The Hindu : Karnataka News : Banks exceed RBI target on advances to priority sector

Online edition of India's National Newspaper
Friday, Apr 09, 2004

Karnataka

Karnataka

Banks exceed RBI target on advances to priority sector

By Our Special Correspondent

BANGALORE, APRIL 8. Commercial banks in the State have exceeded the target fixed by the Reserve Bank of India with regard to advances to the priority sector.

The Executive Director of Syndicate Bank, K.M. Shet, who was addressing the 89th meeting of the State-level Bankers' Committee here today, spoke of the cooperation extended by banks to the State Government in the implementation of welfare programmes. Banks were giving priority to poverty alleviation and employment generation programmes.

Reviewing the performance of banks in the State as on December 2003, Mr. Shet said there were 4,727 branches in the State with 67.25 per cent of them located in rural and semi-rural areas.

They had deposits of Rs. 70,674 crore, made advances to the extent of Rs. 47,866 crore, and the credit deposit ratio was 67.73 per cent.

He said banks in the State had extended Rs. 22,466 crore to various areas under the priority sector which constituted 46.93 per cent of the total advances, thus surpassing the target of 40 per cent stipulated by the RBI.

Mr. Shet said banks had also made strides in advances to the agricultural sector. The advances to this sector were Rs. 9,476 crore accounting for 19.79 per cent of the total advances. The RBI norm is 18 per cent.

He said banks had also played a vital role in the uplift of weaker sections and Scheduled Castes and Scheduled Tribes by advancing them Rs. 3,893 crore and Rs.1,361 crore respectively.

Printer friendly page
Send this article to Friends by E-Mail

Karnataka