Chidambaram lauds achievement of public sector banks

Chennai, Aug 19 (UNI) Public sector banks have made a remarkable achievement during the past three years due to its stiff competition with private banks, Union Finance Minister P Chidambaram today said.

Speaking at a centenary function of Indian Bank here, the minister pointed out that the overall deposits this year among the public sector banks had achieved a massive growth of Rs 20,00,000 crore compared to 12,30,000 crore during the same period, three years back.

He said the lending also increased from Rs 6,33,000 crore to Rs 14,41,000 crore during the three years.

Pointing out the reduction in the debt percentage, Mr Chidambaram said the debt had reduced from three per cent to one per cent during the last three years.

On the priority sector deposit, he said three years back it was Rs 2,44,000 crore but this year it stood at Rs 5,21,000 crore.

The Agricultural loans had also witnessed an aggressive growth from Rs 84,000 crore to Rs 2,05,000 crore.

On the education loan growth, the minister said 3,19,337 students across the country received loans to the tune of Rs 4,550 crore three years back but this year the amount had increased to Rs 14,214 crore, where 9,37,793 students received the loan.

UNI