SBM allocates Rs 1,600 cr to farm sector

Bangalore, June 26 (UNI) The State Bank of Mysore (SBM) has earmarked Rs 1,600 crore for the farm sector for 2006-2007, an estimated 30 per cent incremental increase, its Managing Director Vijayanand informed today.

Speaking to newspersons after launching 'Dhanvanthari Bima Policy' for its account holders jointly with National Insurance Company here, he said the bank's financial assistance to farm sector was increasing every year to give fillip to the agriculture sector.

The bank had disbursed over Rs 1,200 crore last year to the sector.

Mr Vijayanand said the seven associated banks of the State Bank of India were awaiting passage of a Bill in Parliament, facilitating to raise capital from the public. The proposed Bill was likely to come up in the monsoon session of Parliament.

He said the Bank proposed to start new branches in Tamil Nadu, Andhra Pradesh, Kerala and Maharashtra. Over 10 to 15 new branches were expected to be added this year, he added.

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