Date:18/12/2007 URL: http://www.thehindu.com/2007/12/18/stories/2007121851370300.htm

Tamil Nadu

Rs. 3-crore loan sanctioned for floriculture

Staff Reporter

Hosur: Indian Bank will accord top priority to self-help groups for their socio-economic development, said the Chairman and Managing Director of Indian Bank M.S. Sundararajan. He was inaugurating a rural ATM and core banking operations of the bank at Uthanapalli near here on Monday. He asked SHGs to repay the loans promptly. Under the Financial inclusion project the bank has planned to bring all families who don’t have a bank account under its fold.

Indian Bank is also extending Education Loan facility to all eligible students through all its branches in Dharmapuri and Krishnagiri districts. The bank has given in-principle sanction to eligible home loan customers to the tune of Rs.1 crore. The bank has also sanctioned loans to farmers cultivating cut flowers worth Rs.3 crores. Earlier Mr. Sundararajan inaugurated a property fair organized by the bank at Hosur.

Participating in the function Collector Santhosh Babu asked banks to increase the proportion of education loans in the district.

He asked students to repay the loans promptly. The SHG movement was started to eliminate the rampant practice of Kandhu Vatti (Usury) and to aid in the economic upliftment of women. The Collector called upon banks to set up ATMs in rural areas. Chief Manager Indian Bank Krishnamurthy was present.