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S Gurumurthy, non-official Director of the RBI, emphasised the importance of inculcating saving habit among people at the 97th Founder’s Day celebration of Thoothukudi-headquartered Tamilnad Mercantile Bank.
“Savings have been our strength. We should not ape the West and get into wrong ways,” he said.
“The government can only pass laws. It cannot keep families united. We do not need a government to unite families. Let us internalise this great culture, tradition and value system, which will not merely save our economy but social order as well,” he said before pointing out that in a country with over 6.8 lakh villages and towns, the number of police stations was just around 12,800.
Gurumurthy hailed the bank, which was started by the Nadar community, for growing in strength, imbibing confidence amongst its customers and serving the people.
The 97-year-old institution has a network of 509 branches. Close to 70 per cent of the branches are located in semi-urban and rural areas. Its customer base has grown to over 43 lakh by March 2018, said the bank’s Chief Executive KV Ramamoorthy.
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