Ballari, Oct 17: Union Finance Minister Nirmala Sitharaman visited the headquarters of Karnataka Grameena Bank in Ballari on Thursday and reviewed the bank’s performance and progress.
Karnataka Grameena Bank came into existence on 1st May under the concept of “One State, One RRB” and is currently the third-largest Regional Rural Bank in the country. The Bank, headquartered in Ballari, has 1,750 branches with a business turnover of Rs.1,04,364 crore. The Finance Minister’s visit held special significance as it coincided with the celebration of the 50th anniversary of rural banks.
In her Key note address, the Finance Minister appreciated the progress and achievements of the Bank. She emphasized the need to intensify economic development in rural areas, highlighting the crucial role of rural banks in driving inclusive growth. She stated that, to enhance their effectiveness, rural banks have been merged under a single entity in each state.
She urged the Bank to design loan products that meet the specific financial needs of rural communities and to expand its branch network by identifying unbanked and underbanked areas. She also called for introducing appropriate credit schemes for agricultural development and value addition, particularly to support the processing of agricultural products and Farmer Producer Organizations (FPOs).
The Finance Minister stressed the importance of digital transformation in rural banking, encouraging the Bank to take systematic steps to deliver digital services effectively to rural customers. She also lauded Karnataka Grameena Bank for its notable contribution to implementing social security and government-sponsored schemes.
M. Nagaraju, Secretary, Finance Department, Government of India, said that rural banks have the power to transform the image of rural India and that the Central Government is taking all necessary steps to strengthen them.
Shreekant M. Bhandiwad, Chairman, Karnataka Grameena Bank, presented the Bank’s performance highlights and stated that the Bank is among the top performers in implementing social security schemes.
S. K. Majumdar, Executive Director, Canara Bank, welcomed the dignitaries and participants.
K. V. Shaji, Chairman, NABARD, said that NABARD has been supporting and encouraging rural banks in all possible ways to enhance their contribution to rural development.
The event was also graced by Manoj M. Ayyappan, Joint Secretary, DFS; Sushil Kumar Singh, Director, DFS;, MD Haris Sumair, CEO, Ballari and other dignitaries.