Shell script utility to read a file line by line

#!/bin/bash
#
# Shell script utility to read a file line line version 2
# This is simpler version of readline script
# This script also demonstrate how to process data file
# line by line and then separate line in fields, so that
# you can process it according to your need.
#
# You can call script as follows
# ./readline2

### Main script stars here ###
# Store file name  here
FILE="/etc/passwd"
# field seprator, default is :, you can use blank space or
# other character, if you have more than one blak space in
# input line then use awk utility and not the cut :)
FS=":"

while read line
do
# store field 1
F1=$(echo $line|cut -d$FS -f1)
# store field 2
F2=$(echo $line|cut -d$FS -f6)
# store field
F3=$(echo $line|cut -d$FS -f7)
echo "User \"$F1\" home directory is $F2 and login shell is $F3"
done < $FILE