ICICI aiming to incease lending to women self help groups
India's leading private sector bank, ICICI has said that it is planning is increase lending to women self help groups in the country.
The banking giant said that it is targeting to more than double its cumulative disbursements to Rs. 2,500 crore to women self help groups (SHGs) within the next financial year.
Managing Director and Chief Exective Chanda Kochhar said, "We started lending to SHGs 30 months ago, and have disbursed around Rs. 1,000 crore till now. We are targeting to take the cumulative disbursements under the programme to Rs. 2,500 crore by March, 2015."
The bank said that more than 70,000 SHGs across 164 districts in seven States had borrowed from the bank helping around one million women. Kochhar said that the bank is trying to reach 2 million by 2014-15. The bank is currently lending 14 per cent per annum to SHGs for one to three years. The bank disbursed Rs. 330 crore in 2012-13 and it is now expected to rise to Rs. 850 crore.