Report by Viju Mangalore, Pics by Geekay for Daijiworld News Network
Mangalore, Mar 12: Corporation Bank which stepped into its centenary year inaugurated its centenary year celebration on Sunday March 12, 2006. To mark this occasion, the newly-constructed Corporation Bank Centenary Library was inaugurated near Mangala Stadium by Union minister for finance (FM) P Chidambaram.
Following the inauguration of the state-of-the–art library set up at a cost of Rs 2 crore, Chidambaram addressed the employees of the bank and the public at the centenary celebration held at T M A Pai Convention Centre on M G Road.
Speaking on the occasion, the FM said that the existing contribution by banks to the GDP has been 35 per cent which should reach 50 per cent. This would mean that the banks have to lend more for which they will have to have more deposits.
More savings must be channeled to the banks. The deposits on the other hand banks should mediate deposits into loans for development.
Disclosing his vision for the nation, Chidambaram said that as credit is the life blood of the economy, everyone who needs credit must get it. Paving the way, the UPA government had taken a bold step to provide agriculture loan at 7 per cent interest. The government has laid special emphasis on development of agriculture. The fact is that cooperative credit system in our country has collapsed and there is a need to revamp it.
The farmers do not have access to loans at low rates for which we need to encourage them to go to banks. An attempt is also being made to offer loans to agriculture through private sector banks at 7 per cent interest, Chidambaram said.
India’s potential in the manufacturing area has not been harnessed to the optimum. India has the potential to be the world greatest manufacturing country, he said.
By 2010, India’s GDP should reach 10 per cent while investment into agriculture should be 4 per cent. This will be a golden letter day for the nation, Chidambaram expressed.
Karnataka Chief Minister Kumaraswamy who was the chief guest said that the state needs theme cities like Health city, IT city etc. He also said that measures have been taken to speed up the works of the Bangalore and Mangalore airports.
Minister for agriculture Bandappa K, Minister for endowment and fisheries Nagaraj Shetty, Mangalore MLA N Yogish Bhat, MP D V Sadananda Gowda were present on the occasion.
During the programme those who served as the chairmen of Corporation Bank were honoured.
Executive director K L Gopalakrishna was also present.