Syndicate Bank sponsored RRBs' net up

The ten regional rural banks, sponsored by Syndicate Bank in Karnataka, Andhra Pradesh, Haryana and Uttar Pradesh, have achieved encouraging results during 1999-2000.

The net profit of these RRBs has risen to Rs. 106 crores from Rs. 86 crores in the previous year.

In the recently held conference of chairman of RRBs, Mr. D. T. Pai, Chairman and Managing Director of Syndicate Bank, reviewed the performance of Syndicate Bank sponsored RRBs for 1999-2000 and the action plan for achieving better performance level for 2000-01 was launched.

Accordingly the RRBs are poised to achieve 20 per cent growth in deposits, 23 per cent in advances with the operating profit projected at Rs. 136 crores during the current year.

As of March 2000, deposits of these RRBs stood at Rs. 2,833 crores and advances at Rs. 1,998 crores. These RRBs have achieved a higher credit-deposit ratio of 71 per cent, much higher than the national average of 42 per cent for all the RRBs.

They have also achieved a loan recovery rate of 74 per cent against demand. Total credit disbursement was Rs. 1,307 crores, mainly to farmers, artisans and small business.

Among 43 RRBs, which have wiped out their accumulated losses, eight are sponsored by Syndicate Bank.

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Section  : Business
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