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ICICI Bank has crossed a milestone by supporting 17 lakh women beneficiaries in Tamil Nadu through the ‘Self-Help Group-Bank Linkage Programme’ (SBLP), which aims at empowering less privileged women to become self-reliant.
According to an official statement, the programme focuses on delivering financial products and services to the section of rural people who lack access to formal banking. As part of the programme, the bank has extended loans worth nearly Rs 4,300 crore to over 1.3 lakh SHGs since its inception in 2011, making it the largest private sector lender to SHGs in Tamil Nadu.
Nabard has recognised the bank’s efforts, awarding it the first prize among ‘Private Sector Commercial Banks’ for ‘Excellence in Performance’ under SBLP in Tamil Nadu for the third consecutive year.
A bank statement quoting Avijit Saha, Senior General Manager & Head, Rural & Inclusive Banking Group, ICICI Bank, said, “We at ICICI Bank believe that women are the backbone of every household. In Tamil Nadu, women residing in rural and semi-urban locations have showcased an inspirational entrepreneurial spirit. This reaffirms our belief that access to financial assistance from the bank will help them participate in the economic development of the country and achieve financial security. We would focus on SHGs whose members are engaged in livelihood generating activities - be it on or off the farm – and thereby provide financial assistance in scaling up their economic enterprises. By the end of FY’20, the bank intends to expand its reach to over 25 lakh women beneficiaries with cumulative loan disbursements worth more than Rs 7,000 crore.”
Self-Help Group (SHG) is a term used for a group of 10-20 less privileged women, primarily from rural and semi urban areas, who pool their resources on a periodic basis and use this money for income generating activities such as agriculture and allied activities, production of incense sticks, sarees and textile weaving, production of food materials like papad, running toy and flower shops at temples, trading artificial jewellery, tailoring and trading in fruits and vegetables, among others.
The bank provides door-step banking services to SHGs, eliminating the need for them to visit the branch. The bank representatives submit the loan applications and the details of the SHG to the bank from the field digitally using a tablet, in a paperless manner, which cuts down the turnaround time. This reduces transaction costs for the customers.
ICICI Bank performance in SBLP across Tamil Nadu has also been recognised by the District Collectors of 12 districts including Ramanathapuram, Cuddalore, Madurai, Kanyakumari, Villupuram, Ariyalur, Dharmapuri, Namakkal, Tuticorin, Trichy, Tiruvannamalai and Tirunelveli.
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