Date:18/01/2005 URL: http://www.thehindubusinessline.com/2005/01/18/stories/2005011800991700.htm

Back State Bank of Mysore gives Rs 650-cr farm loans

Our Bureau

Mangalore , Jan. 17

STATE Bank of Mysore has advanced Rs 650 crore for agriculture sector till December 31, 2004 against the target of Rs 675 crore for the current financial year, according to Mr B.N. Ramaiah, General Manager.

Addressing presspersons here on Monday, he said that the bank is hopeful of exceeding agriculture lending target for the current financial year.

To a query on the bank's exposure to coffee sector, he said that the bank had extended Rs 150 crore for this sector.

It is following the directives of the Reserve Bank and Indian Banks Association on coffee loan restructuring.

Mr Ramaiah said that the bank has credit-linked 5,450 self-help groups to the tune of Rs 41.66 crore.

The bank mobilised Rs 11,717 crore of deposits and advanced Rs 8,208 crore till the end of December 2004. It is aiming at achieving an operating profit of Rs 552 crore and a net profit of Rs 245 crore in the current fiscal.

He said the bank wants to bring down the net NPA, which is at 1.4 per cent, below 1 per cent by March.

It has begun collection of stamp duty on behalf of the State Government at select branches, he said.

Asked about the bank's expansion plan in Mangalore circle, he said it recently opened a branch at B.C. Road town in Bantwal taluk. One more branch will be opened at Kadri-Shivbagh in Mangalore in the next financial year, he said.

The bank, which has launched exporters' gold card scheme, sanctioned first card to New Kiran Cashews at Moodbidri in Dakshina Kannada district recently.