New Delhi, July 1 (ANI): Finance Minister P. Chidambaram said here today that he wants banks to open more branches in rural areas of the country.

Chidambaram was speaking to Bank Managers through Video conferencing on the occasion of online inauguration of 101 State Bank of India (SBI) Branches in New Delhi.

He said that even the poor and disadvantaged sections of the society as well as the slum dwellers should have access to the formal banking system.

"The banks should take initiatives for opening of accounts by the villagers and residents of semi-urban areas in the urban branches," Chidambaram said.

The Minister also wanted banks to advance educational loans liberally.

The United Progressive Alliance (UPA) Government has already disbursed twenty thousand crore rupees of educational loans to students under various schemes.

Farm loan waiver scheme a success: Chidambaram

He lauded the efforts of state-run banks for making the Government's farm loan waiver scheme a success.

He called the scheme an 'unprecedented success' during the online inauguration of 101 branches of the public sector State Bank of India (SBI) in New Delhi.

Chidambaram had announced the 600 billion-rupee package in his budget speech earlier this year, which was increased to Rs.716.8 billion in May.

The farm loan waiver scheme aims at enabling the beneficiary farmers to apply for fresh loans. (ANI)