Union Finance Minister P Chidambaram today turned emotional inaugurating a branch of Indian Bank at his birthplace Kanadukathan in the district, recalling his grandfather was one of the founders of the bank. "I am proud and happy about inaugurating the branch.. This is my mother's native place and my birthplace also," he said while inaugurating the 2132nd branch of the Bank at the village, 40km from here.
Noting that his grandfather was one of the founders of Indian Bank, he said, "After opening 2,131 branches allover the world, the bank, founded by my grandfather, had come to this place. There is already one Indian Overseas Bank branch here but it needed one more bank for development.. Because of my attachment to this place, I am moved today." The Union Minister said the credit-deposit ratio of Indian Bank in Tamil Nadu was as high as 92 per cent where in Bihar and Uttar Pradesh it was around 45 per cent. The CDR reflected the development of the state and people's willingness to start industries.
Asking the people to borrow money from banks without any hesitation, he urged women to come out in large numbers to start business.
On the occasion, he distributed loans to the tune of Rs one crore to students and members of Self Help groups, Dairy and Small and Medium enterprises and for developmental activities.