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Indian Overseas Bank will open 15 agriculture credit branches during the second quarter of 2012-13.
Addressing presspersons here recently, Mr M. Narendra, Chairman and Managing Director of the bank, said that the bank has planned to create special agriculture credit branches in the country.
In the first phase, 15 such branches will be opened in Karnataka and Maharashtra. These branches will be opened in Belgaum, Bagalkot, Raichur, Hassan and Udupi districts in Karnataka, and Sholapur, Kolhapur and Ratnagiri in Maharashtra.
The bank is targeting sugarcane, paddy, tobacco and other cash crops for the establishment of agriculture credit branches.
Stating that these branches will have agricultural officers as supervisory staff, he said they would meet farmers and also conduct agriculture awareness programmes. Apart from sanctioning agricultural loans, these branches will also process and appraise loan proposals of the nearby branches.
Asked if the bank has set any credit target for these branches, Mr Narendra said: “We want a minimum business of Rs 500 crore from these 15 branches.”
Bagalkot agriculture credit branch, which was set up six months ago, is doing a business of around Rs 100 crore, he said.
Stating that investment credit in agriculture is now the focussed activity of the bank, he said the bank mobilised Rs 610 crore of business in a 45-day investment credit campaign recently. Investment credit helps in creating long-term assets in agriculture.
To a query on agriculture gold loan, Mr Narendra said the banks giving loans against gold is much better than the farmer going to NBFCs (non-banking financial companies) and moneylenders for gold loan.
vinayakaj@thehindu.co.in
Addressing presspersons here recently, Mr M. Narendra, Chairman and Managing Director of the bank, said that the bank has planned to create special agriculture credit branches in the country.
In the first phase, 15 such branches will be opened in Karnataka and Maharashtra. These branches will be opened in Belgaum, Bagalkot, Raichur, Hassan and Udupi districts in Karnataka, and Sholapur, Kolhapur and Ratnagiri in Maharashtra.
The bank is targeting sugarcane, paddy, tobacco and other cash crops for the establishment of agriculture credit branches.
Stating that these branches will have agricultural officers as supervisory staff, he said they would meet farmers and also conduct agriculture awareness programmes. Apart from sanctioning agricultural loans, these branches will also process and appraise loan proposals of the nearby branches.
Asked if the bank has set any credit target for these branches, Mr Narendra said: “We want a minimum business of Rs 500 crore from these 15 branches.”
Bagalkot agriculture credit branch, which was set up six months ago, is doing a business of around Rs 100 crore, he said.
Stating that investment credit in agriculture is now the focussed activity of the bank, he said the bank mobilised Rs 610 crore of business in a 45-day investment credit campaign recently. Investment credit helps in creating long-term assets in agriculture.
To a query on agriculture gold loan, Mr Narendra said the banks giving loans against gold is much better than the farmer going to NBFCs (non-banking financial companies) and moneylenders for gold loan.
vinayakaj@thehindu.co.in
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