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SBI to advance Rs.500 crores to agriculture sector

Staff Reporter

Bank links 1,08,472 self-help-groups with financial outlay

BHUBANESWAR: Emphasising agriculture as its thrust area, State Bank of India has planned to pump credit to the tune of Rs. 500 crores into the agriculture sector during the year 2007-2008.

Addressing a press conference here on Friday evening, Chief General Manager of SBI’s Orissa Circle M. N. Rao said, "agriculture continues to be major thrust area of SBI during 2006-07. Agriculture advances have increased by 40.62 per cent from Rs 761 crores to Rs 1131 crores."

The bank had ensured hassle-free credit to the agriculture sector to the tune of Rs 354 crores last fiscal, he said.

Similarly, the SBI had issued 159282 Kissan Credit Cards and Kissan Gold Cards during 2006-2007, the CGM said. The Orissa circle’s lending to priority circle including government schemes in agriculture, small-scale industries, housing and education stood at Rs 4446 crores which accounted for 48.36 per cent of total credit portfolio.

Mr. Rao said the bank had linked 108472 self-help groups with a financial outlay of Rs 397 crores and SBI accounted for 36 per cent of total SHG linkage in the State. "During 2006-07, 35380 SHGs have been assisted with an amount of Rs 168 crores."

On the bank’s performance, he said, "our circle registered a year-on-year growth of 24.61 per cent in aggregate deposits and 20.86 per cent in aggregate advances last fiscal. Net profit of the circle has increased by 20.86 per cent last year."

The CGM announced that efforts would be made to put core banking facilities in all branches of the State. Similarly, the circle would have another 100 ATM counters compared to present 249 across the State by the end of the current financial year.

On foreign exchange trade front, the circle had a turnover of Rs 1998 crores (sales Rs 1524 crores and purchase Rs 474 crores) in 44 branches of the SBI in the State. General manager D. V Navalkar was also present on the occasion.

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