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Indian Bank to open 12 new branches for SHGs

Indian Bank has announced that it is planning to open 12 new branches to provide microfinance to self-help groups across India in the next one year, according to the Business Standard.

The opening of the new branches will bring the number of Indian Bank branches devoted to self-help groups (SHGs)to 24.

According to media reports, the bank will open its first branch in Dharmapuri district in Karnataka, India. The district is also the place where the bank opened its first branch in 1989.

The bank’s executive director A Subramanian was quoted as saying that they are waiting to get the approval of the Reserve Bank of India, which most probably will take place in a few days time.