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"Our strategy has helped us add to our deposits, which now stand at around Rs 5,300 crore. Advances have also moved up in tandem to Rs 2,200 crore or so," Mr Tayal said.

Kolkata , Nov. 10

THE promoters of Bank of Rajasthan (BoR) have proposed to increase their stake in the bank from 43 per cent to around 49 per cent within the next one year through creeping acquisition route.

The bank, according to Mr P.K. Tayal, Chairman, has also drawn up a roadmap for the next three years, aimed at reaching a deposit base of Rs 12,000 crore and advances of Rs 6,000 crore.

On the profitability front, BoR is of the view that it will achieve a profit of approximately Rs 130-140 crore at the end of the current fiscal. The bank is also set to expand its reach and network by establishing presence in more States, including Jammu & Kashmir and some of the newly created ones. At the moment, it has operations in 16 States.

"Our strategy has helped us add to our deposits, which now stand at around Rs 5,300 crore. Advances have also moved up in tandem to Rs 2,200 crore or so," Mr Tayal said, adding that net profit stood at roughly Rs 68 crore for the year ended March 31, 2003.

It may be mentioned here that BoR, which reported a financial turnaround a few years ago, has managed a capital adequacy of 15 per cent, more than the target set by RBI. Its net NPA stands at 8 per cent or Rs 160 crore.

Around Rs 250 crore of NPA were recovered during the last two years, while no fresh addition to NPA has been recorded in recent times.

Incidentally, approximately 300 notices, involving Rs 100 crore, were issued on defaulters.

On Monday, BoR opened a branch at Salt Lake in Kolkata .

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