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Corporation Bank opened a microfinance branch with an onsite ATM at Kothapet in Hyderabad on Saturday.
A bank release said here on Saturday that the basic objective of opening a microfinance branch is to help the weaker sections of society, especially women, through financial inclusion, micro-credit and financial literacy.
The other major areas of functioning of the microfinance branch will be direct lending to self-help groups, NGOs, microfinance institutions etc. It said the special focus of this microfinance branch in Hyderabad will be to address the banking needs of the urban poor.
Hyderabad branch is the fourth microfinance branch of the bank in the country, it said.
Mr M. M. Pallam Raju, Union Minister of State for Defence, inaugurated the new branch.
Mr Ashwani Kumar, Executive Director of the bank, presided over the function. Mr N.R. Shet, General Manager, Hyderabad Zone, was present on the occasion, the release added.
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