A co-operative credit union in Gournadi upazila is being dubbed “the bank of the deprived” as it is helping poor people to reverse their fortunes through the dispensing of timely loans. From its humble beginnings in 1990, Nolchira Co-operative Credit Union has grown into a 2,500-member-strong union with Tk10 crore of capital and tangible assets worth Tk3 crore. Nasiruddin Bali, from the same village, was unemployed in 1999 when he and his wife Chameli Akter became members of the union. Nalchira Co-operative Credit Union President Mohammad Shah Alam Hawladar told the Dhaka Tribune that only 32 members established the union with capital of only Tk640. When a member of the union dies, the family gets cash grants instantly and 12% additional cash against the deposit.

Source: Dhaka Tribune February 22, 2018 18:45 UTC