Historical Background
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Historically SMSSL has got its linkage with SWAYAMSHREE (SS), the first urban federation of women SHGs in the state which was created by the networking of groups to provide financial services for the members. It was strongly felt that the urban poor especially women living in various slums got easily exploited by the money lender in the informal sector for their financial needs. They also hardly accessed to formal financial institution for their much needed credit and other services. In view of that the self- help group model was chosen by the federation as an instrument for mobilizing financial and social capital and stretching out their ability for handling bigger issues affecting their life both in financial and non financial sector. It was envisaged that this institution, operating on the basic principles of self stimulating, caring, sharing and mutual help, build up women solidarity in a democratic manner right from the grass root level. |
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Economic development is always prelude to embarking upon any kind of development in the community. Considering microfinance as an important tool for poverty reduction, the federation-SWAYAMSHREE adopted that to address the financial service needs of urban poor vulnerable women in the informal sector economy who have limited or no control over the income. SWAYAMSHREE was initially established formally under the aegis of DFID aided CUSIP project of Cuttack Municipal Corporation in the year 1998. Having registered under SRA Act 1860 with Regd. No 15645-20, the federation started formally addressing financial service need of the urban poor. In 2002, after fedging out CUSIP project, CARE through its CASHE- microfinance program extended both technical and financial assistance to further strengthen the federation. The support form CARE-CASHE proved to be very instrumental for SWAYAMSHREE to build its systems & procedures and expand outreach to additional slums in the city. |
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At the end of 2006, the governing body of SWAYAMSHREE decided to separate its microfinance operation and transfer that to another entity. One of the main reasons was to institutionalize its microfinance programs into a Cooperative thereby to allow itself for mobilizing share and savings from its members legally. Accordingly a new entity namely SWAYANSHREE MAHILA SAMABAYA Ltd (SMSL) was created and registered under the Orissa Self-Help Cooperative Act’2001 in the year 2006. Since then SMS has been managing the microfinance portfolio and by now is fully involved in providing the need based financial services like savings, credit, insurance, pension etc to its members effectively. SWAYAMSHREE continues to render the credit plus or social and developmental services including legal aid and trainings for the members. The evolution process of SMSSL passed through the following phases;
Institutionalization of SMSSL:
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Thus, Swayanshree Mahila Samabaya Limited, a community based Microfinance organization, took birth as an offshoot of the federation with a view to providing financial services to urban poor and slum dwellers. Gradually When OSHC Act -2001 Was repealed By Govt Of Odisha In 2014 Swayanshree Mahila Samabaya Ltd converted to Swayamshree Mahila Sambaya Samiti Ltd OSC Act-1962. Since then the cooperative remains committed to provide financial services to its member clients and strengthen the movement for economic empowerment of urban and rural poor women. |
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Name of the Society |
Swayamshree Mahila Samabaya Samiti Limited |
Legal Entity |
Cooperative-Registered under SH Coop Act-2001/ OCS Act 1962 |
No & Date of Registration |
25/RCS/2006 dated-2/11/2006/10/RCS/2014/ Dated - 13/11/2014 |
Board of Director |
15 |
Geographical Areas |
Cuttack, Kendrapad, Khorda & Puri Districts |
Program/Services |
Microfinance-Savings, Credit, Insurance & Pension |
Networks & Partnerships |
Sa-Dhan |
Key Funding supports for MF |
SBI, SIDBI, ANANYA |