The Hindu Business Line : Karnataka Grameen bank to add 15 branches

Mangalore, July 2 The Dharwad-headquartered Karnataka Vikas Grameen Bank (KVGB) — a regional rural bank sponsored by Syndicate Bank — plans to add 15 branches during the current financial year, according to Mr K.P. Muralidharan, Chairman.

A bank release said here on Thursday that he was speaking at the inauguration of the 410th branch of the bank at Talikote in Bijapur district. Of the 15 branches planned for the year, four will be opened shortly. The bank operates in Bagalkot, Belgaum, Bijapur, Dharwad, Gadag, Haveri, Uttara Kannada, Udupi, and Dakshina Kannada districts.

The bank, which has a clientele of about 38 lakh, is on the verge of conversion to core banking solutions (CBS), he said.

First quarter biz

The bank recorded a business of Rs 6,114 crore during the first quarter of the current financial year against Rs 5,324 crore in the corresponding period of the previous fiscal, recording a growth of 14.84 per cent.

During the period, the total deposits of the bank stood at Rs 3,523 crore (Rs 2,802 crore) and advances at Rs 2,591 crore (Rs 2,522 crore). During the current fiscal, it hopes to disburse Rs 1,850 crore.

Solar focus

The bank, which intends to focus on giving loans for solar lighting and heating systems to the extent of 20,000 units, has selected 80 villages to turn them into ‘solar villages’.

Mr Muralidharan said that regional rural banks will be the inevitable links in integrated rural development in the days to come. KVGB is actively participating in all the Government-sponsored schemes for poverty alleviation, he added.

The release said that Mr B.N. Biradar, Assistant General Manager of Rajeev Gandhi Rural Housing Corporation, Bangalore, who was the chief guest of the function, lauded the efforts of the bank in rural development.

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