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Thursday, May 3, 2012

Karnataka Bank to add one million new clients

Karnataka Bank will add one million new clients during the current fiscal. Mr P. Jayarama Bhat, Managing Director of the bank, said this at the annual business conference of the regional heads of the bank in Mangalore on Wednesday.

He said the bank's priority will be on retail segment with focus on CASA (current account savings account) deposits by adding one million new clients. It will also focus on retail lending by concentrating on agriculture advances, MSME (micro, small, medium enterprises) advances, etc.

He advised the regional heads to closely monitor the credit portfolio in view of volatility in the market to maintain the health of advances and to avoid any slippage to NPA.

Mr Bhat said the bank has envisaged business growth of 25 per cent during 2012-13, and aims to reach a business turnover of Rs 65,000 crore.

Quoting Mr Bhat, a bank release said here that the bank has planned to open 50 new branches and 100 ATMs during the fiscal. The bank is also committed to implementing the financial inclusion plan by opening new branches in the allocated villages.

He observed that the global economy has not gained the required momentum yet. To give an impetus to investment activity, the RBI has changed the repo and MSF (marginal standing facility) rates. These measures have given the required liquidity to the system and this has resulted in lowering of lending rates, he said.

The uptick in GDP growth during 2012-13 is expected to be driven by robust growth in the services sector, he added.


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