Tamil Nadu - Salem   

Bank promises more loans for SHGs

Special Correspondent

We can help in the formation of IT, textile parks, says MD

HONOURED: Bank of India Chairman-cum-Managing Director, M. Balachandran being honoured by MP, K.V. Thankgabalu in Salem on Sunday. — Photo: P. Goutham

SALEM: Bank of India will shoulder the social responsibility of participating in infrastructure development with total commitment, the Chairman and Managing Director of the Bank of India, Mumbai, M. Balachandran said.

Participating at a function organised by the city's leading citizens, industrialists and business people here on Sunday, Mr. Balachandran said that the bank, with a business transaction of about 1,50,000 crores, was actively involved in the areas of industry and agriculture and in micro-financing under which the self-help groups fell. "We plan to extend loans to more SHGs to ensure upward mobility of the movements of women empowerment and rural employment," he said.

Innovative projects

The bank would not hesitate to take part in the infrastructure development projects and skill development activities, which would suit the areas' profiles in need. He said the bank had recently signed an agreement with the National Collateral Management Committee to create infrastructure for storing farm produce in times of distress. The bank, if provided with necessary inputs, would participate in establishing the Textile and IT parks here.

He asked them to identify the "skill development areas" of Salem and its surroundings wherein the bank could chip in with its contribution. He called upon the trading and industrial communities to utilise the bank's e-facilities for quick and smart transactions. Presiding, Salem MP K. V. Thankgabalu said the Union Government led by Prime Minister, Manmohan Singh had been carrying out many welfare projects to uplift the economic conditions of farmers and poor. "Banks play a vital role in fulfilling social commitments under the Finance Minister P. Chidambaram," he said. President of the Salem Productivity Council, K. Mariappan lauded the efforts of Mr. Balachandran.

Others who spoke included Salem Textiles Association of India General Secretary, Kuppusamy, Handloom Merchants Association secretary, Saravanan, Salem district Yarn Merchants Association Arunachalam, Salem City Chamber of Commerce General Secretary, Jeyaseelan, Salem-Dharmapuri Chamber of Commerce and Industry President, S. Satyanarayana, Salem Indian Medical Association President, Dr. Ranganathan, Salem District Small and Tiny Industries Association Vice-president, V. Shanmugam and industrialists R.M.Palaiappan, Pitchai Chettiar, Palaniappan and Muthuraj, State Bank of India Assistant General Manager P. Alagesan and Pro-Chancellor of Vinayaka Mission Deemed University S. Shanmugasundaram.

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