Money & Banking

Karnataka Bank targets farm credit portfolio of ₹9,000 cr

Our Bureau Mangaluru | Updated on June 22, 2018 Published on June 22, 2018




Karnataka Bank is planning to achieve a farm credit portfolio of ₹9,000 crore for 2018-19, according to Mahabaleshwara MS, Managing Director and CEO of the bank.

Delivering the keynote address at the ‘Agri Business Conference’ of the bank in Mangaluru, on Friday, he said that the monsoon has started on a very positive note and forecasts for the ensuing months are also encouraging.

The bank will bestow a special focus to leverage these positives, and is targeting to reach ₹9,000 crore of farm credit portfolio for 2018-19.

He advised the branches to focus on the areas such as warehouse receipt finance, irrigation, farm mechanisation, agricultural gold loan, crop loans, development loans and loans to agro-processing units for increasing the farm credit portfolio.

Stating that there are enough opportunities for financing in the agricultural sector following the government’s vision to doublefarmer’s income by 2022, he said it is a well-known fact that following modern agricultural practices will lead to an increase in productivity and added that the bank will be in the forefront in extending a helping hand to farmers for adopting new technologies.

Agri business managers, who are in direct contact with farmers, shall counsel farmers and advice them about the market conditions and crop patterning, with the help of new-age technology and empower them for taking better decisions.

Raghavendra Bhat M, Chief Operating Officer of the bank, asked the participants to focus on healthy agri-credit portfolio. Balachandra YV, General Manager, advised agriculture field officers and branch heads to achieve the agriculture credit targets on a monthly basis.

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Published on June 22, 2018
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