Chief Manager of Indian Overseas Bank (Puducherry region) V. Sundaramurthy giving away a financial assistance to a Self-Help Group member at Vriddhachalam in Cuddalore district, to commemorate the platinum jubilee of the IOB on Thursday.
CUDDALORE:
The year-long Platinum Jubilee celebrations of Indian Overseas Bank were kick-started by IOB Chief Manager (Puducherry region) V. Sundaramurthy by giving away financial assistance to 75 Self-Help Groups to the tune of Rs 54 lakh at Vriddhachalam near here on Thursday.
Speaking on the occasion, Mr Sundaramurthy said that on the direction of IOB Chairman-cum-Managing Director M. Narendra, the branches of the bank were commemorating the event by organising health camps, giving aid to orphanages, extending financial assistance to street hawkers and pavement vendors, and planting saplings. It was also bringing the rural populace and daily wage earners into the banking network by earnestly implementing the “social inclusion” programme, thus, taking banking services to the “unbanked” villages having a population of 2,000.
On the occasion Mr Sundaramurthy gave away 600 smart cards to the new customers. He further said that the total business mix of the bank so far was Rs 2,25,000 crore and it would go up to Rs 2,50,000 crore by March 2011. So far, 3.88 lakh SHGs in the country had obtained assistance worth about Rs 3,285 crore, and it included 1,137 SHGs to the extent of Rs 15.80 crore in Puducherry region, comprising the three districts of Cuddalore, Villupuram, Thiruvannamalai and Union Territory of Puducherry.
Mr Sundaramurthy observed that the bank was the first one in the region to give away a “top-up loan” of Rs 20,000 to as many as 35 beneficiaries of the Kalaignar Housing Scheme who found the government grant of Rs 75,000 inadequate for the conversion of huts into concrete houses. Assistant General Manager of National Bank for Agriculture and Research Development S.Rajagopalan called upon the SHGs to utilize the funds for productive purposes and for becoming entrepreneurs.
Just indulging in internal lending would not be a sustainable proposition, he said. Senior Manager of Puducherry branch R.Muthumani said that the borrowers should be prompt in repayment of loans. Senior manager of Manjakuppam branch S.Kesavan called for cohesive working of the SHGs for improving the standard of life of the members. Vriddhachalam Municipal Commissioner T.Thiruvannamalai, Vriddhachalam Panchayat Union Chairperson Rajamani Ramu and Vriddchalam branch manager G.Subbarayalu were among those who spoke.
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