Kalam urges banks to reach out to rural poor

Former President APJ Abdul Kalam has called upon banks to reach out to the poor, especially in rural areas.

Delivering a special address on the Founders' Day of Karur Vysya Bank Limited (KVB) in Karur, he said banks could embark upon agro-based industries, finance, industrial ventures based on agro-products, horticultural enterprises etc, which could create immense job opportunities for the rural folks.

Kalam urged banks to adopt the PURA (Providing Urban Amenities in Rural Areas) scheme and thereby transform rural growth into a national growth process. He suggested KVB to work in collaboration with industries, and entrepreneurs to create an entrepreneurial hub in rural areas.

Referring to the Tamil Nadu government's plan of cultivation of jatropha on one lakh acres and installation of 200 processing centres across the state, Kalam urged KVB to play a major role in the Jatropha Chain Plantation Scheme and sponsor agricultural research centres.

PT Kuppuswamy, chairman of the bank, said the bank expected to enhance the aggregate business to Rs 25,000 crore before March 31, 2009, and have 300 branches before March 31, 2008.

The bank at present has 277 branches and registered a business of Rs 17,600 crore in 2006-2007. It has become the first private sector bank in Tamil Nadu to surpass the Rs 10,000 crore mark in deposits, he added.