Home Min inaugurates SBI’s 11,111th branch

Home Minister and former Finance Minister P Chidambaram on Friday (January 2) said the Centre is determined to bring development to Assam by strengthening infrastructure. Inaugurating the State Bank of India’s (SBI) 11,111th branch in Sonapur, he said bank loans meant development and this was a clear message that the Centre was for improving the state’s economic condition.

Expressing satisfaction at the rate of growth in the state, the union minister said since the early days of under development, a lot had changed in the state which was visible through the expanding city of Guwahati. Referring to the recent incidents of terror attacks, he said, “Despite the recent unfortunate incidents, the opening of the new branch signalled that whatever be the opposition, obstacles or stress faced by the people, every one stood for development.”

SBI with a total business of Rs 11.14 lakh crore has the strength to extend credit to all sectors, including farmers, self-help groups, students, at affordable rate of interest which will lead to development, he said. He said Rs 24,000 crore education loans had been extended which was the highest in the world. He said that India has a strong banking system, which remained unaffected in the midst of the worldwide collapse of several large banks.

Stressing the need for enterprise in the banking sector that would lead to prosperity, Chidambaram said more than 30 lakh self-help groups have been given loans by the public sector banks most of whom were women. The minister highlighted the effort of the UPA government in improving the plight of the farmers when the loan extended to them was waived.

Chief Minister Tarun Gogoi said the opening of the branch at Sonapur fulfilled a long-felt need particularly of farmers whose economic upliftment was the aim of the bank as well as the government. Speaking on the occasion, SBI Chairman O P Bhatt said the bank had the largest network of branches in the North East and was the biggest lender. He said the SBI was committed to the growth and prosperity of Assam and the North Eastern region.

(With inputs from agencies)

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