Fresh credit from Karnataka Bank to benefit farmers

MANGALORE: Aiming to tap huge potential in agricultural sector, Karnataka Bank proposed to disburse Rs 1,136 crore fresh credit during 2009-2010. Finalizing this target, managing director and CEO of the bank P Jayarama Bhat called upon all the branches to extend financial assistance to the sector and thereby contribute to nation's progress, a press release from the bank here stated on Saturday.
He advised agriculture field officers (AFOs) and agricultural marketing officers (AMOs) to understand the problems of farm sector, and educate farmers on judicious use of bank credit.Likewise, prompt repayment of bank loan and increasing the agricultural credit are the need of the hour. Bhat was addressing the regional heads, select branch managers and bank officials in the `Agri Business Conference 2009' here recently.
N Upendra Prabhu, general manager (credit) requested the branches to popularize the bank's agricultural schemes through effective marketing so that benefit of schemes reaches the needy farmers. He stressed the need for updating the knowledge on agriculture through proper training.
In a separate release, the bank also stated that it was eying for a forex business of Rs 9,700 crore envisaging an increase of Rs 1,850 crore for 2009-10. Bhat said there is a need for expanding the forex credit and achieve sustainable growth, as it is a national priority. While stressing the need for expanding the credit, Bhat advised the branch heads to scout for new forex clients so as to achieve export credit target of Rs 1,800 crore.
He also advised for focused attention on increasing the NRE/FCNR deposits of the bank so as to increase the said deposits to the level of 5% of the total deposits. Upendra Prabhu advised the branches to encourage diversified activities in order to spread the risk, thus achieve corporate goal. The general managers K H Shivaswamy Aithal, P Jairama Hande and B Ashok Hegde were present during the two meets.