RGB sets Rs 1575 crore target

Berhampur:  Rushikulya Gramya Bank (RGB), one of the five Regional Rural Banks (RRB) in Orissa, has set a target of Rs 1575 crore business during the current financial year.

This includes Rs 1050 crore deposits and Rs 525 crore advances.

RGB has achieved Rs 1333.89 crore business for the year ended March, 2011 registering year-on-year growth rate of 13.58 percent, bank source said.

Total deposits and advances included Rs 922.86 crore and Rs 411.03 crore respectively.

Its priority sector advances stood at Rs 285.45 crore, constituting 69.45 per cent of total advances against the stipulated norm of 60 percent. Similarly, agriculture advances stood at Rs 145.14 crore, forming 35.31 percent of the total advances against stipulated norms of 18 percent, sources said.

Credit Deposit ratio increased to 44.54 per cent from 41.48 per cent as on March 31, 2010. Similarly operating profit of the bank increased to Rs 10.26 crore, while net profit after tax rose by 93 percent over previous corresponding year from Rs 1.88 crore to Rs 3.65 crore.

"Our all the branches of the bank except the new Jagannath Prasad branch earned profit," Chairman of the bank PVSTR Seshagiri Rao said.

There are 81 branches of the bank in Ganjam and Gajapati, the southern Orissa districts. The RGB was also said to be the first RRB to implement the Core Banking Solutions (CBS) to all its branches.

The chairman of the bank said the RGB was signed memorandum of understanding (MoU) with the Nabard to implement to finance the crop loan to the Joint Liability Group (JLG), the group of tenant farmers and share crops.

In Ganjam and Gajapati districts, the banks targeted to finance around 750 groups over three years.

Last year, we financed 145 JLG in both the districts, the chairman said. Since they have no land, the farmers involved in the tenant farming were not getting the crop loans from the banks.