Karnataka Bank has soared 10% to Rs 172 on back of two-fold rise in trading volumes after the private sector bank said that it is targeting to disburse Rs 1,000 crore in agricultural sector during 2012-13.
“The bank has introduced the revised guidelines of Reserve Bank of India on the Kisan Credit Card (KCC) scheme, which will help large sections of farmers across the country,” Karnataka Bank said in a filing.
As per the scheme, effective November 15, 2012, farmers can avail of working capital loans in the form of overdraft for raising various crops and maintaining their farm equipment as well as term loans for meeting their investment credit requirements, it added.
The bank has so far issued 17,791 KCC to farmers through which it has disbursed an aggregate amount of Rs 202 crore.
The stock opened at Rs 157 and hit a two-year high on the BSE. As many as a combined 12.05 million shares have already changed hands on the counter till early noon deals against an average sub 6 million shares that were traded daily in past two weeks.
