RRBs to move from Lab models to Field Models
Bangalore, May 18 (UNI) Canara bank Chairman and Managing Director M D N Rao today sought the Regional Rural Banks (RRB) to gear up to face the emerging competition in rural business and urged them to move from lab models to field models.
Addressing chairmen of the RRBs, sponsored by Canara Bank, he said the total business of RRBs sponsored by Canara Bank reached a record level of Rs 7,618 crore as on March 31, registering a growth rate of 20 per cent. During the year, the deposits touched Rs 3,969 crore (17.66 per cent growth ) and advances Rs 3,649 crore (22.71 per cent).
Canara Bank sponsored one RRB each in Karnataka and Kerala and three RRBs in Uttar Pradesh, the Bank said in a release here.
Canara Bank sponsored RRBs continue to maintain high Credit-deposit ratio of 92 per cent against the national average of 52 per cent for RRBs.
After amalgamation of four Karnataka based RRBs into a single entity called as Pragathi Gramin Bank, which was among the top ranking in the country, it made a net profit of Rs 74 crore after making a payment of wage revision arrears of Rs 13.30 crore during the financial year. A MoU was signed by Canara Bank and RRBs, targeting a growth of over 21 per cent to take the business to Rs 9,227 crore during the fiscal year 2006-07.
UNI VK RG TS1724