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Mangaluru, Aug 3 Karnataka Bank Ltd has earmarked ₹6,120 crore for agriculture sector during the current financial year, according to P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank.
Inaugurating the Agri-Business Conference of the bank in Mangaluru on Wednesday, he said that around 58 per cent of rural households depend on agriculture as their principal means of livelihood. Agriculture sector contributes around 16 per cent to the GDP.
Stating that rural sector has tremendous potential for employment generation and capital deployment, he said rural development initiatives hold key for real and sustainable development of the country.
Considering this the bank has earmarked ₹6,120 crore for agriculture sector during the current fiscal, he said.
A press release said here that Bhat was addressing the agriculture field officers, heads of agriculture development branches, green branches and the regional heads from across India.
Mahabaleshwara MS, Chief General Manager of the bank, said that agriculture field officers should extend timely and adequate credit to the farm sector besides focusing on end use and timely recovery.
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