Inaugurates new branches, training centres
Union Finance Minister P. Chidambaram has offered to help the Repco Bank become a full-fledged commercial Bank.
Inaugurating its new branches and training centres here on Saturday, the Minister said that it was a matter of regret that when all other banks came under his control, the Repco Bank was governed by the Ministry of Home Affairs. It should develop in a phased manner and become full-fledged like the Pandian Grama Bank, Indian Bank and Indian Overseas Bank, he said and offered to take up the issue with the Reserve Bank of India (RBI).
R. Varadarajan, Managing Director, said that the bank was started in 1969 by the Centre with the main objective of rehabilitating repatriates from Burma and Sri Lanka. The bank had its branches in Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, and the Union Territory of Puducherry.
The bank was being administered by a board of directors, nominated by the government of India, he added.