Agri sector to get loans of 6,120 crore from Karnataka Bank

Mangalore Today News Network

Mangaluru, Aug 12, 2016: P Jayarama Bhat, MD and CEO, Karnataka Bank, stated that it has earmarked Rs 6,120 crore to the agriculture sector during the current fiscal. This is mainly because around 58% of rural households here depend on agriculture as their principal means of livelihood and about 16% of gross domestic product is being contributed by the sector.  

Inaugurating the agriculture business conference of the bank at its head office here, he added that the rural sector also has tremendous potential for employment generation and capital deployment. He was addressing agriculture field officers, branch heads of agriculture development branches, green branches and regional heads from across India. Bhat said rural development initiatives hold key for real and sustainable development in India, adding that the bank would take all necessary steps to promote agriculture-related activities throughout the financial year.

Mahabaleshwara M S, chief general manager, said agriculture lending is a national priority. "Agriculture field officers should rise to the occasion in extending timely and adequate credit to farming sector, besides focusing on end use and timely recovery so as to keep up the health of agriculture portfolio," he said.