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Money & Banking - Credit Market


Banks awarded for SHG lending in AP

Our Bureau

Visakhapatnam , Jan. 30

COMMERCIAL banks in Andhra Pradesh are competing with one another in lending to self-help groups (SHGs) run by women, as the recovery rate is high at 95 per cent, according to Mr M. Najumuddin, Assistant General Manager of Indian Bank, Visakhapatnam circle.

Mr Najumuddin told a press meet here on Friday that Indian Bank, Andhra Bank and State Bank of India were given special prizes earlier this month in Hyderabad by the President, Dr A.P.J Abdul Kalam, for their performance on the front. He received the prize, instituted by the National Agricultural and Rural Development Bank (Nabard), from the President.

He said the Visakhapatnam circle of the bank had lent Rs 268.78 lakh to 1,137 groups during 2002-2003 and Rs 355.02 lakh to 1,000 groups till now during the current financial year.

The bank would lend to 200 more eligible groups during the current year, though the target had been achieved by the end of December itself.

More Stories on : Credit Market | Andhra Pradesh

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