People have realised importance of banking services: FM

He said that branch opened in a certain area provides people with various facilities and help in improving local economy

Finance Minister P Chidambaram today said people have realised the importance of banking services and always request him to open a branch in their area to avail of various facilities.

"Wherever I go people ask me to open a bank branch. People have realised the importance of banking service nowadays," he said declaring open 108 branches of Indian Bank, including one in this town through video conferencing mode.

The minister noted that if a branch is opened in a particular area, people there get all facilities, including loans for farming, industry, business and education, which would improve the local economy.

He said bank branches were not being opened just in Sivaganga (his constituency) but all over India. The 108 branches of Indian Bank included 36 in Tamil Nadu; 19 in Uttar Pradesh; 13 in Orissa, 12 in Andhra Pradesh, seven in Kerala three in Karnataka, one each in West Bengal and Assam and 16 in other states, he said.

The opening of branches was in line with the UPA government's decision to do so, he said and pointed out that this year 10,000 branches had been opened, providing jobs for 50,000 persons.

Indian Bank's business in Tamil Nadu was Rs 90,000 crore and this would touch Rs one lakh crore in the coming year, he added.