Indian Bank, one of the largest public sector banks in India, recently announced its plans to open four additional branches exclusively for microloans across India by the end of 2007. These “Microstate” branches will be opened in Bhubaneswar, New Delhi, Pune and Bangalore and will augment the 12 existing Microstate branches which have already credit-linked approximately 230,000 self help groups (SHGs) to USD 388 million (INR 1545.48 crore). In addition to providing credit to the urban poor, the Microstate banks provide non-credit services such as training, counseling and marketing assistance.
Through the Chennai branch that opened in 2005, the bank has credit-linked approximately 7,000 SHGs to USD 14.2 million (INR 56.42 crore). A second Microstate branch was opened in Chennai in late 2007. This second branch in Chennai caters to SHGs in Mylapore, RA Puram, Teynmampet, Besant Nagar, Adyar, Tiruvanmaiyur, Indira Nagar, Velacherry, Taramani, Siruseri, Sholinganullur and nearby areas.
Indian Bank was founded in 1907 and is headquartered in Chennai. The bank is owned by the Indian government, and it has over 220,000 employees working in 1,400 branches throughout India. In 2007, the bank reported total assets of USD 910 million (INR 3621 crore). Under the leadership of chair and managing director Sundara Rajan the bank has opened six additional Microstate branches in Patna, Vijayawada, Hyderabad, Nadiad (Ahmenabad), Kollam (Kerala) and Kolkata.
Additional Resources:
Business Standard: “Indian Bank plans 4 Microstate branches.”
Indian Bank
Indian Bank: Corporate Profile
Similar Posts:
- MICROFINANCE EVENT: Global SME Finance Forum; September 12-14, 2023; Mumbai, India
- MICROCAPITAL BRIEF: 60 Decibels Microfinance Index Data from 32 Countries Indicates Higher Confidence Among Group Borrowers, Greatest Debt Burden in Cambodia
- MICROCAPITAL BRIEF: Annapurna Finance Borrowing $25m from responsAbility to Boost Renewable Energy, Energy-efficiency in India
- MICROCAPITAL BRIEF: Activists Block Access to 3 Microfinance Institution Branches in Nepal, Accusing MFIs of Causing Over-indebtedness
- MICROCAPITAL BRIEF: SBFC Raises $18m from Amansa for On-lending to Small Businesses, Households in India