SYNDICATE BANK CMD calls on Punjab CM

Chandigarh, March 12, 2013: Punjab Chief Minister Parkash Singh Badal today called on the banks and financial institutions to play a proactive role in bailing out the distressed peasantry from the prevalent crisis by offering them soft loans for crop diversification.

Interacting with the Chairman cum Managing Director (CMD) of the Syndicate Bank MG Sanghvi, who called on the Chief Minister at his official residence this morning, Badal said that the squeezing profitability margins due to the high costs of agricultural inputs and low returns in terms of stagnated MSP has virtually brought the beleaguered peasantry of the state on the crossroads. He said that to overcome this crisis the banks need to play a key role by extending helping hand to the farmers by devising some loan schemes especially for the small and marginal ones by giving lucrative incentives to them for supplementing their incomes from other allied farming sectors like Dairy, Fishery, Goattery, Piggery and Animal Husbandry. Badal said that it was the high time when banks should make concerted efforts for providing soft loans to the peasants, dairy farmers and other allied farming sectors to motivate them to go for diversification in a big way.

The Chief Minister also laid thrust on setting up a network of dedicated agricultural branches of banks across the state to ensure cheap loans to the farmers to buy farm equipments, quality seeds, pesticides and fertilizers with a thrust to adopt diversification. Expressing discontent over the cumbersome process involved in the advancing of loans to the farmers, Badal said that the process of these loans should be rationalised to enable majority of farmers to avail these benefits.

Responding to the issues raised by the Chief Minister, Sanghvi said that keeping in view the unprecedented all-round development of the state there was a vast scope in banking sector and syndicate bank was mulling to make more investment in the state by opening several new branches across Punjab. He said that it would not only accelerate the pace of ongoing development in the state but would also help in generating more employment opportunities for the local youth. The CMD also assured Badal of comprehensive efforts to give several facilities to the customers.  

Prominent amongst those present on the occasion included Chief Parliamentary Secretary N.K Sharma, Special Principal Secretary to the Chief Minister KJS Cheema, DGM OF Syndicate Bank Kamal Bhola and Chief Manager of the Bank Captain Anil Khanna.