Online edition of India's National Newspaper
Sunday, Jul 29, 2007
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Online edition of India's National Newspaper Sunday, Jul 29, 2007 ePaper |
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Tamil Nadu
Staff Reporter
MADURAI: Pandyan Grama Bank has plans to open 30 more branches in six districts by this financial year to augment its current strength of 172 branches spread across nine districts. “The bank has already obtained licence for six branches and has applied for another 10,” its chairman, N. Subramanian, has said. Speaking after inaugurating a branch at Pasumalai here on Wednesday, he said that the bank had aggressive expansion plans. The areas of focus were self-help groups and small and medium enterprises. “For the past seven years, we have come first in giving loans to SHGs in Tamil Nadu. The bank also has special schemes for the SME sector,” he said. MoU signed The bank would go beyond meeting the agricultural needs of a village as it constituted only 55 per cent of a village’s income, he said. “We have signed a Memorandum of Understanding with Maruti Udyog Limited to sell cars in villages. We will finance all rural activities.” Under ‘joint liability group’ formed by five or more persons, loans up to Rs. 15,000 was given for business without any collateral. More than 1,400 groups had benefited from this plan and loans to the tune of Rs. 26 crore had been given till now, said Mr. Subramanian. Extensive credit had been extended to the agricultural sector. He said that the entire needs of a family were assessed and loans given to meet their requirements. About 400 families had been given loans to the tune of Rs. 3 crore. Financial inclusion scheme In Madurai, the bank would focus on ‘Total financial inclusion’ scheme of the Reserve Bank of India and hoped to take the “lion’s share” of accounts to be opened, he said. The bank’s total business mix stood at more than Rs. 2,000 crore. During the last financial year, it had deposits to the tune of Rs. 1,010 crore and advance of Rs. 1,067 crore. A profit of Rs. 21 crore was achieved. Its non-performing assets stood at Rs. 18 crore with the net NPA being nil.
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