Indian bank 'lends goats to customers'

A bank in India has reportedly been set up which uses live goats instead of money for savings and loans. Women in Korawan - situated around 70km from Allahabad - created the institution six months ago, Press Trust of India reports.

Subedar Singh said: "Prema and her friends hailing from Afrozi village have established a bank which deals exclusively in goats.

"We provide goats to women having interest in taking up breeding as a full-time activity as loan. When a goat gives birth to kids, generally two to three in numbers, one of them is deposited with the bank again."

Prema explained that the goats are medically examined every week, adding: "In case a goat dies, then it is either replaced from the market or from the bank depending upon the availability.

"Our effort is that every member of the bank has a capital of at least 20 goats so that they become self-reliant financially."


/Digital Spy/