President Pratibha Patil on Thursday asked banks to extend credit to farmers to improve productivity of the agricultural sector and contribute to the country’s food security.
“Economic development of rural India is of vital importance and banks should reach the unbanked areas,” she said, speaking at the platinum jubilee function of the Bank of Maharashtra here.
Stressing the “basic role” of banks to circulate money and maintain flow of credit to the needy segment of society, Ms. Patil also reminded bankers of their responsibility to protect customers’ interests while investing funds.
Ms. Patil also noted that the Indian economy was turning around with an increased industrial production.
“Customers’ money should not be exposed to unnecessary risks by the investments made by banks,” she said.
Union Minister of State for Finance, Namonarayan Meena, said banks should think of “innovative” products to reach economically weaker sections of the society and farm community.
He told banks to make use of modern technology to meet credit needs of vital sectors of the economy.
Bank of Maharashtra announced adoption of 75 villages across the country for rural development under its Corporate Social Responsibility of project undertaken to mark the occasion.
