Financial Daily from THE HINDU group of publications
Monday, Jun 20, 2005
Financial Daily from THE HINDU group of publications Monday, Jun 20, 2005 |
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Money & Banking
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Private Banks Karnataka Bank targets Rs 4,600-crore forex biz Our Bureau
Mangalore , June 19 KARNATAKA Bank is aiming at a forex business of Rs 4,600 crore for 2005-06, according to its Chairman and Chief Executive Officer, Mr Ananthakrishna. He said that there was a need for expanding forex credit and focus should be on increasing NRE deposits. For 2005-06, the bank has targeted forex merchant turnover of Rs 4,600 crore and export credit of Rs 900 crore. Mr N.S. Chakkera, General Manager (Credits), said that the bank achieved forex merchant turnover of Rs 4,010 crore during 2004-05, a growth of around Rs 700 crore over the previous financial year. The export credit outstanding of the bank crossed Rs 700 crore, amounting to 11.20 per cent of net bank credit. Mr Ananthakrishna recently inaugurated the annual `Foreign Exchange Business Review Conference - 2005' in Mangalore, a bank release said. The release added that all the branch heads were advised to scout for new forex clients and achieve the targets. Regional heads were asked to identify branches for enlarging the forex network.
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