As a part of its socio-economic development initiatives, state-run Punjab National Bank has opened its first micro-finance branch in the state of Bihar.

The branch and ATM were inaugurated by executive director of the bank, M V Tanksale on Tuesday in Anisabad, Patna.

Patna DM Jitendra Kumar, eulogized the bank' contribution towards the socio-economic development of the district.

The bank disbursed loans worth Rs 10 lakh and over a hundred rickshaws to the weaker sections of the society.

The benchmark lending rates of the bank are currently pegged at 11 percent which the lowest in the country.

The bank has also sponsored a financial inclusion project at Punpun district as a part of its commitment towards socio-economic development of the society. Under the program, the bank disbursed 1147 smart cards and 2,251 Kisan credit cards.

"One can think of all-round development of the society only if the development reaches the poor," Tanksale stated.

Tanksale also confirmed that the bank has disbursed loans of Rs 15.32 crore under different development projects.