ICICI Bank, India’s largest private sector bank by consolidated assets, will support women beneficiaries through its programme for Self Help Group (SHG) in Odisha. This initiative, which is a part of the bank’s financial inclusion programme, aims at empowering less-privileged women to become self-reliant. This includes opening basic savings accounts for SHGs and offering micro loans to help them earn a livelihood. The bank will also provide collateral-free loans at a competitive rate to encourage women residing in the rural & semi-urban locations of the state to engage in income generating activities. This will help them improve the financial and social status of their family.
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 and use this money for income generating activities like cattle and goat rearing, kirana/grocery vending, jewellery making and handicrafts among others. ICICI Bank is a pioneer in introducing doorstep banking to SHGs. It has a dedicated team to reach out to them at their villages.
ICICI Bank is India’s largest private sector bank with consolidated total assets of $138.67 billion as of March 31, 2016. Its subsidiaries include India’s leading private sector insurance companies, securities brokerage firm and mutual fund. The bank’s presence currently spans 17 countries, including India.
