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People have realised importance of banking services: P. Chidambaram

Feb 08 2014, 16:54 IST
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SummaryChidambaram noted if a branch is opened in a particular area, people there get all facilities, including loans which would improve local economy.

Finance Minister P. Chidambaram today said people have realised the importance of banking services and always request him to open a branch in their area to avail of various facilities.

"Wherever I go people ask me to open a bank branch. People have realised the importance of banking service nowadays," he said declaring open 108 branches of Indian Bank, including one in this town through video conferencing mode.

The minister noted that if a branch is opened in a particular area, people there get all facilities, including loans for farming, industry, business and education, which would improve the local economy.

He said bank branches were not being opened just in Sivaganga (his constituency) but all over India. The 108 branches of Indian Bank included 36 in Tamil Nadu; 19 in Uttar Pradesh; 13 in Orissa, 12 in Andhra Pradesh, seven in Kerala three in Karnataka, one each in West Bengal and Assam and 16 in other states, he said.

The opening of branches was in line with the UPA government's decision to do so, he said and pointed out that this year 10,000 branches had been opened, providing jobs for 50,000 persons.

Indian Bank's business in Tamil Nadu was Rs 90,000 crore and this would touch Rs one lakh crore in the coming year, he added.

Later, the Finance Minister declared open the 2,000th branch of United Bank of India at Mahibalanpatti in Sivaganga district, where he said none of the banks opened so far had incurred losses.

He said 2,000 Accounts had been started in Mahibalanpatti and Rs 2 crore had been deposited in the bank.

The minister also declared open nine more branches of the bank through Video conferencing, in Kerala and other parts of Tamil Nadu.

He said the United bank of India has so far opened 271 branches in the country this year, of which 121 were rural branches.

Chidambaram said it was government's duty to serve the People, irrespective of caste, creed and religion.

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