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Tamil Nadu
The Finance Minister cites strong guidelines and strict RBI norms as reasons “There need not be any apprehension or fear about stability of banking industry” PUDUKOTTAI: Strong government guidelines and strict Reserve Bank of India norms have ensured a safe foundation for nationalised banks in the country, said P. Chidambaram, Union Finance Minister. Speaking at the inauguration of Bank of India branches at Kothamangalam and Alankudi villages near here on Saturday, Mr. Chidambaram asserted that the banking sector in the country was quite safe. “There need not be any apprehension or fear about the stability of our banking industry.” Mr. Chidambaram was all praise for the hard work being put in by bank officials and employees for the successful growth of the banking industry. Farm debt waiverReferring to the implementation of the farm debt waiver scheme, he observed that the officials had implemented the scheme within 30 days, writing off Rs.66,000 crore, benefiting 3.66 crore farmers. Bank of India had written off farm loans to the tune of Rs.1,004 crore. During 2003-04, the previous government had sanctioned just Rs.83,000 crore under crop loans, while the Congress-led UPA government had sanctioned Rs.2.50 lakh crore last year. For the current year, the target had been fixed at Rs.2.80 lakh crore. Education loansOn education loans, Mr. Chidambaram said the banks had sanctioned Rs.20,000 crore to 12.5 lakh students till the end of March 31 this year. Union Minister of State for Environment and Forests, S. Regupathy, said a bank branch at Kothamangalam was a long felt-need of the villagers, particularly those involved in wholesale of vegetables. Chairman and Managing Director of Bank of India, T.S. Narayanasami, said the bank had started 2,982 branches so far including the ones started on Saturday. The bank’s business had crossed Rs. 2,85,000 crore. With a network of 3,000 branches, including 27 abroad, the bank contributed a lot to the economic growth of the country. Mr. Chidambaram gave away loans to the tune of Rs. 82.97 lakh to 88 beneficiaries at Kothamangalam. Alankudi MLA S. Rajasekaran pleaded for more branches of nationalised banks.
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