Special Correspondent

Pandiyan Grama Bank with headquarters at Virudhunagar will open branch

NAGAPATTINAM: The district consultative committee of bankers approved the entry of regional rural bank of Pandiyan Grama Bank into Nagapattinam at a meeting here on Tuesday.

Collector Tenkasi S.Jawahar, who presided over the meeting convened by Indian Overseas Bank, the lead bank, said that the committee approved the opening of the Pandiyan Grama Bank with headquarters at Virudhunagar in Nagapattinam, the district headquarters of the lead bank.

The Collector urged the bankers to complete the disbursement of loans and creation of assets for the loans granted under various Government-sponsored schemes before the end of this financial year. The State Government is critically reviewing the progress at all levels and the banks should take special efforts in implementation of all the development programmes for the poor, he said.

He said that the banks in the district were having a deposit of Rs.1,774 crore and advanced Rs.1,197 crore with CD ratio of 67 per cent till the end of December 2006.

The priority sector loan outstanding was Rs.998 crore, of which Rs.597 crore accounted for agriculture and allied activities. The priority sector received Rs.378 crore and small-scale industries received about Rs.16 crore, he said.

Good performance

Mr. Jawahar pointed out that the banks in the district had achieved good performance under Annual Credit Plan 2006-2007 at the end of third quarter. The banks have disbursed a loan of Rs.381.63 crore against the target of Rs.372.64 crore, registering 102 per cent performance. The agriculture sector received Rs.299.21 crore, service sector Rs.79.50 crore and non-farm sector Rs.2.92 crore.

The Collector mentioned that the target under Swarnajayanti Gram Swarajgar Yojana (SGSY) had been achieved during the financial year and a revolving fund of Rs.2.81 crore was provided to 466 self-help groups and Rs.2.70 crore as economic assistance to 80 SHGs under the SGSY scheme.

Similarly, the district has also achieved its target of 540 beneficiaries under the Prime Minister's Rozgar Yojana (PMRY) scheme.

Earlier, T.S. Sarugunapandiyan, Chief Regional Manager, IOB, Nagapattinam, welcomed the gathering. G. Radha, Project Officer, District Rural Development Agency, K. Palanisamy, Assistant General Manager, National Agriculture Bank for Rural Development (NABARD), spoke.

S. Vijayakumar, Lead District Manager, proposed a vote of thanks.