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Our Bureau

MR ANANTAKRISHNA

Mangalore June 12 Karnataka Bank Ltd has targeted a forex business of Rs 8,500 crore during 2007-08.

A bank release said here on Tuesday that Mr Anantakrishna, Chairman and Chief Executive Officer of Karnataka Bank Ltd, revealed this at the `Foreign Exchange Business Review Conference - 2007' recently.

The bank, which achieved a forex merchant turnover of over Rs 6,100 crore showing a growth of around 31.53 per cent during 2006-07, has envisaged an addition of Rs 2,400 crore for 2007-08.

During 2006-07, the export credit outstanding crossed Rs 1,100 crore amounting to 11.47 per cent of net bank credit of the bank. For the current fiscal, it has targeted an export credit of Rs 1,450 crore.

Mr Anantakrishna stressed the need for diversifying the export credit to various sectors in order to spread the credit risk of the bank.

All the branch heads were advised to scout for new forex clients and achieve the targets despite the appreciation of rupee vis-à-vis dollar.

Mr Anantakrishna also stressed the need for focused attention on increasing NRI accounts for which the bank plans setting up `NRI cell' in Mumbai.

During the current year, the bank has ventured into a new operational set-up named `Central Processing Centre' for carrying out centralised foreign exchange operations. Mr G.K. Bhat, General Manager (Credits), spoke on the occasion.

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