State Bank of Mysore disburses Rs650-crore farm loans

Mangalore: State Bank of Mysore (SBM) has disbursed Rs650 crore for agriculture sector till December 31, 2004 against the target of Rs675 crore for the current financial year, according to B N Ramaiah, general Manager, SBM.

Addressing the media on Monday, he said that the bank is hopeful of exceeding agriculture lending target for the current financial year.

It is following the directives of the Reserve Bank and Indian Banks Association on coffee loan restructuring.

Ramaiah said that the bank has credit-linked 5,450 self-help groups to the tune of Rs41.66 crore.

The bank mobilised Rs11,717 crore of deposits and advanced Rs8,208 crore till the end of December 2004. It is aiming at achieving an operating profit of Rs552 crore and a net profit of Rs245 crore in the current fiscal.

He said the bank wants to bring down the net NPA, which is at 1.4 per cent, below 1 per cent by March.