Mangaluru : Karnataka Bank Managing Director P. Jayarama Bhat on Monday said the new initiatives of the Union government would provide ample scope for improving the foreign exchange business.

He was delivering the keynote address at the ‘Forex Business’ conference of the bank in Mangaluru on Monday. Mr. Bhat said the launch of new initiatives, namely, ‘Make in India’ and the new Foreign Trade Policy 2015-20 of the Union government are bound to improve forex business.

“We have to live up to the expectations of the government and RBI to improve the export credit which is a national priority,” he said.

Mr. Bhat said the economy is showing signs of growth. Karnataka Bank would be proactive in extending all the required banking facilities, including credit, to its forex clients.

The bank aims to achieve export credit target of Rs. 2,450 crore, he added.

Quoting Mr. Bhat, said the bank is planning to have two more forex designated branches at Bengaluru and Mumbai in addition to the existing 23 designated branches.

The bank would organise a ‘forex credit camp’ in all the designated branches to reach out to new forex clients, he said.