Srinagar:  During the co-operative week celebrated from November 14th to November 20th, women co-operative movement in India will gain further grounds as two branches of women credit co-operatives will be launched simultaneously at Lal Mandi in Srinagar and near Cooperative Super Bazar Islamabad.

This was stated by Shahida Khanam, Nodal Officer, Women Credit Cooperative Limited, in a meeting on Wednesday. "All the formalities are completed and the Credit Cooperative is ready to be launched next week, that is also celebrated as the Cooperative Week," she said.

The beneficiaries will be selected through a draw, and two females each from Srinagar and Islamabad districts will get an amount of Rs. 10,000 as loan. There will be a repayment moratorium for six months on this loan.

This co-operative movement will be further extended to other districts like Pulwama, Kupwara and Budagam till March next year. The expansion will witness six more beneficiaries getting a similar loan.

Nighat Shafi, Chairperson Women Credit Cooperative said, "We are ready to start the Women Credit Cooperative Society. The objective of the Cooperative Society is to provide loans to women who are in need of it.Women from the elite family should deposit at the cooperative so that benefit of the money deposited trickles down to the needy. Money kept in the bank will be utilised for empowerment of widows and orphan girls. Besides, financial aspect it is also a charitable concept that the money kept as fixed deposit will be utilised for empowering women."