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Karnataka Vikas Grameen Bank (KVGB) will open 25 branches by the end of this month, according to its Chairman.
Speaking at the credit camp organised by the bank at Udupi on Thursday, C. Sambasiva Reddy, Chairman, said the main focus of the bank is to improve the living standard of people, especially villagers, in its area of operation. Towards this end, the bank will open 25 more branches by the month-end.
The regional rural bank, which has 503 branches, is planning to open 50 branches during the current financial year. Of the 50 such branches, 25 will be opened during August.
He said the bank’s focus was to increase its outreach by expanding its branch network.
The bank is also embarking upon financial inclusion in a big way. To further its financial inclusion drive, the bank will open 50 ultra-small branches in its area of operation.
Reddy said total business crossed Rs 10,925 crore at the end of June. The bank is targeting a business of Rs 11,000 crore by August.
KVGB, which conducted 1,000 gram sabhas in June, disbursed Rs 675 crore to the agriculture sector alone, he said.
On Thursday, the bank disbursed Rs 16.75 crore under 1,481 accounts in the credit camp. The Mangalore regional office of the bank has 36 branches under its jurisdiction. The total business of the Mangalore regional office is at Rs 606 crore, which includes Rs 383 crore of deposits and Rs 223 crore of advances, he added.
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