SBI AIMING FOR RS 4.75 LAKH CRORE RURAL BUSINESS BY END-FY'11

According to Mr. R. Venkatachalan, Dy. Managing Director (Rural Business), State Bank of India has set a target to achieve rural business worth Rs 4.75 lakh crore by end-March, 2011.

At present, SBI's rural deposits stand at Rs 2.89 lakh crore and rural advances at Rs 1.60 lakh crore, he said.

Venkatachalan said 36 per cent of SBI's total deposits were from rural areas and 32 per cent of total advances went to villages.

Talking about micro finance institutions (MFI), Venkatachalan said the bank was extending credit to these lenders all across the country, except in Andhra Pradesh.

"We are carefully watching the cash flow of the MFIs in Andhra Pradesh," he said.

SOURCE: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/sbi-aiming-for-rs-475-lakh-crore-rural-business-by-end-fy11/articleshow/7437506.cms