The Hindu Business Line : Vijaya Bank confident of agri target

In an informal chat with presspersons here, the Executive Director of the bank, Mr P.A. Sethi, said, "Blue print in this regard has been prepared and we are proceeding accordingly. We may even surpass the target."

He said that 30 per cent agriculture lending is no way less profitable to the bank.

As on March 2004, the total agricultural advances of the bank stood at Rs 1,437.43 crore compared with Rs 1,181.25 crore during the corresponding period in the previous financial year.

When his attention was drawn towards the suggestions of Nabard to take up two to three agricultural projects in rural and semi-urban branches and to add 100 new farmers in these branches, he said the bank would implement them.

To a query on proposals regarding the merger of Vibank Housing Finance Ltd with the bank, Mr Sethi said, "We are waiting for the regulatory approval in this regard."

He ruled out any further reduction in housing loan interest rates.

On the expansion of the bank network, he said it has licence to open 49 branches. The bank, which has 867 branches, has set a target of 1,000 branches.

The bank, which has been listed in the US, is US GAAP compliant.

The listing has helped the bank in increasing its profits, he said.

Stating that the bank is in the process of implementing core banking solution (CBS) in 10 branches, he said it would be implemented in 150 branches by March 2005.

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