| Indian Bank Microsate Branch Opening ******************************************************************** |
Satin's Chairman Cum Managing Director "Mr. H.P Singh" was invited to participate on the inauguration occasion of 1500th branch of Indian Bank wherein he has been given with a sanction letter of term loan of Rs 10 crores by "Hon'ble Union Finance Minister" Sh. P. Chidambaram in the presence of Mr. M.S Sundara Rajan, Chairman Cum Managing Director of Indian Bank to expand the microfinance operations in Urban area on 31-12-2007. The purpose and function of that branch is to cater the needs of SHGs formed in Delhi Metropolitan area, besides financing MFIs/NGOs for on lending to SHGs/JLGs promoted by them. It was the 9th microsate branch as well as 1500th branch of Indian bank |
She received a loan of Rs 10,000 with an 18% annual interest rate which she recognized was much less than other local moneylenders. She invested this money in stock for her grocery shop and is now earning substantially more money from the shop.