KVG Bank lends Rs 102 cr to small industries

BANGALORE, INDIA: Karnataka Vikas Grameena Bank (KVG Bank) has said it has disbursed Rs 102 crore to small industries in the state and added 6,500 new small enterprise customers.

The bank disbursed the amount through its 41-day MSME (small enterprises) credit campaign ‘11/Eleven'.

KVG also focussed on sectors including housing, transport, education, professional and self employed during the campaign, and said the overall response was encouraging.

“Looking at the response from the public the bank is extending the campaign period up to end of November with the benefit of half per cent reduction in the applicable interest rate and also quarter per cent reduction in processing charges,” said Sambasiva Reddy, chairman, KVG Bank.

Reddy further added that the bank has emerged stronger with its focus on rural development and poverty alleviation programmes.