Staff Correspondent

Brahmavar bus stand gets high-mast lighting system

Vijaya Bank lends Rs. 310 crore to women groups

Its chief moots consolidation of banking sector

Brahmavar (Udupi district): Chairman and Managing Director of Vijaya Bank Prakash P. Mallya said on Thursday that as many as five lakh accounts had been opened under the bank’s “V-gen uth” scheme.

He was speaking after inaugurating the high-mast lighting system at the Brahmavar bus stand.

The system was then handed over to the Varamballi gram panchayat by the bank.

Mr. Mallya said that the aim of the “V-gen uth” was not only to inculcate the habit of saving among students but also to ensure that they continued as customers of the bank. The scheme provided various benefits to the depositors. He said the bank had advanced Rs. 310 crore worth loans to 60,000 women’s self help groups (SHGs) in the country. This helped in the empowerment of women.

The average recovery rate of these loans was 96 per cent. The recovery from some of the SHGs was 100 per cent, he said and added that these SHGs were playing a vital role in the economic growth of the country. He said that he was in favour of consolidation of banking sector as it would help the banks in facing global competition.

The business of the bank now stood at Rs. 86,000 crore and its profit stood at Rs. 361 crore a year.

The bank added Rs. 7,000 crore business in the first three months of the current fiscal and it aimed at crossing Rs. 1,00,000 crore mark by March 2009, Mr. Mallya said.

President of Varamballi gram panchayat Rajesh Shetty, former Minister K. Jayaprakash Hegde, deputy general manager of the bank M. Sridhar Shetty and Brahmavar branch Sudhakar Shetty were present.