Inaugurating a branch of Indian Bank at his birthplace Kanadukathan in Sivaganga district, Union Finance Minister P. Chidambaram says CDR of the bank in Tamil Nadu is 92 per cent.

The Credit-Deposit Ratio (amount of money given as loans by banks as against deposits received from customers) of nationalised banks in Tamil Nadu is way higher compared to other States like Bihar and Uttar Pradesh, according to Union Finance Minister P. Chidambaram.

Inaugurating a branch of Indian Bank at his birthplace Kanadukathan in Sivaganga district on Saturday, he said the CDR of Indian Bank in Tamil Nadu was 92 per cent while it was only around 40 to 45 per cent in the northern States, where people did not show interest in taking loans.

“In Tamil Nadu, Indian Bank gives away Rs.92 as loans out of every Rs.100 received as deposits. But it is not so in other States and the reasons include lack of knowledge about banking, absence of transport facilities and very low entrepreneurship skills,” he said.

He said: “Women should come out of the kitchens and develop a bent of mind for entrepreneurship. For that they require a lot of self-confidence.”

“Demanding loans is your right and disbursing them to eligible applicants is the duty of the banks. Do not hesitate to demand your right. I assure you that banks would definitely give you loans. You should deposit the money in banks so that others would benefit,” he added.

Stating that his maternal grandfather Raja Sir Annamalai Chettiar was a co-founder of Indian Bank, Mr.Chidambaram said, “The bank has inaugurated its 2132 branch at one of its founder’s hometown. It has taken this many years for the bank branch to come here.”

In his address, T.M. Bhasin, Chairman and Managing Director of Indian Bank, said the Kanadukathan branch was the bank’s 20 branch in Sivaganga district and 870 branch in Tamil Nadu.