Canara Bank to double farm lending

PANAJI, OCT. 7. With renewed thrust on rural and semi-urban banking, Canara Bank has plans to add a minimum of 100 new accounts of farmers per branch to promote agricultural activities in Goa.

The bank's Mangalore Circle General Manager, R.K. Madhukar, told presspersons here today that the bank intended to double lending to agriculture in the next three years. The aim was to get farmers out of the clutches of moneylenders. Agricultural lending in Goa was Rs. 9 crores.


Mr. Madhukar said that the bank had organised "Can Exim Meet 2004" on Friday in Panaji. More than 100 customers were expected to take part in the meet where various modalities of funding business would be discussed as the export-import business season has just started. There was 82 per cent growth in the foreign business turnover of the bank in Goa during 2003-04 compared with the previous year, he said.

While the export sector saw an increase in turnover from Rs. 408 crores to Rs. 713 crores, the import sector witnessed an increase from Rs. 125 crores to Rs. 264 crores and remittances went up from Rs. 190 crores to Rs. 212 crores, he said.

The bank also identified four major areas — iron ore export, tourism, international film festival and the exposition of the holy relics of St. Xavier — where it could expand its business in Goa, Mr. Madhukar said.

The bank aimed at increasing the number of savings bank deposit accounts from the present 2.1 lakhs to 2.3 lakhs by March 2005.

At present, bank had deposits of around Rs. 1,050 crores, he said.