Vijaya Bank, the Karnataka-based bank has launched ‘V-Mudra Card’, which will provide pre-approved credit to micro-entrepreneurs for meeting their working capital needs. The new product is aimed at small street vendors and hawkers who are outside the purview of formal finance.
The bank’s net profit declined by 28.74% at Rs 96.80 crore for the quarter ended March 31, 2015 as compared to Rs 135.84 crore for the quarter ended March 31, 2014. However, its total income grew by 12.44% to Rs 3406.12 crore for the quarter under review from Rs 3029.34 crore for the corresponding quarter of the previous year.
