The Hindu : Business : Kalam asks Indian Bank to set higher growth targets

Online edition of India's National Newspaper
Tuesday, Sep 05, 2006

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Business

Kalam asks Indian Bank to set higher growth targets

Staff Reporter

`Promote business through enterprising youth and continue financing SHGs'

— Photo: Bijoy Ghosh

EXEMPLARY SERVICE: V. Shanta, Chairperson, Cancer Institute (WIA), receiving a cheque for Rs. 1.50 crore from President A. P. J. Abdul Kalam, in the presence of Tamil Nadu Governor, Surjit Singh Barnala (second from right), Finance Minister, P. Chidambaram (extreme right), and Indian Bank Chairman and Managing Director, K. C. Chakrabarty (third from left), at the centenary celebrations of Indian Bank in Chennai on Monday.

CHENNAI: President A. P. J. Abdul Kalam on Monday called upon Indian Bank to set higher targets for the next two decades for making larger contribution in the national development tasks.

"With your mission of being a lead banker of the country, you have to set higher targets... Indian Bank must be seen in every part of the country, especially in rural India,'' he said, inaugurating the centenary celebrations of the bank here.

Unveiling Indian Bank's new mission statement — `to be a common man's bank' — he said the bank should be known for promoting business through enterprising youth. It must continue with the initiatives promoting Self-Help Groups, since the institutions were essential for economic development of rural areas.

The President, describing Indian Bank as a partner of the government and people in every economic activity in the last hundred years, said starting as a swadeshi bank with a deposit of Rs. 2 lakh and one branch on August 15, 1907, it has grown into one with a network of 1,400 branches and a deposit of over Rs. 40,000 crore.

Expressing happiness at the two-fold increase in its loans to the agriculture sector in last two years, he said the pace should be kept up. The bank must have a target of increasing the support to at least 50 lakh farmers within the next three years.

Mr. Kalam was also appreciative of the manner in which Indian Bank made a turnaround. The process, of recovering successfully from the difficult time, "is indeed an experience not only for Indian Bank but for the banking system in the country,'' he said.

Some of the suggestions of the President to the bank included increasing the branch network to a minimum of 2,000 within three years with priority to the rural sector, and creation and nurturing of five rural development projects similar to the bio-fuel project, sea weed project and agro food processing project With its rural base, it could contribute to establishment of PURA (Providing Urban Amenities in Rural Areas), the President added.

Union Finance Minister P. Chidambaram said Indian Bank is a ratna among public sector banks. Chairman and Managing Director of Indian Bank K. C. Chakrabarty, said the bank, in the centenary year, rededicates itself to the common man.

Union Minister of State for Finance Pawan Kumar Bansal, Tamil Nadu Governor Surjit Singh Barnala and the State Higher Education Minister K. Ponmudi participated in the function, in which Mr. Kalam presented the bank's endowment cheque for Rs.1.5 crore to the Adyar Cancer Institute.

The Chairperson of the Institute, V. Shantha, received the cheque.

The President also presented the Sri Mahalakshmi Self-Help Group of Kancheepuram with the best SHG award.

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