: Financial inclusion by banks would help in preventing migration from rural areas to urban areas said S.S.Palani Manickam, Union Minister of State For Finance, here on Saturday.
Inaugurating the 1962nd branch of Indian Bank, the Minister said financial inclusion of families should not stop with opening of account. They have to be encouraged to conduct transactions.
Provision of Urban Amenities to Rural Areas (PURA) scheme, a brain child of former president of India A.P.J.Abdul Kalam, has provided facilities in rural areas. “Previously, rural areas wanted facilities in urban areas. Now urban areas want facilities available in rural areas. Such is the development in rural areas economically, educationally, and socially,” he said.
Arivanandam, Senior General Manager of Indian Bank, Chennai, said the bank has planned to open 2,000 branches before September end in the country.
The bank's total business transaction at the all India level was Rs.2.20 lakh crore. The bank aims to do Rs.2,50,000 crores business by March 31.
The bank’s profit last quarter was Rs.462 crores and return on assets was 1.27 per cent. With respect to Non Performing Assets is doing well.
In Kumbakonam zone which comprises Thanjavur also, the bank has 71 branches and they are functioning in Thanjavur, Tiruvarur and Nagapattinam districts. The total business in Kumbakonam zone was Rs.4180 crore. The zone has disbursed Rs.1506 crore of Priority loans, Rs.911 crore of agriculture loans and Rs.187 crore of education loans.
Panneerselvam, General Manager, Kumbakonam Zone, said the new branch has all facilities and offers core banking solutions. The bank has provided financial inclusion to 102 villages.