The Hindu : Tamil Nadu / Tirunelveli News : Get financial assistance from banks, farmers told

Online edition of India's National Newspaper
Monday, Sep 20, 2004

Tamil Nadu

Tamil Nadu - Tirunelveli

Get financial assistance from banks, farmers told

By Our Staff Reporter

TIRUNELVELI, SEPT.19. Farmers in large numbers should come forward to get financial assistance from banks for farming operations since the Union Finance Minister had set a target of doubling the farm sector loans in the next three years, the Chairman and Managing Director of the Indian Overseas Bank, S.C. Gupta, has said.

Distributing loans to the tune of Rs. 55.94 lakhs to 77 persons at a function held at Palayamkottai recently, Mr. Gupta in his presidential address, said the IOB through its 1,467 branches across the country had successfully surpassed the target for the priority sector loans, particularly for agricultural sector and received awards for the achievement.

The farmers should rightly utilise this opportunity to ensure an increased food production and alleviate poverty.

He said steps had been taken to extend the repayment period for the loans availed by the Tamil Nadu farmers as the monsoon played truant in the State for the past three years.

Informing that the IOB had a credit linkage with over 61,000 self-help groups, Mr. Gupta said the bank had plans to link 20,000 more groups in the current fiscal and appealed to the SHG members to avail bulky loans from the bank to start their lucrative business ventures.

Of the Rs. 55.94 lakh distributed, the self-help groups received Rs. 30.66 lakhs and Rs. 16 lakhs was distributed towards housing loan.

The Project Officer District Rural Development Agency, P. Ponniah, who appreciated the IOB's contribution in the Total Sanitation Programme in the district, inaugurated an All Women Farmers' Club under the Vikas Volunteer Vahini programme of NABARD.

The Assistant General Manager, NABARD, K. Sridharan, the General Manager, South Zone Territory, IOB, R.K. Agrawal, the Senior Regional Manager, IOB, R. Lakshminarasimhan, the Lead District Manager, S. Nambiraj and others spoke.

Earlier, Mr. Gupta inaugurated a currency chest at the Maharaja Nagar branch and the Collector, Atul Anand, inaugurated the ATM facility in the same branch.

All the nine branches of Indian Overseas Bank in Tirunelveli have already been connected to Any Branch Banking Network with 528 branches across the country and hence, ATM cardholders can now withdraw cash from any of these branches.

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