Finance Minister P Chidambaram on Wednesday asked banks to advance more credit to farmers, entrepreneurs and the government for supporting economic growth.
"Bank credit has to grow to support economic growth. Banks have to advance more credit to farmers, entrepreneurs, students and the government," he said while inaugurating United Bank of India's Internet banking service in Kolkata.
"The country's economy is growing at the rate of nine per cent. But the heart of economy is finance," he added. Chidambaram also advised banks to follow the three 'mantras' -- competition, convergence and consolidation.
Observing that the banking industry was doing well,