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Money & Banking
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Credit Market
States
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Tamil Nadu
‘Credit expansion via banks vital’
Madurai, Oct. 8 The Union Finance Minister, Mr P. Chidambaram, inaugurated the 603rd branch of the State Bank of India in the the Chennai Circle at Eriyur in Sivagangai district, near here. “Credit expansion through banks is necessary for the upliftment of the poor. Opening of more branches enable the reach and accessibility for the purpose. Competition among banks has hastened the process and credit expansion has trebled in the last three years for various sections. I am prepared to dare any one who say that it has not,” he said while inaugurating the branch. “The poor need not hesitate anymore to seek bank loans as an alternative to moneylenders. To encourage them, more frill accounts are opened. The benefit of competition is witnessed in telecom, aviation, and consumer products. —
Our Correspondent
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