Vijaya Bank plans more advances on farm loans

Vijayawada, June 8 (UNI) Vijaya bank has sanctioned Rs 2,450 crore for agricultural advances and proposes to increase it by another 30 per cent by March 2007, Vijaya bank Credit (priority) Department Chief Manager K Surendra Hegde said today.

Talking to newspersons here, he said as per the Centre's decision to give a renewed thrust to agricultural sector, the bank conducted a sensitisation programme for branch managers for doubling agricultural credits.

He said the programme was held to ensure accelerated credit flow to the agriculture sector, Small Scale Industries (SSI) and Small and Medium Enterprises(SME).

He said the bank had disbursed 55,000 Kisan cards to farmers by March 2006.

The rate of interest on agricultural and SSI advances were brought down to seven per cent by the government.

Vijaya Bank's Regional Manager M Sadananda Hegde said the bank had set a target of Rs 290 crore on agricultural advances by March 2007 in Vijayawada region.

The bank with 39 branches spread in nine coastal districts and Chittoor district would disburse agriculture loans to the tune of Rs 175 crore during 2006-2007.

Mr Sadananda Hegde said apart from the disbursement of 5000 fresh Kisan cards to the farmers in this fiscal year, the bank would finance at least 100 new farmers belonging to its rural and semi-urban branches in this fiscal year.

UNI CS AJ 1526