Banks are the lifeline of the economy – MP CM Chouhan

Madhya Pradesh Chief Minister Shivraj Singh Chouhan has said that banks are the lifeline of the economy. Presently it is not possible to imagine life without a bank.

Prime Minister Narendra Modi launched a campaign to open every person’s account, as a result of which bank accounts were opened for all poor people. The amounts of public welfare schemes of the Central and State Governments are deposited directly into the accounts of the eligible persons. With the expansion of banks and the facilities being provided by them to the general public, transparency in the system has received a boost and people’s lives have become easier. HDFC Bank’s cooperation in encouraging self-employment activities in the state and empowering women self-help groups is commendable.

Chouhan was addressing the inauguration programme at Manas Bhawan located in Shyamala Hills for the virtual launch of 20 branches of HDFC Bank in Madhya Pradesh.

Chouhan cut the ribbon of HDFC ATM at Manas Bhawan and inaugurated 20 branches in the state virtually. HDFC’s head office in Mumbai and 20 branches of the state were virtually connected to the programme. Former Rajya Sabha member Shri Raghunandan Sharma, Circle Head of HDFC Bank Shri Ashu Garg, MP State Head Shri Neeraj Nema and other officials were present. Chief Minister Chouhan garlanded the statue of great poet Tulsidas located in Manas Bhawan.

Improvement in credit deposit ratio necessary in tribal dominated and remote districts

Chouhan said that HDFC is the second largest bank in India with deposits of 17 lakh 33 thousand crore, advance loans of 15 lakh 6 thousand crore and balance sheet of 22 lakh 95 thousand crore. The Credit Deposit Ratio (CDR) of the bank is 118 percent, which shows that the bank’s lending to various sectors of the state is commendable. CM Chouhan said that banks should make special efforts to improve the credit-deposit ratio in tribal-dominated and remote districts. Women self-help groups have emerged as a major economic force in the state. It is our endeavour to ensure that every woman has an income of Rs. 10 thousand per month, cooperation is expected from banks in continuously promoting self-help groups.

The CM said that under the Ladli Bahna Yojana being launched in the state, every eligible woman would be provided Rs. 1000 per month, which means Rs. 12 thousand per year. This amount will encourage small business activities at village and town level. The economic indicators of the state are continuously improving.

Total 20 branches started including one in Bhopal, two in Jabalpur, four in Indore

Chouhan virtually inaugurated HDFC Bank branches in the state. These include Shyamala Hills branch of Bhopal, Sneh Nagar and Sadar branches of Jabalpur, Manorama Ganj, Bhanpura, Bhaurasala and Basant Vihar branches of Indore and Tarana branch of Ujjain. Besides, Sehore’s Budhni, Rajgarh’s Khilchipur and Kurawar, Niwari’s Orchha, Khandwa’s Mundi, Khargone’s Maheshwar, Damoh’s Palandi Chauraha, Anuppur’s Bijouri, Mandla’s Nainpur, Rewa’s Golpark, Satna’s Panna Road and Agar-Malwa’s Narkheda branches were also inaugurated.

Arvind Bora, Country Head, HDFC Bank addressed virtually from Mumbai. Circle Head Ashu Garg and M.P. State Head Neeraj Nema apprised about bank activities, bank branches and ATM facilities in the state. Chief Minister Chouhan was welcomed with shawl-shrifal. Chief Minister Chouhan virtually interacted with the officers and employees of the inaugurated branches.

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