Karnataka Bank has set export credit target of Rs 34.50 billion. "With economy showing signs of easing, Karnataka Bank will be proactive in extending all the required Banking facilities including credit, to its Forex clients and aims to achieve export credit target of Rs 34.50 billion,'' P. Jayarama Bhat, MD & CEO of Karnataka Bank said.

Further Bhat said,''With host of new economic and policy initiatives being unveiled by both Central Government and R.B.I., the Indian economy now appears to be in take off mode. The slow GDP growth, high inflation, dwindling rupee etc. have dragged down the economy in last couple of years and now it appears that the worst is over. However, the impact of weak monsoon, Iraq crisis and high inflation are to be keenly watched. Improvement in growth sentiments hold key for success."

M.S. Mahabaleshwara Bhat, chief general manager, in his inaugural address said, ''Growth is prerequisite for development and customer acquisition holds key for growth and hence branches must explore various sale avenues for expansion of Forex customer base.'' He stressed on the importance of increasing customer base to enhance the forex business.

Raghurama, general manager said the bank had achieved merchant turnover of Rs 128.40 billion and export credit outstanding of Rs 16.60 billion during the previous financial year. At present, the bank has 21 designated branches for forex business and proposes to increase the same during the current year. Bank has set a Merchant turnover target of Rs 170 billion and export credit outstanding of Rs 34.50 billion for the current year 2014-15.

Shares of the company gained Rs 0.10, or 0.07%, to trade at Rs 140.20. The total volume of shares traded was 114,370 at the BSE (2.34 p.m., Tuesday).