Bank loans given to 12 lakh students

Pudukkottai: Around 12 lakh students all over the country had reaped the benefit of educational loans to the tune of Rs 16,000 crore. This was disclosed by Union Minister for Finance P Chidambaram. Inaugurating the 1008th branch of Vijaya Bank at Rangiyam in Tirumayam taluk, the Finance Minister observed that Vijaya Bank, one of the nationalised banks since 1980, had achieved a fast growth to reach the 1008th mark.

The newly opened branch would benefit nearly 15,000 people of five panchayats - Rangiyam, Midhilaipatti, Kuruvikondanpatti, Sethurapatti and Kannanur. The bank has been issuing loans under the heads of education, agriculture, small scale industries and SHG entrepreneurship. Loans are also offered to washermen and barbers at four per cent interest. The target for agri loans for the current year is fixed at Rs 2.25 lakh crore which is likely to be exceeded by another Rs 10,000 crore.

A scheme to rehabilitate the physically- challenged by creating one lakh job opportunities is to be introduced at an outlay of Rs 1,800 crore. Gramin Rozgar Yojana (National Rural Employment Guarantee Programme) is to be implemented in the district from April onwards. This will enable a labourer to earn a daily wage of Rs 80- 100. Vijaya Bank Chairman and MD Prakash Mallaiya said that the bank’s transactions were at Rs 72,000 crore.

By 2008-09, it was expected to reach the figure of Rs one lakh crore. It was also planned to increase the number of branches to 1,050 by year end, Mallaiya added.