It has credit-linked over 1.75 lakh groups in the country
SALEM: The Indian Bank has registered an average annual growth of 40 per cent in the loans provided to the self-help groups, Bank Chairman and Managing Director M.S. Sundara Rajan has said.
The bank has credit-linked over 1.75 lakh groups in the country. A majority of them belong to south India. The total SHG loan is expected to cross Rs. 1,750 crore in the coming years, he told mediapersons after inaugurating a microstate branch, a micro-finance branch established exclusively for the SHGs, here on Wednesday.
Mr. Sundara Rajan said the recovery rate for SHG loans stands above 99 per cent. The bank had planned to open 12 more exclusive micro-finance branches in different parts of the country within May.
The bank had already opened 16 branches. It also planned to open 100 more biometric ATMs for the benefit of SHG members. The bank already has 14 such ATMs. The number of Indian Bank branches would also be increased, he added.
The bank would provide more thrust for the development of self-help groups. The micro-finance branches would provide guidance to the SHG members on various aspects, he said.
The bank was expected to register 17 per cent growth in deposit mobilisation and 30 per cent in advances in the current fiscal, he added.
The bank opened a self-employment training institute to conduct vocational training programmes for youth from rural areas. Mr. Sundara Rajan inaugurated the institute, which was established at a rented building in Kondalampatti bypass, on Wednesday.
The institute would provide training on various trades to the youths free of cost. Boarding and lodging facilities would also be offered to the candidates free of cost.
The objective was to equip the youths with skills and enable them to establish micro and small units to enhance their quality of life. “This is an important initiative of the bank and similar centres will be opened in Chithur and Puducherry shortly. The bank will consider opening more institutes depending on the response from the public,” he said.
The bank would invite experts from various fields to conduct classes and provide hands-on training to the candidates. The bank would build permanent buildings for the institute after identifying a suitable site. A district-level advisory committee was formed to monitor the functioning of the institute. The Chairman appealed to the people to make full advantage of the services offered at the institute.
Bank Deputy General Manager R. Mahadevan, Assistant General Manager S. Valliappan, District Lead Manager S. Natarajan, Institute Director A.K. Palanivelrajan and senior officials were present during the function.