The Hindu Business Line : Karnataka Vikas Grameena Bank Q1 biz growth at 24%

The Dharwad-headquartered Karnataka Vikas Grameena Bank – a regional rural bank sponsored by Syndicate Bank – registered a total business of Rs 4,482 crore at the end of the June 30, recording a year-on-year growth of 24 per cent.

Quoting Mr M. Dhananjaya, Chairman of the bank, a bank release said here on Wednesday that the total deposits stood at Rs 2,277 crore recording growth of 23 per cent and outstanding advances at Rs 2,205 crore showing growth of 24 per cent over June 2006.

With this achievement, the bank with a network of 399 branches continues to occupy the no.1 position among the RRBs in the State, the release said.

During the first quarter, the bank has opened seven new branches and three regional offices. It has plans to open four more branches shortly.

LOANS AT 7 %

As all the nine districts forming the area of operation of the bank have received good rainfall, the bank has taken all steps to provide timely financial assistance to farmers, it said.The bank plans to disburse Rs 810 crore to agriculture during this fiscal. Eligible farmers would continue to be given loans up to Rs 3 lakh at seven per cent interest rate during this year.

More Stories on : Regional Rural Banks | Karnataka

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