Online edition of India's National Newspaper
Monday, Nov 26, 2007
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Online edition of India's National Newspaper Monday, Nov 26, 2007 ePaper |
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Tamil Nadu
PUDUKOTTAI: Commercial banks across the country accorded priority for sanctioning educational loans to students to enable them pursue higher education, Union Minister for Finance P. Chidambaram said. Speaking at a function to mark the inauguration of the Pudukottai branch of Bank of India here on Sunday, Mr. Chidambaram said the banks had sanctioned Rs.14,500 crore towards educational loans benefiting 10 lakh students, against Rs.4,400 crore given to 3.50 lakh students during the previous regime. He said that efficient financial management of Indian banks has even surprised foreign banks and some of them were seeking counselling on fiscal administration from a few leading banks of India, he said. Poor financial management had crippled several banks in England, France, Germany and the United States in the recent past. He attributed the success of the banks the country to the strict surveillance of the Reserve Bank of India and the efficiency of the chairpersons. Pointing out that the nationalised banks played a crucial role in achieving the country’s economic and industrial growth, Mr. Chidambaram said that Bank of India’s net non-performing assets ratio stood at 0.75 per cent, testifying to the steps being taken by the bank in ensuring prompt recovery of loans. The bank’s credit flow for priority sectors was 43.7 per cent, indicating its contribution for the nation’s growth. Union Minister of State for Environment and Forests S. Regupathy, said that there was a strong case for starting the bank’s branches in major villages in the district such as Kothamangalam near Alankudi and Naakudi near Aranthangi. None of the nationalised banks had started their branch in these villages which accounted for a large number of potential depositors. 2,873rd branchChairman and Managing Director of Bank of India T.S. Narayanasamy said that this was the 2,873rd branch of his bank and 25 branches including three representative offices abroad. The bank had recently started a Representative Office at Johannesburg in South Africa. It has launched several innovative products to cater to varied needs of customers. Director of the bank V. Eswaran said that steps would be taken to start branches in Kothamangalam and Naakudi villages. Mr. Chidambaram gave away loans to 118 persons to the tune of Rs.1.70 crore. He also distributed pass books to the depositors.
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