Kalam calls for village-friendly banking system

Chennai, Sep 4 (UNI) President A P J Abdul Kalam today suggested that Indian Bank should adopt village- friendly banking system to protect villagers from private money lenders.

Congratulating the Indian Bank and its staff for successfully reviving the Bank for reducing its NPA by .79 per cent from 2.71 per in 2004, the President who inaugurated its Centennary celebrations, also lauded the Bank's role in rural development activities.

He said he was happy to know that the Bank's advances to agriculture sector had doubled in the last two years and about 50 lakh farmers would be brought under its loan scheme during the next three years.

He suggested that the banking industry should continue to extend loan assistance to women Self Help Groups as it would help in empowering them besides developing rural economy.

He also lauded the Bank for forming 5000 women SHGs with one lakh members and extending financial assistance of Rs 67 crore. Dr Kalam also appreciated its proposal to extend Rs 392 crore as loan assistance to the women SHGs during the current fiscal year.

He urged the Indian Bank to increase the number of its branches from 1400 to 2000 during the next three years, give top priority to the rural sector.

He also suggested the Bank to introduce a medical insurance scheme for the benefit of the unorganised sector.

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