The Hindu Business Line : Indian Bank to sanction more education loans this year

Ariyalur, July 29 Select branches of Indian Bank will work on all seven days of the week for a few months to sanction education loans to meritorious students, said the bank’s Chairman and Managing Director, Mr M.S. Sundara Rajan.

Addressing newspersons on Saturday, he said that as counselling for admission to higher education courses would be completed shortly, the bank anticipated a large number of applicants for education loans.

In Tiruchi Circle, three branches — Thillai Nagar, Srirangam and Ariyalur — would work through the week to sanction the loans, he said.Mr Sundara Rajan said the gross domestic product (GDP) ratio, which stood at 9 per cent, could be increased only by empowering youth with sufficient employability, communication and academic skills. Hence, the bank had decided to sanction education loans to more number of youths.

Last year, the bank sanctioned Rs 352.25 crore to 31,141 students. During the current financial year, 5,079 students have been sanctioned Rs 68.18 crore so far.

Financial inclusion

On the achievements of the bank’s financial inclusion programme, Mr Sundara Rajan said 3,92,822 accounts had been opened at about 800 branches. Although the bank had introduced ‘zero balance’ formula, the customers had deposited Rs 11.73 crore. Introduced on a pilot basis in Puducherry, the scheme has been extended to Cuddalore district. The ‘overdraft scheme for healthcare programme’ — with a maximum overdraft of Rs 5,000 a customer — has also gone down well with customers, he said.

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