Indian Bank joined hands with Bharatiya Yuva Shakti Trust (BYST) to provide loans to young and underprivileged entrepreneurs for setting up their small business ventures.

Business mentors and Indian Bank branch managers have played a vital role in sanctioning of loans to budding entrepreneurs.

BYST founder-trustee and vice-president Lakshmi V Venkatesan handed over a letter of cooperation (LoC) to forge a partnership with Guru Nanak College and the same was received by its treasurer Jaagtar Singh Jandu.

Indian Bank CMD M S Sundara Rajan said at present entrepreneurs needed to be encouraged for job creation which was critical for economic growth.

Indian Bank has 27 branches which catering exclusively to self-help groups and they had reached out to benefit nearly 1.85 lakh people.

Till now, loans amounting to Rs 1,746 crore were disbursed and these banks have maintained a 98.95 per cent recovery of outstanding dues from SHG members. 

Physics department faculty Ramakrishan from Guru Nanak College said that this BYST partnership was the initiative by students union to give a boost to the entrepreneurship which was a critical factor in creating employment in the country.

In this regard, it was pointed out the job of mentors was important as they guide the budding entrepreneurs on the right path to success.