Media Release

Mangalore, Jun 16: “In the backdrop of depreciating rupee, dwindling forex reserve and depressing global scenario, forex sector deserves special attention by all the concerned. Banks have to treat it as national priority and play a proactive role. With this background Karnataka Bank has planned to expand its forex credit portfolio by lending ' 1,100 crore during the current financial year and aiming for a year on year growth of nearly 73%. Export Credit is likely to increase to ' 2,520 crore by March 2013 from the present level of ' 1,454 crore," declared P Jayarama Bhat, managing director and CEO of the Bank while delivering the keynote address during the forex business conference of the Bank held on Friday June 15 at Mangalore.

"The Bank will be actively engaged in customer acquisition from diversified sector and broad base its forex credit portfolio as a prudent risk mitigation measure. The global economy is not resilient especially after Euro Zone crisis, but the silver lining is that US economy is showing signs of improvement. Inspite of all adversities there are opportunities to expand export credit," he noted.
 
Dr Meera Aranha, general manager delivered introductory address and gave brief note of foreign exchange business of the Bank. Mahabaleshwara M S, general manager, also spoke on the occasion. P Jairama Hande, general manager graced the conference.
 
Chandrashekar Rao B, deputy general manager welcomed the participants and V N Manohar, deputy general manager proposed a vote of thanks.
 
All the regional heads, head of international division and branch heads of forex business designated branches from all over India participated in the day-long conference.