South Malabar Gramin Bank plans kiosks for farmers

In an initiative to extend a helping hand to farmers, the Malappuram-based South Malabar Gramin Bank (SMGB) plans to set up a string of information kiosks across the state.

The information kiosks, of which as many as 10 will start functioning this fiscal itself, will be entirely funded by the bank, said NS Bose, chairman, SMGB. Farmers can access any information regarding their vocation through these kiosks that will come up across rural Kerala.

This apart, the bank also plans to unveil a variety of schemes in the agro-tourism sector in the state whereby entrepreneurs can avail of assistance in setting up farm tourism initiatives, he added.

The Canara Bank-sponsored SMGB, which expects its total business to cross Rs 4,000 crore during 2007-08, had extended relief measures to farmers to the tune of Rs 6.85 crore in about 12,516 loan accounts.

The bank extended this relief by waiving 2 per cent on interest rates to all short-term agricultural loans, he said. It also permitted settlement in 739 accounts involving Rs 2.92 crore. SMGB's total business crossed Rs 3,144 crore, up 20 per cent, during the 2006-07 fiscal. Net profit stood at Rs 21.45 crore.

Detailing expansion plans, Bose said the bank would make its foray into Thiruvananthapuram by opening its first branch at Peroorkada on June 7.

The predominantly North Kerala RRB will consolidate its presence here this year by unveiling branches in the city-suburbs of Manacaud, Balaramapuram, Attingal and Nedumangad. SMGB will also open branches in Idukki this fiscal. The bank plans to open as many as 20 new branches during the period.

During the current fiscal, he said, the bank would open 25 ATMs in association with Canara Bank, with a focus on biometric ATMs.

This apart, it has lined up a tie-up with Canbank Mutual Fund and an alliance with the new life insurance company, which will be born out of an association with Canara Bank, Oriental Bank of Commerce and HSBC, to sell life insurance products.