The Hindu Business Line : Vijaya Bank plans expansion in urban, semi-urban areas

VIJAYA Bank is going in for a major branch expansion in urban and semi-urban areas to become a `big bank' with major presence throughout the country, according to Mr M.S. Kapur, Chairman and Managing Director.

The bank will soon open its 1,000th branch in the country. Currently, it has 913 branches in various parts and had already got approval from the Reserve Bank of India (RBI) to open 100 more. Of these, 3-4 branches would be opened in Kerala in the current fiscal. Mr Kapur, who was in town for a two-day visit, told newspersons that the bank had set a total business target of Rs 50,000 crore by the end of the fiscal.

According to Mr Kapur, the focus will be on retail business as 35 per cent of bank's portfolio is in retail business, and 17 per cent in housing.

He added that 40 per cent of the deposit component was low-cost deposits, of which savings, current deposits, etc., constituted 26 per cent. "We intend to take the retail business to 50 per cent by 2006." Referring to business in Kerala, he said that the bank has set a deposit target of Rs 1,039 crore by 2006 against Rs 875 crore achieved last fiscal.

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