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Our Bureau

The bank aims to finance 2,000 tractors till the end of March.

Mangalore , Nov. 23

The Dharwad-based Karnataka Vikas Grameena Bank has signed a memorandum of understanding with Sonalika Tractor Company of Punjab, under which the bank will finance for the purchase of Sonalika tractors.

The Chairman of the bank, Mr M. Dhananjaya, and the Assistant General Manager of the Sonalika Tractor Company, Mr Anil Joshi, signed an agreement in this regard in Dharwad on Wednesday.

Quoting Mr Dhananjaya, the release said that the bank is committed to introducing latest farm technology to the farmers.

During this fiscal, the bank has given loans to the extent of Rs 38 crore for the purchase of 843 tractors.

The bank aims to finance 2,000 tractors till the end of March.

Giving details about the performance of the bank in the first six months of the current fiscal, the release said that the total business stood at Rs 3,902 crore.

It earned a net profit of Rs 41.01 crore.

The average market share of the bank in all the nine districts of its area of operation is nine per cent.

During the first six months, the bank disbursed Rs 353 crore through 58,978 kisan credit cards.

The bank has declared the period from November 2006 to January 2007 as deposit mobilisation campaign period.

The deposits kept under various fixed deposit accounts would attract higher rate of interest during this period, the release added.

More Stories on : Regional Rural Banks | HCV/LCV/Tractors | Consumer Finance | Karnataka

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Karnataka Vikas signs pact with Sonalika Tractors

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