TAMBARAM: The rate of recovery of loans given to women’s self-help groups and the weaker sections is satisfactory, M.S.Sundara Rajan, Chairman and Managing Director of Indian Bank, said on Friday.
Talking to reporters after the inauguration of the bank’s branch at Medavakkam near Tambaram, he said the recovery rate was 99.5 per cent. The SHGs and the weaker sections who borrowed were reliable, he said.
ATM opened
The new branch and an ATM were inaugurated by S.Ashok Kumar, Madras High Court Judge.
Mr. Sundara Rajan said the bank had extended Rs.115.86 crore in loans to more than 12,000 SHGs.
Another important task of Indian Bank was to make sure that at least one member in each family had a bank account.
In Cuddalore district, all the households had at least one bank account.
The aim of such schemes was to protect the weaker sections from moneylenders. Opening branches in places such as Medavakkam was in line with the bank’s policy of catering to the needs of farmers and traders in rural areas.
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