The new initiatives of the Centre will provide ample scope for improving the foreign exchange business, according to P Jayarama Bhat, Managing Director of Karnataka Bank.
Delivering the keynote address at the ‘Forex Business’ conference of the bank in Mangaluru on Monday, he said the launch of initiatives such as ‘Make in India’ and the new Foreign Trade Policy 2015-20 by the Centre provides ample scope for boosting the forex business.
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 an export credit target of ₹2,450 crore.
The bank is planning to have two more forex-designated branches at Bengaluru and Mumbai in addition to the existing 23 now. The bank will also organise ‘forex credit camps’ in all the designated branches to reach out to new forex clients. MS Mahabaleshwara, Chief General Manager of the bank, said the low-growth era appears to have bottomed out, and 2015-16 shows all the signs of the economy rebounding.Farm lending
Karnataka Bank is all set to have an agriculture advance portfolio of ₹6,115 crore by March, Bhat said. The bank has dedicated resources for branches to ensure hassle-free agriculture lending and to minimise occurrence of non-performing advances, he added. The bank also launched ‘Kisan Rupay’ debit card on Tuesday.