Along with the task of lending capital and improving credit quality, over the past time, the Transaction Office of the Bank for Social Policies (VBSP) in Dien Khanh district has promoted capital mobilization in the form of savings through groups.
Along with the task of lending capital and improving credit quality, over the past time, the Transaction Office of the Bank for Social Policies (VBSP) in Dien Khanh district has promoted capital mobilization in the form of savings through groups. As a result, only in the first 2 months of this year, savings deposits through the groups have increased by more than 5 billion VND.
In 2019, Tran Thi Tuyet Van (Pho Thien village, Dien Phuoc commune) was lent 100 million VND by the Transaction Office of VBSP in Dien Khanh district under the new poverty line to raise cows and grow fruit trees. “Besides paying interest, every month, I saved money through the group. Up to now, I have saved 4.3 million VND so that my family can reduce the pressure to repay the loan when it is due for the final repayment period,” said Van.
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Savings and loans group led by Truong Thi May (Hoi Phuoc village, Binh Loc commune) has 45 members. When voluntarily joining the group, in addition to pledging to use the loan for the right purpose, the members of May's group are guided and propagated to participate in saving money. Thanks to that, on average, her team collects about 17 million VND in savings every month (each member sends from 300 to 400 thousand VND/month). Truong Thi May said: “In fact, when borrowers know how to save and use loans for the right purposes, the poverty escape rate is higher and more sustainable. Savings deposits will help borrowers gradually repay the debts and gradually form the habit of accumulating for the family.”
The VBSP's capital mobilization is currently carried out in two main forms: mobilizing savings deposits through and mobilizing deposits from residents. This locally mobilized capital has contributed to increasing capital and helping VBSP to take initiative in lending. To fulfill the target of mobilizing capital through groups, Dien Khanh District VBSP's Transaction Office has closely followed the regulations on capital mobilization and the State's mechanisms and policies for implementation; proactively advise the Board of Directors of the district VBSP to issue a document to request socio-political organizations receiving loan entrustment to review and mobilize union members and members to deposit savings at the unit. According to the report of the Transaction Office of VBSP in Dien Khanh district, the district has 340 savings and loan groups. Up to now, 100% of the group has mobilized members' voluntary savings deposits. During the transaction at the commune, VBSP staff not only performed the task of disbursing, periodically collecting principal and interest, but also propagandizing and guiding people to deposit savings, publicizing savings interest rates... Thanks to their efforts in propaganda and mobilization, annual capital mobilization at the District VBSP's Transaction Office have all achieved and exceeded the assigned targets.
As of February 19, savings deposits at Dien Khanh District VBSP's transaction office reached VND 69.4 billion; in which deposits through savings groups are nearly 31.2 billion VND, with 15,450 borrowers. Nguyen Thi Mai Thao - Director of the Transaction Office of VBSP in Dien Khanh district said: "In the first 2 months of this year, savings deposits through the group have increased by more than 5 billion VND compared to the beginning of the year. This is the highest growth rate ever. It shows that borrowers are increasingly aware of savings activities through groups, helping them to reduce the pressure of loan repayment when the final repayment period is due.
Mai Hoang
Translated by T.T
