He was inaugurating the Bank of India branches at Kothamangalam and Alankudi villages, near Pudukottai, on Saturday, Sep 20. "Strong government guidelines and strict Reserve Bank of India norms have ensured a safe foundation for nationalised banks in the country", he said. Indian banking sector is quite safe, he added. Chidamabaram claimd that the Congress-led UPA government at the Centre had sanctioned Rs 2.50 lakh crore under crop loans last year. For the current year, the target had been fixed at Rs 2.80 lakh crore, he added.
In his address, Union Minister of State for Environment and Forests S Regupathy said the new branch at Kothamangalam would help vegetable wholesalers in the area.
Mr T S Narayanasami, Chairman and Managing Director, Bank of India, said the bank had 2,982 branches and crossed the business of Rs 2,85,000 crore. The bank had also written off farm loans to the tune of Rs 1,004 crore, he added.