We are on right path as far as growth is concerned: Srikrishnan H, Karnataka Bank
«So as far as Karnataka Bank is concerned there was a conscious call made in a couple of quarters before that some of this high cost deposits as well as some not so good yielding loans were retired and this was a very conscious call whereby we actually calibrated this a little bit,» says Srikrishnan H, Karnataka Bank.
Your loan growth this quarter has been relatively slower than the overall banking sector credit growth which you have observed. Talk to us about what has been the reason behind this slower growth and is it a conscious calibration which you are undertaking and it is likely to reverse going forward?
So as far as Karnataka Bank is concerned there was a conscious call made in a couple of quarters before that some of this high cost deposits as well as some not so good yielding loans were retired and this was a very conscious call whereby we actually calibrated this a little bit.
But the following two quarters which is the last quarter Q1 FY24 and the next quarter which is currently underway in both on an annualised basis we have hit a target growth of 10% and that is something which has been the guidance given to the stakeholders.
Also so it is not as if we are really under but we will pick up soon because there are two three engines that are going to be firing because one is the branch engine, the second is a sales engine that we are wrapping around all of our branches with DSAs and sales staff and that would be particularly aimed at gold loan, agri as well as personal loans.
And the third one is a digital part so we have digitised at least about 30 to 40 customer journeys and that in fact the flagship product, the hero product there, is our consumer loan journey, where it is near 100% digital.
