Karnataka Vikas Grameena Bank (KVG Bank), a Dharwad-based regional rural bank, has crossed the Rs 10,000 crore-mark in total business.
“The bank as on mid-February reached a total business of Rs 10,026 crore-milestone. This was achieved by opening more branches and providing various services to our customer base of 48 lakh in 13 north and coastal Karnataka districts,” Mr C. Sambasiva Reddy Chairman KVGB, told Business Line.
“The bank has a target of reaching Rs 11,600 crore business level by the end of this fiscal,” he added.
The bank has also adopted a clear-cut road map under financial inclusion and has already reached more than nine lakh people with no-frill accounts.
“Recently we have introduced new initiatives like gramasabha, recovery counselling centres in our banking service area. This has helped us in reaching common people,” said Mr Reddy.
KVG Bank recently inaugurated 20 new branches through e-process including exclusive micro, small and medium enterprises (MSME) branch at Udyambagh in Belgaum.
“The exclusive MSME branch at Belgaum is likely to play a significant role in north Karnataka in meeting national objectives of balanced growth, poverty alleviation and equity promotion, serve as nurseries for corporate enterprises of future,” explained Mr Reddy.
To address crisis of electrical power supply, KVG Bank plans to popularise the initiative ‘Namma Manege Nammade Belaku.' “Through this bank has its own target to reach every village in the coming years. No bank in the banking industry has done this type of achievement,” said Mr Reddy.