Guntur: Loans distributed to SHGs

Guntur: Union Bank of India (formerly Corporation Bank) on Wednesday distributed loans to the Self-Help Groups to help them start small businesses to overcome financial problems in the backdrop of lockdown.

Following instructions by the Union Ministry of Finance, the bank zonal head, Deputy General Manager B Srinivasa Setty directed the bank officials to give loans to the SHGs. Bank Chief Manager B Srinivasa Rao distributed loans to the SHGs.

Speaking on this occasion, Srinivasa Rao said, "We will credit Rs 5,000 into each SHG member's bank account which will be repaid in 36 months. During the last two days we have given Rs 7.5 lakh loans to 15 SHG members."

He said, they will give loans to all eligible SHG members. There is no processing charges for sanctioning the loan.