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Chidambaram to open regional rural bank today

PUDUCHERRY: Finance Minister P.Chidambaram will inaugurate the new regional rural bank named after poet Subramanya Bharathi here on Sunday.

Establishment of the Puduvai Bharathiar Grama Bank, sponsored by Indian Bank, is aimed at strengthening the credit delivery system in the rural areas of the Union Territory, according to official sources. The sources also recalled that Lieutenant Governor Bhopinder Singh, in his address to the Puducherry Assembly on March 25, had said that the proposed regional rural bank was expected to contribute significantly to the overall development of rural economy with additional employment and income generating activities to farmers, artisans and small and medium entrepreneurs.

The proposal envisaged opening of 25 branches over a period of three years.

The regional rural bank would have branches in all the four regions of the Union Territory, he had said.

Mr. Singh had also pointed out that the authorised share capital would be Rs.5 crore and this would be shared in the ratio of 50, 35 and 15 by the Central government, Indian Bank which is the lead bank and the Union Territory government respectively.

The Puducherry government had already released its share towards the establishment of the bank, he had said then. Shortly after inaugurating the bank, Mr.Chidambaram would meet Chief Minister N.Rangasamy, Ministers, Union Minister of State for Planning and Parliamentary Affairs V.Narayanasamy, Pradesh Congress Committee president A.V.Subramanian and party functionaries at the PCC office, party sources said.

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Chidambaram to open regional rural bank today

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