MADURAI: Expansion of banking sector to cover people from all walks of life is one of the achievements of the United Progressive Alliance (UPA) government in the last decade, said Union finance minister P Chidambaram.
Addressing a gathering at the 103rd Foundation Day Celebration of Central Bank of India held in the city on Monday, Chidambaram said the expansion of banking sector covering people across the country has also helped to provide more employment opportunities to the youth.
"Banking sector has grown better in the last 10 years than in any other period. The sector at present is in a position to open 10,000 branches per year. Banks have 1.10 lakh branches throughout the country. Seven to eight branches are opened every day. This was possible because of cooperation from the unions of bank employees," Chidambaram said.
The sector is providing an estimated 50,000 jobs to educated youth every year. Increasing number of bank branches has also ensured provision of education loan to students. Getting an education loan was difficult 10 years back. Only a few students could avail such benefits from banks. Now a large number of students are getting education loans.
Similarly, people are getting better ATM facilities compared to 10 years ago. Now people can access the facility everywhere, he added. The recent Companies Bill passed by the Lok Sabha and ratified by the Rajya Sabha is another major achievement of the UPA government, he said.
The new Companies Bill stipulates that companies should spend 2% of total annual income for society as corporate social responsibility (CSR). However, government would not interfere in companies' CSR initiatives. Although, a few opposed it earlier, they have understood its benefits now, the minister said. Central Bank of India is supporting 103 government schools, three of which are in the minister's home district, Sivaganga. Chidambaram urged those in the corporate sector to reach out to the villages where they hail from through CSR activities.
On the sidelines of foundation day celebration, Central Bank of India opened 103 branches and 103 ATMs. Besides, a new mobile banking application and a health insurance scheme for 1.03 lakh families were unveiled. Also, loans were sanctioned for 503 self-help groups.
http://timesofindia.indiatimes.com/City/Madurai/Banking-sector-spawns-jobs-says-P-Chidambaram/articleshow/27813174.cms
Addressing a gathering at the 103rd Foundation Day Celebration of Central Bank of India held in the city on Monday, Chidambaram said the expansion of banking sector covering people across the country has also helped to provide more employment opportunities to the youth.
"Banking sector has grown better in the last 10 years than in any other period. The sector at present is in a position to open 10,000 branches per year. Banks have 1.10 lakh branches throughout the country. Seven to eight branches are opened every day. This was possible because of cooperation from the unions of bank employees," Chidambaram said.
The sector is providing an estimated 50,000 jobs to educated youth every year. Increasing number of bank branches has also ensured provision of education loan to students. Getting an education loan was difficult 10 years back. Only a few students could avail such benefits from banks. Now a large number of students are getting education loans.
Similarly, people are getting better ATM facilities compared to 10 years ago. Now people can access the facility everywhere, he added. The recent Companies Bill passed by the Lok Sabha and ratified by the Rajya Sabha is another major achievement of the UPA government, he said.
The new Companies Bill stipulates that companies should spend 2% of total annual income for society as corporate social responsibility (CSR). However, government would not interfere in companies' CSR initiatives. Although, a few opposed it earlier, they have understood its benefits now, the minister said. Central Bank of India is supporting 103 government schools, three of which are in the minister's home district, Sivaganga. Chidambaram urged those in the corporate sector to reach out to the villages where they hail from through CSR activities.
On the sidelines of foundation day celebration, Central Bank of India opened 103 branches and 103 ATMs. Besides, a new mobile banking application and a health insurance scheme for 1.03 lakh families were unveiled. Also, loans were sanctioned for 503 self-help groups.
http://timesofindia.indiatimes.com/City/Madurai/Banking-sector-spawns-jobs-says-P-Chidambaram/articleshow/27813174.cms
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