In a bid to reduce the dependence of small businesses and self-help groups on informal credit sources, the Indian Bank, a public sector bank based in Chennai, handed over sanction letters worth ₹1,011 crore to women from across Tamil Nadu during a Mega Self Help Group Credit Outreach Programme held at Tamukkam Convention Centre.
Speaking on the occasion, M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, said that access to capital for livelihood activities is crucial. “Such initiatives not only reduce their dependence on sources of informal credits, but also help inclusion into the formal financial ecosystem,” he observed.
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Indian Bank Managing Director and CEO, Binod Kumar, Executive Directors Ashutosh Choudhury, Shiv Bajrang Singh and Brajesh Kumar Singh were also present on the occasion.
Indian Bank has so far assisted 5.09 lakh self-help groups benefitting more than 60 lakh women, said a press release by the bank.
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