Posted: 05/12/2008
Many excited faces welcomed the distinguished guests to the Asha centre at Kalkaji slum for the fourth presentation of microcredit loans. 59 new loans were awarded to residents from four different Delhi slums. The loan scheme, initiated by Asha and administered by the Punjab National Bank, has already transformed the lives of many slum dwellers by allowing them to improve their businesses or extend their houses. The loans have also been made available to students wishing to attend college but lacking the financial means to do so.
Mr R.K Dubey (General Manager, Punjab National Bank), Mr Freddy Martin (Asha Associate Director) and Dr Kiran Martin (Asha Founder Director) present a loanee with her papers
The excellent rate of on-time loan repayments from previous recipients has encouraged Punjab National Bank to extend the reach of the scheme. Asha and the bank are also promoting healthy saving habits among slum dwellers by helping them to open bank accounts. The bank has also suggested placing ATM machines in Asha centres to give slum dwellers more convenient access to their accounts. When you consider that only a year ago banks were reluctant to view slum dwellers as potential customers at all, it is clear just how far we have come.
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Punjab National Bank Executives and Dr Kiran Martin listen to a representative of the recipients talk about how the loans will improve their lives
The December presentation featured speeches from Dr Kiran Martin of Asha and Mr R.K Dubey, General Manager of Punjab National Bank before the loans were presented by senior representatives from Asha and the bank. Following the official presentation, the banking executives spent time meeting with college students who have already benefited from educational loans.
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Punjab National Bank General Manager R.K Dubey speaks to college students who have benefited from educational loans
Plans are already underway to increase the scope of the scheme in 2009.
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Over the last years I've learnt so much. Now I'm studying at Delhi University, and I'm hoping to be a journalist. Thanks to Asha, I have the kind of life and opportunities that most people in slums would never dream of.
Usha, Ekta Vihar
