The Union Bank of India (UBI), a state-owned bank based in Mumbai, has launched a new microfinance scheme to support self-help groups (SHGs), village-based financial intermediaries comprised of groups of 10 to 20 women, in Andhra Pradesh.
The scheme will provide loans of INR 1 million (approximately USD 22,000) to 20 municipalities in Andhra Pradesh which in turn will lend to SHGs. UBI is looking to expand this program to 100 mandals by the end of the current fiscal year. As of March 2010, UBI had total assets of approximately USD 44 billion and a loan portfolio of approximately USD 27 billion.
By Witt Gatchell, Research Associate
About Union Bank of India:
Union Bank of India is a public sector bank based in Mumbai, India. The Indian government owns 55 percent of the bank’s share capital. It offers a range of financial services to individuals, small and medium-sized enterprises and corporations. As of March 2010, the bank had total assets of approximately USD 44 billion and a loan portfolio of approximately USD 27 billion.
Sources and Additional Resources:
[1] Business Standard, “Union Bank to enter microfinance arena in AP” http://www.business-standard.com/india/news/union-bank-to-enter-microfin…
MicroCapital Universe Profile: Union Bank of India
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni…
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