Indian Bank wins innovation award

Indian Bank has won the ‘Golden Peacock Innovative Products/Service Award' for 2011. The award was received by the bank's Chairman and Managing Director, Mr T. M. Bhasin, at the World Congress on Total Quality, held in Bengaluru on Saturday.

The award was given to the bank “in recognition of its contribution to promotion of self help groups (SHGs)”. SHGs have turned out to be major vehicles of women empowerment. In the current year, Indian Bank has so far disbursed Rs 1,360 crore to 55,391 SHGs, taking the total exposure under the SHG portfolio to Rs 2,336 crore, benefiting 175,390 SHGs, says a press release from the bank.