The Ranchi Zone of Public sector lender UCO Bank has crossed its target set for the financial year 2019-20 to distribute loans among Self Help Groups (SHG) and the bank announced on Thursday that the bank targeted to distribute loan among 700 SHGs but it has crossed the target marks and till now it has distributed among loan to 745 SHGs.
While talking to the Pioneer, during his last visit UCO Bank Executive Bank, Charan Singh has said that the bank distributed loan during financial year 2018-19 among 550 SHGs and set target to distribute loan among 700 SHGs.
UCO Bank, Ranchi Zone Chief Manager, Alok informed that according to data provided by National Rural Livelihood Mission (NRLM) the bank has crossed its set target and distributed loan among 745 SHGs.
Singh had said during the conversation that Jharkhand is developing state and there is huge possibility to grow in banking sector. “The banks are mostly focusing on retail loan such as Agriculture Loan, Loan to SHGs, Mudra Loan for Micro Small and Medium Enterprises and others. UCO Bank is mostly targeting Women SHGs because women know keeping the money, doing business with the money and they also know disburse the loan,” he added.