Indian Bank V'wada circle mobilises Rs 138 crore deposits

The Vijayawada circle of the Indian Bank mobilised Rs 138 crore deposits in just the first six months of financial year 2006-07, compared with the annual target of Rs 115 crore.

As against the annual credit target of Rs 120 crore, the circle advanced Rs 76 crore during the six months.

A Ramachandra Rao, deputy general manager and circle head, told Business Standard that the circle made a profit of Rs 6 crore in the first and second quarters as against a target of Rs 1.28 crore.

The circle comprises 58 branches (39 rural branches, 10 commercial branches, 8 personal credit branches and one credit intensive branch), covering Krishna, Guntur and Prakasam districts.

He said the circle advanced Rs 30 crore for the agriculture sector against a planned allocation of Rs 60 crore for the whole year. It also advanced Rs 7 crore to small-scale industries.

The bank in a new drive financed up to Rs 30 crore to two cotton mills, one at Ongole and another in Guntur. It also advanced for the first time Rs 4 crore to 12 builders in Krishna and Guntur districts. It collected Rs 3.76 crore tough loans against a recovery target of Rs 5.86 crore.

Rao said the bank had given this year Rs 7.26 crop loans to 3,955 new farmers. The beneficiaries' number under this head reached 25,869, who received Rs 77.23 crore loans.

Gold loans worth Rs 101.15 crore had been released to 7,364 farmers. Term loans worth Rs 27.63 crore were disbursed to 3,725 farmers from April to September.

About 1,000 new women self-help groups were paid Rs 3 crore taking the loan total to Rs 20 crore and the number of beneficiary groups to 50,695. Under a special scheme, 77 rural groups were advanced Rs 1 crore.

He said the bank advanced Rs 15 crore educational loans to 1,007 students. These loans included Rs 10 crore to foreign-going students. The target for educational loans was in fact Rs 5 crore to 250 students.