Karnataka Bank targets more forex business

With its aim to meet a forex business of Rs 5,700 crore, envisaging a growth of Rs 1,100 crore for 2006-07, Ananthakrishna, chairman and CEO of Karnataka Bank Limited said, there is a need to expand the forex credit as it is a national priority and also to achieve a future with sustainable growth.

He was inaugurating the 'Annual Foreign Exchange Business Review Conference ? 2006' of the bank convened on Tuesday at the head office of the bank here to review the performance of the bank under forex business in 2005-06 and to discuss the plan of action for the ensuing year in which heads of all regions, international division, overseas branches, forex designated branches of the bank participated.

For 2006-07, the bank has targetted forex merchant turnover of Rs 5,700 crore and export credit of Rs 1,300 crore. G K Bhat, general manager (credits), in his introductory address advised the branches to encourage in financing the diversified activities to spread the risk and achieve corporate goal.

During 2005-06, the bank has achieved a forex turnover of Rs 4,639 crore showing a growth of around 16 per cent.