K'taka grameena bank's biz at Rs 4,482cr

The Karnataka Vikasa Grameena Bank has recorded a total business of Rs 4,482 crore at the end of the first quarter of fiscal 2007-2008. Bank's chairman M Dhananjay in a release said the bank registered a 24 per cent growth during the period.

The total deposits of the bank stood at Rs 2,277 crore, recording a growth of 23 per cent and outstanding advances stood at Rs 2,205 crore, which is 24 per cent more than that of June 2006.

The bank has opened seven branches and a regional office in Q1. It plans to open four more branches shortly. The Navanagar branch at Bagalkot is the 400th branch of KVGB. Stating that the bank had initiated recruitment in 2006-2007 keeping in mind the business growth, Dhananjay said there would be no recruitment in 2007-2008.

All the nine districts under the KVGB's jurisdiction have received a good rainfall and the bank has taken necessary steps to provide financial assistance to farmers to carry out sowing operations without a hitch.

He said the bank planned to distribute Rs 810 crore for agriculture this fiscal. Eligible farmers would continue to get loans at 7 per cent interest this year.

The bank has launched the Vikas Bahumukha -- a scheme for financing multipurpose/composite credit requirements of farmers including investment credit, contingencies and consumption needs. The farmers may take advantage of the scheme apart from the Kisan Credit Card scheme, which provides hassle-free loans.

Dhananjay said the bank planned to implement the state government's Suvarna Grama scheme effectively. Other schemes like water harvesting, rural sanitation, solar lighting and rural godowns would also get bank's assistance.