AllBank sees Rs 2500 cr rural credit by Q3

Allahabad Bank is eyeing Rs 2,500 crore rural credit by the end of third quarter of 2005-06 against last year's Rs 2,025 crore. A press release issued by the bank mentioned that it would be targeting Rs 1,000 crore rural credit by end of the second quarter and Rs 2,500 crore by the end of third quarter.

The bank is all set to ensure credit flow to agriculture sector at 20 per cent of net bank credit by the year end, stated the release. In 2004-05, the bank achieved a 139 per cent growth in rural credit, recording Rs 2,025 crore compared with previous year's rural credit of Rs 848.24 crore.

Rural credit was significantly higher than Rs 1,102 crore rural disbursement target set for 2004-05. Against the desired norm of 18 per cent of net credit to agriculture, the bank achieved 18.76 per cent during 2004-05.

To boost the rural credit further, the bank would be organising 'mega credit campsluster credit camps all over India to disburse credit in an open arena.

The bank also plans to organise 'Kisan Goshthi' in order to have a problem solving approach and sensitising the farmers about various banking opportunities.