Financial Daily from THE HINDU group of publications
Friday, Nov 18, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 18, 2005 |
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Money & Banking
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Farm credit Canara Bank Mangalore Circle plans farmers' club Our Bureau
Mangalore , Nov. 17 THE Founder's Circle of Canara Bank here is planning to form a farmers' club in every rural and semi-urban branch during the current fiscal to mark its centenary year. In addition to this, the circle wants to cross the 30 per cent growth target in agriculture lending during the period. Of the 256 branches under the Founder's Circle (Mangalore Circle), nearly 80 per cent of the branches are situated in rural and semi-urban areas. The circle has jurisdiction over 11 districts in Karnataka and Goa. Addressing presspersons here on Thursday, Mr R.K. Madhukar, General Manager - Mangalore Circle, said that 75 farmers' clubs already exist in the Mangalore Circle. Borrowers who have good track record in repaying loans will be members of such clubs. Apart from identifying good proposals for extending agriculture loans, these clubs will be a link between the bank and Government. Mr Madhukar hoped that the Founder's Circle would cross the target of 30 per cent growth in agriculture lending during the current fiscal. The circle is planning to achieve an agricultural disbursement level of Rs 715 crore during the current fiscal as against Rs 548 crore during the previous year. He said that 1,000 tractors would be financed during the current fiscal (670). The segment of small and medium entrepreneurs will get credit flow to the extent of Rs 100 crore. The total number of self-help groups (SHGs) formed by the bank in the Founder's Circle will be increased from 11,000 to 13,000. The circle, which is planning to add further business of Rs 1,000 crore, wants to take the total business to Rs 9,000 crore by end-March, Mr Madhukar said.
Centenary celebrations
Mr V. Leeladhar, Deputy Governor, Reserve Bank of India, will be the chief guest at the centenary year celebrations in Mangalore on November 19. Mr Madhukar said that Founder's Day would also be celebrated on that day. Founded by Ammembal Subbarao Pai in Mangalore in 1906, the bank is now among the top five banks in India. Mr Madhukar said that the Dharmadhikari of Sri Kshetra Dharmasthala, Dr D. Veerendra Heggade, will be the guest of honour. Mr M.B.N. Rao, Chairman and Managing Director of the bank, will preside over the function. Mr Rao will inaugurate the Centenary Year branch at M.G. Road in Mangalore on November 21. In all, four new branches will be opened in the Founder's Circle during the current fiscal. Added to this, core banking solution (CBS) will be implemented in 11 branches in the circle. The first CBS in the circle will be implemented at Founder's Branch in Mangalore, he added.
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