Union Minister for Finance P Chidambaram revealed that around 12 lakh students all over the country had obtained the benefit of educational loans up to the value Rs 16,000 crore.
At the inaugural function of 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.
With the opening of new branch around 15,000 people of five panchayats - Rangiyam, Midhilaipatti, Kuruvikondanpatti, Sethurapatti and Kannanur, would be benefited. The bank has been offering loans under the heads of education, agriculture, small scale industries and SHG entrepreneurship.
Loans are also given to washer men and barbers at the rate of four per cent interest. In the current year the target for agri loans has been fixed at Rs 2.25 lakh crore which is likely to be go beyond by another Rs 10,000 crore.
There is also a scheme for the rehabilitation of the physically- challenged by creating one lakh job opportunities which is to be introduced at an expenditure of Rs 1,800 crore. Gramin Rozgar Yojana (National Rural Employment Guarantee Program) will be executed in the district from April onwards.
This will make possible for a laborer 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.
It is expected to reach the figure of Rs one lakh crore by 2008-09. Mallaiya added there are plans to increase the number of branches to 1,050 by year end.
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