BOB to open micro finance division
BOB to open micro finance division Bank of Baroda (BoB) is all set to open a micro finance division to lend to the poor, reports Business Standard. >The bank has selected 350 branches for implementation of its micro finance program. BoB has star ted an institute for micro finance at Jaipur and 90 field people have been appointed to execute the bank`s programs. Further, the bank has adopted Dungarpur district, which has over 800 villages and a population of over 1.1 million, for a period of three years to spend Rs 550 million. Shares of the bank closed up Rs 5.80, or 1.78%, at Rs 332.40. The total volume of shares traded at the BSE was 253,764. (Monday)
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“We are opening a new micro finance division as we think that lending to the poor is not a loss making proposition. It only has to be done in a proper way to ensure returns,” said Anil Khandelwal, chairman and managing director of BoB.
