Staff Correspondent

Bijapur: The Karnataka Vikas Grameena Bank (KVGB) has registered a total business of Rs. 6,666 crore in the current financial year, chairman of the bank K.P. Muralidharan has said.

Speaking after inaugurating the Guledgudd branch of the bank in Bagalkot district on Saturday, Mr. Muralidharan said that the KVGB was making good progress and was in tune with the aspirations of the people. The bank had opened three branches in December in Bellatti and Konnur villages of Gadag district and in Guledagudd of Bagalkot district. With this, the KVGB now had 416 braches, he said.

He said that the bank had created a record by earning a net profit of Rs. 35.66 crore during the first six months.

The total business comprised Rs. 3,844 crore deposits and Rs. 2,822 crore advances. The bank had disbursed Rs. 785.15 crore under various loan schemes.

The bank’s loan recovery rate was at 76 per cent. He also stated that the bank intended to open nine more branches before the end of January 2010. The bank would also look for development opportunities and it planned to reach a total business of Rs. 7,400 crore by the end of March 2010 with Rs. 4,200 crore deposits and Rs. 3,200 crore advances, he added.

General manager of the bank Vasudaev Kalakundri and Public Relations Officer Ullas Gunaga were present.