The Hindu Business Line : KVGB targets Rs 10,000-cr business by 2010

Mangalore June 8 The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Syndicate Bank, is planning to achieve business of Rs 10,000 crore by 2010, according to Mr M. Dhananjaya, Chairman.

Presiding over the inauguration of the 393rd branch of the bank at Subrahmanya in Dakshina Kannada district on Friday, he said that the bank did Rs 4,399 crore of business in 2006-07 and is aiming at Rs 10,000 crore by 2010.

To achieve this, the bank plans to open more branches and ATMs.

There are plans to open 10 more branches and three more regional offices by the end of the month.

Besides, the bank is planning to open 20 ATMs during the current fiscal.

Mr Dhananjaya said that the bank is seriously considering the introduction of pigmy deposit collection scheme for its customers.

However, a decision on this will be taken after taking consent from the board and from the sponsor bank.

As part of its social responsibility initiative, the bank is helping the villagers in rejuvenating local ponds and lakes.

In this regard, it is planning to help in rejuvenation of 104 such lakes and ponds in villages under its jurisdiction during the current fiscal.

Inaugurating the branch, the seer of Subrahmanya Math, Sri Vidyaprasannatheertha, said that competition in banking sector would gain momentum with the entry of foreign banks to the country.

In such a situation, regional rural banks will play a major role in catering the needs of rural people.

"They should gear up to meet the challenges of future," he said.

Karnataka Vikas Grameena Bank operates in nine districts of Karnataka.

More Stories on : Outlook | Regional Rural Banks | Karnataka

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