Fishing banks in India refer to the traditional savings and credit systems practiced by local fishing communities along the coastal regions. These informal banking systems have been an integral part of the fishing economy for generations.
In states like Kerala, Tamil Nadu, and Gujarat, fishing banks operate as community-based financial institutions where fishermen deposit their daily earnings and can access loans during lean fishing seasons. The system is built on mutual trust and community relationships.
These local banking systems help fishermen manage their irregular income patterns and provide financial security during monsoon seasons when fishing activities are restricted. The interest rates are typically lower than commercial banks, making them more accessible to the fishing communities.
Many fishing banks also offer insurance services and emergency funds for boat repairs, medical expenses, and family needs. This traditional financial model has been successfully supporting the livelihoods of Indian fishermen for centuries. |
