The Hindu : Tamil Nadu News : “Sanction more loans to weaker sections of society”

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Tamil Nadu

“Sanction more loans to weaker sections of society”

Staff Reporter

Bankers must ensure their progress, says Chidambaram

— Photo: M. Moorthy

BOOSTING ENTREPRENEURSHIP: Home Minister P. Chidambaram giving away loan to a customer at Arimalam in Pudukottai district on Saturday.

PUDUKOTTAI: Banks must sanction more loans to the economically weaker sections and ensure their economic uplift for achieving the desired goal of nationalisation, Union Minister of Home P. Chidambaram said.

Speaking after inaugurating the Indian Bank’s branch at Arimalam on Saturday, Mr. Chidambaram said that it was the Congress-led rule at the Centre which ensured close monitoring of the economic uplift of the masses.

A growing awareness among the rural masses for their economic betterment could be observed through the pertinent plea for starting new branches of nationalised banks, the Minister said.

“In contrast to the villagers’ demands for basic amenities such as supply of drinking water, the present shift has been towards improvised service sector, particularly banking needs,” he said, appealing to the bank officials to realise the financial needs of the people and sanction more loans.

Mr. Chidambaram specifically wanted the maximum utilisation of the ‘Differential Rate of Interest’ (DRI) scheme which permitted sanctioning of loans at a lower rate of interest to unorganised sectors and petty traders.

Mr. Chidambaram said that the Congress government adopted measures for the benefit of students, farmers and the weaker sections by sanctioning loans to them. He said that with a view to developing Pudukottai district in the industrial scenario, the Bharat Heavy Electricals Limited (BHEL)would start a manufacturing industry at Olaikudipatti, near Tirumayam.

Chairman and Managing Director of Indian Bank M.S. Sundara Rajan said that it was the 1,592nd branch in the country and 16th in Pudukottai district. The bank had secured the distinction of the best bank among all the nationalised banks in the country for the year 2007-08.

Maximum growth

Union Minister for Environment and Forests S. Regupathy said that Pudukottai district registered a maximum growth in terms of service sector and infrastructure development only during the last few years.

Panchayat Union Chairman Pon. Ramalingam appealed to the progressive farmers of Arimalam to deposit their savings with the branch.

Tirumayam MLA R. M. Subburam and Deputy General Manager, Circle Head of the Indian Bank, Tiruchi Circle, R. Ravi, were among those who spoke.

Later, Mr. Chidambaram distributed loans and revolving fund and other assistances to the tune of Rs. 69 lakh to as many as 88 beneficiaries on the occasion.

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