The 39th branch of Karur Vysya Bank (KVB) in Vijayawada division was inaugurated at Satyanarayanapuram in the city on Friday by the bank’s long-standing customer and Kumar Machinery proprietor V.V. Praveen Kumar. Mantramugdha Wedding Studio Managing Partner A. Bharatha Lakshmi lighted the ceremonial lamp while Sri Bharat Tent-house proprietor Kothamasu Venkateswara Rao inaugurated the ATM.
On the occasion, bank’s Deputy General Manager N. Ramalingam said a new branch was being set up at Venkatapalem village in Thullur mandal of Guntur district to cater to the emerging credit needs in the capital city.
The bank has lent Rs. 800 crore the farm sector in Vijayawada division that comprises West Godavari, Krishna, Guntur and Prakasam districts, in the last financial year (2015-16). It is expected to go up this year significantly.
KVB is duly focussing on extending credit to real estate sector in Vijayawada-Guntur region which is looking up after the announcement of capital city and it started taking shape at Velagapudi.
With a turnover of Rs. 5,100 crore at the national level last year and non-performing assets amounting to just 1 per cent, the bank stood on a solid ground, Mr. Ramalingam added. Bank chief manager K.V. Subba Rao and branch manager P.S. Chandrasekhar were among those present.
