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Now, SBI in Chinnamanur

SBI SPREADING WINGS: The Union Minister of State for Finance, S.S. Palanimanickam, lighting a `kuthuvilakku' to mark the inauguration of State Bank of India's branch at Chinnamanur in Theni district on Thursday. Also seen (from left to right) are P. Pradeep Kumar, General Manager, Aaroon Rashid, MP, N. Sadasivam, Deputy General Manager, and S. Venkataraman, Assistant General Manager.

The 596th branch of State Bank of India in Tamil Nadu Circle was inaugurated by the Union Minister of State for Finance, S. S. Palanimanickam, at Chinnmanur on Thursday.

In his address, the Minister said banks were trying to reach out to people and their funds were no more considered debts (when given as loans) but monetary assistance for the development of the economy. Banks should ensure rotation of funds and extend timely monetary assistance to customers, he said.

Mr. Palanimanickam claimed that after the formation of the UPA Government, banks had been asked to double up assistance to education, self-help groups and agriculture in three years. The General Manager, SBI, P. Pradeep Kumar, in his presidential address observed that two-third of the bank's branches were in rural areas and the credit-deposit ratio in Tamil Nadu Circle stood at 110 per cent, with the total business crossing Rs.43,000 crores.

The Deputy General Manager, N. Sadasivam, said that the bank felt impelled to start a branch of its own at Chinnamanur despite the presence of 44 branches of public and private banks in Theni district, as the potential for assistance was high. He said the bank had designed a scheme, `Grapes Plus,' exclusively for grape cultivation and sanctioned credit to the tune of Rs.3.16 crores. For agriculture, an amount of Rs.761.71 lakhs had been lent. ATM facility would be provided soon. eriyakulam MP Aaroon Rashid, spoke. Assistant General Manager, S. Venkataraman, proposed a vote of thanks.

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