Financial Daily from THE HINDU group of publications
Tuesday, Jun 21, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jun 21, 2005 |
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Money & Banking
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Interest Rates BoB unlikely to hike rates for now Our Bureau
Dr Anil Khandelwal, CMD, Bank of Baroda (left), and Mr Anil Kapur, Regional Vice-President, South Asia, Western Union, at a press conference in Mumbai on Monday. — Paul Noronha
Mumbai , June 20 BANK of Baroda is not likely to hike interest rates in the near-term, a top official of the bank said. "Our cost of funds, as on March 2005, was 4.2 per cent. We are trying to bring it down, so there is no immediate need to increase interest rates," said Dr Anil Khandelwal, Chairman and Managing Director. The bank is likely to see an increase in its overseas operations this year, both in terms of balance sheet and net profit. It has 58 overseas offices and branches and is planning to increase the number to around 62 by the end of this year, Dr Khandelwal said. This year the bank would be setting up branches in the UK and the UAE, a representative office in Thailand, and an overseas business unit in Singapore. It also has plans for offices in Canada and Sri Lanka. The contribution of the overseas operations is likely to touch 20 per cent of the total balance sheet, up from 15 per cent last year, while the proportion of the overseas operations to the net profit is likely to go up to around 30 per cent from 26 per cent, said a senior officer of the bank. The bank today announced a tie-up with Western Union to offer money transfer services in 888 of its branches. The agreement was reached through Western Union's primary agent, Weizmann Forex. Bank of Baroda launched 8-to-8 banking in 51 branches across the country earlier this month. "There is demand for 12-hour banking. This will become the future of banking," Dr Khandelwal said. The bank has also started 24-hour banking in four branches in Mumbai, Delhi, Chennai, and Bangalore.
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