Stressing on the need to increase the credit deposit ratio through proper planning and development of infrastructure, Pant said, "respective states must create condition for overall development and SBI will extend financial help in all viable projects".

Pant said "it is part of SBI's policy to open branches in rural areas to change people's lifestyle through economic development."

Pant was speaking to newsmen after the inauguration of the fourth commercial branch of SBI in Thisa region here on Friday.

He said although recovery of loan was not satisfactory, no definite strategy has been evolved yet. A policy had recently been taken up with the help of Union government to recover loans to bring significant change in financial sectors as well as Indian economy.

Referring to the scope for industrialisation in the proposed Jharkhand state, Pant said sustained policy was required to propel the growth of industries in the region which had abdundant natural resources. The SBI would like to enter in a joint venture into the insurance sector with incentives in general and life insurance, Pant said. Earlier, the Tata Steel managing director JJ Irani while inaugurating the SBI commercial branch said, with plenty of resources, this region can be a prosperous new state with the help of financial institutions (FI).

Appreciating the services of SBI, which is also the banker of Tata Steel, Irani said service of FIs have changed drastically and efficient banking service would bring in benefit for all.