The Meghalaya Cabinet today approved the establishment of the Pla Tangka Cooperative Society (PTCS)—a pioneering women-led apex financial cooperative society aimed at strengthening the financial ecosystem for Self-Help Groups (SHGs) across the state. This initiative, led by the Department of Community & Rural Development (C&RD) in partnership with the Centre for Research in Schemes & Policies (CRISP), has the potential to revolutionize rural financial inclusion and build economic resilience in Meghalaya.
Addressing the media in the aftermath of this decision, Meghalaya Chief Minister Conrad K Sangma said, “Since 2018, the financial ecosystem surrounding Self-Help Groups (SHGs) in Meghalaya has seen a remarkable transformation. The capital available through the SHG network has grown from ₹40 crores in 2018 to over ₹1,000 crores today. Given that the ₹1,000 crores is already contributing significantly to Meghalaya’s GDP, PTCS will be a game-changer for rural economic development”.
He added, “One of the biggest advantages of PTCS is that it will ensure easy and direct access to funds, eliminating the need for SHGs to go through the lengthy and complex processes of applying for loans from commercial or cooperative banks. This model will act as a financial intermediary, specifically designed for SHGs, making credit readily available and fostering entrepreneurship at the grassroots level”. With this, Meghalaya has become the 4th state in India, after Rajasthan, Andhra Pradesh and Telangana to institutionalize this model. It may be mentioned that this decision is a follow up to the recent Cabinet Retreat held in Sohra wherein a decision was taken to strengthen the SHG women members and ensure they become financially independent.
