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NEWS TODAY
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25.11.07
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| Indian Bank opens new branch at Tiruvanmiyur |
Indian Bank with a view to extend its reach to more customers has
launched its second Microstate branch at Lattice Bridge Road,
Tiruvanmiyur.
Inaugurating the branch, Electricity Minister Arcot N Veerasamy
said that the bank is doing yeomen service targeting the common
man more so the urban poor.
M S Sundara Rajan, chairman and managing director, Indian Bank
in his address said the bank is in the forefront in furthering
the SHG movement in the country.
The bank has so far credit linked more than 2.30 lakh Self Help
Groups to the tune of Rs 1545.48 crore. Indian Bank pioneered
the SHG concept in rural area by piloting a Women Development
project on the principle of SHG, way back in 1989 in Dharmapuri
District.
To meet the needs of the urban poor in Chennai, an exclusive
branch for Microfinance - Microsate branch was opened in May
2005 in Chetpet, Chennai. The branch has so far covered over
1,01,000 families in Chennai.
Following the success of this branch, six more branches were
opened in Patna, Vijayawada, Hyderabad, Nadiad (Ahmedabad),
Kollam (Kerala) and Kolkota during first half of the current
fiscal 2007-08.
So far 6982 groups were given a credit of Rs.56.42 crore through
these Microsate Branches. These branches, apart from catering
to the credit needs of the urban poor, also provide non-credit
services like training, counseling and marketing.
The bank has plans to open four more Microsate branches in Bhubaneshwar,
Delhi, Pune, and Bangalore before Dec 2007.
A Subramanian, executive director, Indian Bank in his welcome
address said that the Microsate II Branch in Chennai will serve
the Self Help Groups formed in the neighbourhood of Mylapore,
R A Puram, Teynampet, Besant Nagar, Adyar, Tiruvanmaiyur, Indira
Nagar, Velacherry, Taramani, Siruseri, Sholinganallur and nearby
areas.
Credit assistance to 1030 groups to the tune of Rs 10.21 crore
was on the occasion. Besides, scholarships to 1,846 children
of Self Help Group members amounting to Rs 10. 38 lakh for pursuing
their education were disbursed under Janashree Bima Yojana.
Apart from direct loans to the groups, tailor made loan products
such as Vidya Shoba— an educational loan scheme for the wards
of SHGs, Grihalakshmi— a housing loan scheme are being implemented
for the benefit of members of SHGs.
A life insurance scheme (Janashree Bima Yojana) and a Health
Insurance scheme (Universal Health Care Scheme) at low premium
has been introduced by the Bank for the benefit of members of
SHG.
K Natarajan, deputy general manager and circle head was also
present.
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