Karnataka Bank sets 12% export credit target

Karnataka Bank sets 12% export credit target

Mangalore Today News Network

Mangalore, August 23, 2012: Addressing the gathering at an exporters’ meeting, jointly held by the Federation of Indian Export Organizations (FIEO) late Wednesday evening, P. Jayarama Bhat, MD and CEO of Karnataka Bank, said that the bank hopes to reach a target of 12% export credit in 2012 – 13.

Karnataka Bank is the only bank that is close to 8-8.5 percent as opposed to the 4-4.5 percent at other banks, he said, adding that he is confident that Karnataka Bank will achieve its target soon with the help of exporters.

Further, he said that Karnataka Bank will hold exporters’ meetings in Ludhiana, Ahmedabad, and Jaipur, in collaboration with FIEO, during the next three months. He also said that the bank has centralized all activities in Mangalore at its Central Forex Hub although it has 18 branches for export credit operations.

Ananthakrishna, chairman of Karnataka Bank, said that 12 percent export credit is a target that is achievable for all banks in India. Stating that export credit is at the Rs. 2 lakh crore mark at present, he said that it needs to be taken to the Rs. 6 lakh crore mark to reach the 12 percent target.