Banks must oblige govt's policy: FM

Says all banks should oblige government's policy to take banking service across the country

The Finance Minister took umbrage to the statements from many quarters about the lack of growth in the Indian economy.

In his address after opening SBI 14,999th branch at Kalayarkovil, Sivaganga district, Union Finance Minister P Chidambaram said, "Those who don't have eyes and ears are only saying that their is no growth. If you ask for more growth and fast growth, then I will accept."

Chidambaram, who was on a two-day visit to his constituency, addressed the public, after opening SBI's 14,999 and 15,000th branch here.

Earlier, after opening the Indian Overseas Bank (IOB's) 3,000th branch, he said, all banks should oblige government's policy to take banking service across the country.

"Earlier, those who wore white dhoti, white shirt and didn't wear sandals, were not allowed banking services. But, after the UPA came to power nine years ago, this has changed." Like any other basic needs, like hospital, education or roads, bank branches are important to people.

"To achieve this, every bank is obliged to follow the government's policy and every banker should oblige," said the Finance Minister.

The government wants the banks to have a full spread and a large number of banks across the country.

M Narendra, Chairman and Managing Director, Indian Overseas Bank, said this is IOB's 1,063rd branch in Tamil Nadu and 475th rural branch in the state.