990
:

RBI announces formal recognition of "Group" as lendable entity

1991
:

NABARD issues guidelines to Banking industry to view sAg as a strategy for Banking with the Poor

1993 - 98
:

MYRADA continues to formalize sAg / Credit activities, and linking program with the formal Banking System - Particularly with the Regional Rural Banks.

1995
:

Idea for Sanghamithra as a Financial Institution for sAg linkage originated. (because of the inability - unwillingness (? ) - of the formal Banking System to reach out adequately to the Poor for somewhat valid and not-so-valid reasons). It was incorporated on February 15, 1995 as a Sec 25 Company, with liability of its Members limited by guarantee.

It was conceived to be
-Functioning as a Not-for-profit Organisation;  
-Working with the formal Financial Institutions and  
-Providing a template for others to follow  
   
 
1995 - 99
:

The new entity could not be operationalised owing to its desire to comply with all the statutory and regulatory provisions governing the operations of such non- banking financial entities before commencing its formal operations, towards which purpose it continued to do detailed and diligent preparatory work

1999
:

Sanghamithra signs an MoU with Canadian International Development Agency (CIDA)/ Developpement International Desjardins(DID) (the programme implementing & monitoring agency for CIDA) for funding its rural initiative with an initial contribution of CAD one million.

2000: Jan
:

RBI announces a new policy initiative exempting those companies

- Incorporated under Section 25 of the Indian Companies' Act, 1956,
- Engage exclusively in micro - finance business and
- Undertake not to accept public deposits

from having to get licensed under Sec 45 of the Reserve Bank of India Act.

2000 March
:

Sanghamithra is operationlised and the first loan of Rs. 10,000 given to an sAg in Chitradurga District in the State of Karnataka.

2000 Aug
:

Ms Rohini Nilekani, a philanthropic business woman of Bangalore, funds the Urban Programme unit with a grant for working exclusively with the urban poor - particularly in the slum areas in the Bangalore City Agglomeration Area.

2000 Oct
:

The first loan cheque is handed over to an urban sAg sponsored by Association for Promoting Social Action (APSA) - a partner SHPI, ( Self Help Groups Promoting Institution) in a Bangalore slum.

     
 

612, 1 C Main Road,
Domlur Layout 
Bangalore-560071. 
Ph.No : 91-80-25350301
Fax No: 91-80-25354708
Email: sanghamithra_rural@yahoo.co.in