Reportedly, the loan was given to self help groups (SHGs) having 10-20 women members who were under-privileged and live in rural and semi urban areas.
“The women forming these SHGs are remarkable and they have great business acumen. This urges us to continue funding their dreams and help uplift more families,” said ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar.
“ ICICI Bank has positively impacted nearly 25 lakh women beneficiaries in 2.7 lakh groups disbursing loans over Rs. 5,500 crore till date,” She said.
“Of these, 14 lakh women took loan from a formal institution for the first time,” the bank said.
The bank has assigned a dedicated team to service these SHGs and women, and they do not even need to visit a bank branch as it is a doorstep service.
Using technology, ICICI Bank officials also assist women SHGs to open bank account through tap banking.
As on January 31, 2017 ICICI Bank had 2,353 branches in rural and semi-urban areas. Of this, 479 branches are in unbanked villages.
The bank has also setup over 120 credit and operation hubs across the country to expedite loan processing.