Hyderabad, Oct 2 (UNI) The Indian Bank has opened a Microsate branch for financing urban poor under Self-Help Group (SHG) concept.
After inaugurating the branch, Andhra Pradesh Chief Minister Y S Rajasekhara Reddy handed over a cheque for Rs 7.50 crore,representing the advance by the bank to 750 SHGs comprising 9,000 members in Greater Hyderabad Municipal Corporation (GHMC) area.
Indian Bank Deputy General Manager M Najumuddin said the branch would be exclusively catering to the needs of the SHGs in GHMC Area.
He said the financial assisance given to the groups ranged from Rs 50,000 to Rs five lakh depending on the savings of the groups.
The Microsate branch would focus mainly on SHG promotion of urban poor, SHG credit linkages, skill upgradation and product promotions.
The SHG programme had been successful in rural areas and now the need had arisen for the benefit of the SHG concept to be available to the poor living in metropolitan cities and urban areas, he said.
The groups would be eligible for interest subsidy by the state govenrment under 'Pavalavaddi' scheme, Mr Najumuddin said.