The Hindu Business Line : `Every individual must be credit-worthy'

The President, Mr A. P. J. Abdul Kalam, flanked by the Finance Minister, Mr P. Chidambaram, and the Bank of India CMD, Mr M. Balachandran, at the centenary celebration of Bank of India in the Capital on Friday. - Ramesh Sharma

New Delhi , Aug. 25

In order to expand and strengthen the banking system in the country, the UPA Government has set up a committee for financial inclusion of the people, the Union Finance Minister, Mr P. Chidambaram, said.

Speaking at the centenary celebration of the Bank of India (BoI), the Finance Minister said that every Indian family should be included into the banking system. He said that it is the goal of the UPA Government to see that every individual becomes credit worthy and has access to credit.

Driving economy

Stating that credit is the driver of any economy, Mr Chidambaram said that for the banks its clients and depositors are of utmost importance.

Speaking on the occasion, the President of India, Mr A.P.J. Abdul Kalam, urged the bank to define its role for the vision of India 2020. Suggesting several areas of core competence for the bank, Mr Kalam urged the bank to increase the share of agricultural and food processing related credits in its total loan basket and stronger rural thrust. He also urged the BoI to set up a venture capital fund.

Stating that venture capital funds help cultivate development of entrepreneurial skills, the President said, "BoI may consider entering the VC business."

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