The Hindu Business Line : Indian Bank disburses Rs 15 cr in Sivagangai district

Appreciating the Indian Bank for moving to 10th place among the public sector banks and disbursing loans to the extent of Rs 15 crore under various schemes in Sivagangai district — particularly, a sum of Rs 5.42 lakh to 44 HIV/AIDS afflicted persons — the Union Finance Minister, Mr P. Chidambaram, has said the success of a bank loan scheme depends on the beneficiaries repaying the loan, ensuring the rotation of funds and the development of the region.

“Unless the beneficiaries feel it is their duty to repay, no bank loan scheme can be successful,” he said, while distributing loans to a cluster of goldsmiths, palm leaf weavers, coir manufacturers and others. He also handed over houses built under the ‘IB-Grihalaksmi Scheme’ under Micro Housing Loan Scheme to self-help group (SHG) members, at a function organised by Indian Bank.

Speaking earlier, the Chairman and Managing Director of the bank, Mr M.S. Sundararajan said eleven exclusive branches has been established in the country to assist SHGs and that a loan of Rs 1,700 crore has been distributed to 2.25 lakh SHGs. One more branch will be coming up at Pune shortly, he added.

Mr P. Arivanandam, Deputy General Manager and Circle Head, Indian Bank, Madurai in his address said that the bank has disbursed 44 per cent of educational loans out of the 1,050 disbursed by banks in the circle. A total bank loan of Rs 3.79 crore was disbursed to 169 beneficiaries on the occasion.

More Stories on : Credit Market | Rural Development | Tamil Nadu

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Pension scheme for govt staff to be ready by May

Rupee slides tracking bourses

Fullerton branches

Bharti AXA plans more branches in Kerala

ICICI Pru in pact with Dubai co

Universal Sompo General debuts with two plans

US slowdown impact to be significant: IMF chief

Chidambaram may discuss tax issues with PSB chiefs

SBI cuts prime lending rate by 0.25 percentage points

Bank of India cuts rates on home, retail loans

Bond prices move higher

Allahabad Bank to raise Rs 300 cr

Indian Bank disburses Rs 15 cr in Sivagangai district

Call rates close higher

No change in deposit rates till March: IOB

Customer is king for Indian Bank