The Hindu : Tamil Nadu News : Union Bank of India to open new branch at Hosur soon

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Friday, Jul 03, 2009
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Tamil Nadu

Tamil Nadu

Union Bank of India to open new branch at Hosur soon

Staff Reporter

‘Bank has set a target to open 500 branches’

Photo: N. Bashkaran

Focus on social welfare: Collector V.K. Shanmugam (second right) distributing loan to a women’s group at the farmers’ meet organised by the Union Bank of India in Krishnagiri on Thursday. R.S. Kumar, Chief Manager, Union Bank of India, Salem (right); R.S. Raghavan, Assistant General Manager, Regional Office, Salem (third right); and M.K. Antony, Krishnagiri Branch Manager (left), are in the picture. —

KRISHNAGIRI: Union Bank of India will open a new branch in Hosur, an industrial town in Krishnagiri district soon, said MR.S. Raghavan, Assistant General Manager, Regional Office, Salem, on Thursday.

He was here to participate in the farmers’ meet organised by the bank at the All India Mango Exhibition at Government Boys Higher Secondary School ground.

In his presidential address, he said the bank’s deposits and advances stood at Rs. 2.50 lakh crore and it was aimed to increase it to Rs. 3 lakh crore before 2012.

“We have set a target to open 500 branches before September-end this year.” He said the new branch opened in Krishnagiri eight months ago had mobilised Rs. 1 crore deposit. This couldn’t be achieved without the cooperation of the district administration and the farmers.

K. Senthamizh Selvan, Senior Manager, Chennai, said that the bank had disbursed Rs. 1000 crore for agriculture alone during this year. The bank officials had been told to reach out to the customers instead of waiting for them to turn up at the branch.

Farmers had been requested to approach the bank as a group for loans like joint liability groups (JLG)and self-help groups. The bank was extending loans to these groups ranging from Rs. 50,000 to Rs. 5 lakh without any collateral security. Five to 10 farmers could form a JLG and set up rural godowns for keeping agricultural produce.

Collector V.K. Shanmugam, who was the chief guest, disbursed loans to four women. A. Kumar, Chief Manager, Union Bank of India, Salem; Nachiappan, Personal Assistant to Collector (Agriculture); A. Ganeshamurthy, Coordinator, UNICEF, and other officials participated.

M.K. Antony, Krishnagiri branch manager of Union Bank of India, welcomed the gathering. Sundaravadivel proposed a vote of thanks.

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