HDFC Bank launches its first SHG-Dedicated branch at Coimbatore
Coimbatore: HDFC Bank launched its first branch dedicated to provide funding to Self Help Groups at Thudiyalur village near here today.
Five SHGs were given the initial fund of Rs 1.20 lakh and above to start their business, like garment making, manure manufacturing and bed and pillow making.
Harish Engineer, Executive Director of the Bank, told reporters it was proposed to open six more SHG-dedicated branches across the country within one year.
The primary focus of these branches would be to provide micro-finance to SHGs, said N S Kishore Kumar, Executive Vice-president and All India Head (micro-finance) of the Bank.
On helping SHGs market their products, he said the Bank would suggest and recommend to the big corporates to purchase the products of SHGs, to give an impetus to the movement.
About expansion of Bank branches and ATMs, Engineer said RBI has approved and given permission to open 100 more branches and ATMs across the Country, which would be executed within six months.
