Indian Bank Plans To Disburse Rs 20,000 Cr To SHGs

Chennai: Public sector Indian Bank has set a target to disburse Rs20,000 crore to Self Help Groups nationwide during the current financial year, an official said. The city-headquartered bank conducted a 'Mega SHG Credit Outreach Programme' in Bhubaneswar towards this vision. Government of India, Department of Financial Services, Secretary M Nagaraju, the bank's MD and CEO Binod Kumar and executive director Mahesh Kumar Bajaj were present on the occasion, a press release said on Sunday.

As part of a pan-India initiative by the Department of Financial Services, the programme in Odisha marks Indian Bank's contribution to the national mission of empowering one crore SHG Women with 'Credit Access,' the release said. A total of 9,961 Self Help Groups received sanction letters amounting to Rs509.91 crore providing financial support to grassroots women entrepreneurs on the occasion.

The event also aligns with the government's focus on 'Viksit Bharat 2047', aiming for an inclusive growth and women-led development, the bank said.