Special drive on financial inclusion till month-end

Mangalore Today News Network

Mangaluru, oct 15, 2016: A special drive on the financial inclusion initiatives of the government, being undertaken in Dakshina Kannada since September 15, will end on October 31, according to Raghava Yajamanya, Chief Manager of Lead Bank of the district (Syndicate Bank in Dakshina Kannada).

Speaking at the district consultative committee meeting of banks here on Friday, he said banks in the district achieved a total business of Rs. 56,445.57 crore during the first quarter of 2016-17 as against Rs. 51,082.71 crore in the corresponding period of the previous fiscal, recording a growth of 10.5 per cent.

The total deposits of the banks in the district stood at Rs. 36,106.35 crore (Rs. 32,777.80 crore in first quarter of last financial year), and advances at Rs. 20,339.22 crore (Rs. 18,304.91 crore) during the period.

Stressing the need for improving credit-deposit ratio in the district, N.S.R. Somayaji, Deputy General Manager of Syndicate Bank, said the ratio stood at 56.33 per cent during the first quarter of 2016-17.

He urged the banks to achieve a minimum CD ratio of 60 per cent in the coming quarters. The district has 634 branches of various banks.

He said that the disbursement under the agriculture sector stood at Rs. 975.61 crore in the first quarter of 2016-17.

The achievement was 23.38 per cent of the annual target of Rs. 4,172.44 crore during the fiscal.

Courtesy: The Hindu