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Monday, Jul 09, 2007
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Tamil Nadu
Staff Reporter
Providing support: Union Finance Minister P. Chidambaram disbursing loan to a beneficiary in Virudhunagar on Sunday. —
VIRUDHUNAGAR: It is a myth that bank loans are not repaid properly. A majority of the borrowers make prompt repayment, Union Finance Minister P. Chidambaram said here on Sunday. He was addressing a gathering at a special loan disbursement function organised by Pandyan Grama Bank, a regional rural bank sponsored by Indian Overseas Bank. “There is a wrong perception that banks do not realise their loan amounts. But let me tell you that only a few borrowers fail to honour their commitments owing to compelling reasons,” he said. He went on to state that it is the right of every citizen to get loans and that the banks were obliged to disburse them. An economy cannot grow without availability of credit. “Taking loan is not a crime. Right from top industrialists to a cobbler require a loan,” he quipped. In an indirect reference to the Left parties, he said: “Some are protesting that we are not giving enough loans to agriculturalists, students and so on. I welcome the agitations if they help in creating more awareness among the public and sensitise the officials concerned,” he said. Achievements
Listing out the achievements of the United Progressive Alliance Government, he said that in the last three years 8,97,000 students had received education loan to the tune of Rs.13, 424 crore, of which Tamil Nadu’s share was around Rs.2,530 crore. Similarly, Rs. 2,03,000 crore was disbursed towards agricultural loan in 2006-07 alone compared to Rs.86,000 crore disbursed annually by the previous Government, Mr. Chidambaram said. Expansion mode
Praising the “tremendous” achievements of Pandyan Grama Bank, he said the Government has given a go ahead to expand its operations to Theni, Tiruchi, Perambalur, Thanjavur, Thiruvarur, Nagapattinam and Kanyakumari. Hitherto, the bank had been operating at Virudhunagar, Sivaganga, Ramanathapuram, Tirunelveli, Tuticorin, Madurai, Pudukottai and Dindigul. Steps were afoot to increase the number of branches from 177 to 200 by the end of this year. The bank’s non-performing asset (NPA) stood at 1.69 per cent. Considering the separate funds allocated to meet the deficit, the net NPA would be nil. “Probably, this might be the only bank in the country with a zero per cent net NPA,” he said. Later, loans to the tune of Rs.15, 05, 37,000 crore was distributed to 2,240 beneficiaries in the function. Health Minister K.K.S.S.R. Ramachandran, Minister for School Education Thangam Thennarasu, Indian Overseas Bank Chairman and Managing Director S.A. Bhat and Pandyan Grama Bank Chairman N. Subramanian spoke.
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