ANDHRA PRADESH

10 cr. loans to SHGs from Andhra Bank

Staff Reporter

Banks given loan quotas by government under social responsibility programme

KARIMNAGAR: As part of the social responsibility programme, the Andhra Bank has distributed Rs. 9.4 crore to about 208 women self-help groups belonging to weaver community of Sircilla textile town under the Total Financial Inclusion (TFI) scheme in Karimnagar district. Disclosing this to newspersons here on Saturday, Andhra Bank Karimnagar zone deputy general manager A.S. Prabhakar said that the bank would be disbursing the remaining Rs. 60 lakhs to the SHGs in Sircilla and completes the target of Rs.10 crore .

Government order

He said that the government had set a target of distributing Rs. 50 crore to the women SHGs of Sircilla under TFI scheme and allocated targets to various banks including Andhra Bank’s Rs. 10 crore.

Mr. Prbhakar said that the pavalavaddi scheme was a boon to the women SHGs of Sircilla as they can easily repay their loans taken under TFI scheme within three years and get rid of private micro finance companies, who extort high interest rates and burden the weaving community. He said that the bank had disbursed about Rs. 140 crore to about 21,520 women belonging to SHGs in Karimnagar, Nizamabad and Adilabad districts of Karimnagar zone during this financial year.

Gold coins

Giving details about the achievements of the Andhra Bank in the zone, he said that they had done a business of Rs. 3,900 crore till date and planning to achieve a business of Rs. 4,250 crore by the end of this year.

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