'Mehr Gharz Al-Hassaneh Bank' will provide the ordinary people with loans to meet their urgent needs.



The president had complained about difficult procedure of getting loans from the commercial banks saying that the wealthy people have easy access to the bank loans, something which is inaccessible for the ordinary people.



He said in the inauguration ceremony that unfortunately the banks have been misled in carrying out their professional business.



The commercial banks have directly engaged in making investment in non-producing sectors especially in the real estate and construction materials instead of injecting the cash to the job creating sector.



Mehr Gharz Al-Hassaneh Bank branches in Tehran and six provinces opened on Thursday by a video-conference message of the president.



The bank will have 2,000 branches across the country. Interest rate for the loans has been envisaged at four percent.

Tehran, Dec 13, IRNA