The new initiatives of the Union Government will provide ample scope for improving foreign exchange business, according to P Jayarama Bhat, Managing Director of Karnataka Bank Ltd.

Delivering the keynote address at the ‘Forex Business’ conference of the bank in Mangaluru on Monday, he said there is an ample scope for improving forex business with the launch of initiatives such as ‘Make in India’ and new Foreign Trade Policy 2015-20 by the Government.

“We have to live up to the expectation of the Government and RBI to improve the export credit which is a national priority,” he said.

Stating that the economy is showing signs of growth, he said Karnataka Bank will be proactive in extending all the required banking facilities, including credit, to its forex clients. The bank aims to achieve export credit target of ₹2,450 crore.

Quoting Bhat, a press release said here that the bank is planning to have two more forex designated branches at Bengaluru and Mumbai in addition to the existing 23 designated branches. The bank will organize ‘forex credit camp’ in all the designated branches to reach out to new forex clients, he said.

comment COMMENT NOW