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SHGs praised for prompt repayment of loans taken from nationalised banks

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Chief Minister V. Vaithilingam at the inauguration of new branch of Indian Bank at Madagadipet in Puducherry on Thursday.
Chief Minister V. Vaithilingam at the inauguration of new branch of Indian Bank at Madagadipet in Puducherry on Thursday.

Staff Reporter

PUDUCHERRY: Chief Minister V. Vaithilingam on Thursday complimented self-help groups for prompt repayment of loans taken from nationalised banks.

The repayment by the SHGs had made the banks offer more financial assistance to them, he said after inaugurating the 23rd branch of Indian Bank in Puducherry at Madagadipet. He also inaugurated the bank’s biometric ATM facility at the new branch.

Complementing Indian Bank for successfully implementing 100 per cent financial inclusion programme in Puducherry, Mr. Vaithilingam said it helped residents to open accounts in nationalised banks. The financial inclusion had made it possible for the government to provide assistance to public through banks. “There were several complaints of beneficiaries of National Rural Employment Guarantee programme not getting money from other States. In Puducherry, there are no complaints because the money was deposited in the accounts of beneficiaries,” he said.

Chairman and Managing Director of the Indian Bank M.S. Sundara Rajan said the bank would offer ATM cards to two members nominated from each self-help group in the area. Fingerprints of the members would be taken to help them withdraw money from the biometric ATM facility, he added.

“The biometric ATM facility enables joint authentication of SHG members. It will be of immense use to the illiterate, especially in rural areas. Besides, it will ensure safe transactions,” Mr. Sundara Rajan said.

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