UBI enters MFI arena in state

Nov 23, 2010 |

Correspondent

State-owned Union Bank of India (UBI) made its maiden foray into the micro-credit arena on Monday with the launch of a new scheme covering 20 mandals in Andhra Pradesh, a state where microfinance activities were hitherto the preserve of private companies.
“We have decided to lend 20 mandals about `50 lakh each and we would extend this to about 100 mandals in this fiscal, which will be about `50 crore by way of cash credit facility. This is in addition to Self Help Group (SHG) financing that is taking place in the state,” UBI chairman and MD, Mr M. V. Nair, said. State rural development minister, Mr Vasanth Kumar Vatti, was also present on the occasion.

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