The Hindu Business Line : Bank of Baroda keen to expand retail credit

BANK of Baroda said it intends to increase its retail credit to 25 per cent of the total credit, from the current level of 17 per cent, said Dr A.K. Khandelwal, Chairman and Managing Director, of the bank.

"We have aspirations to match the industry growth rate," he said. In the half year ended September 30, credit growth was more than deposit growth, Dr Khandelwal said.

He was speaking at a press conference to launch 51 additional `Baroda Moneyplex,' a one-stop boutique for retail products. This is part of the bank's retail initiative. The Moneyplex is a branch within a branch, with discretionary lending powers, catering predominantly to the retail customers.

This would include any loan given to an individual or very small businessmen, said Mr Suresh Mehta, General Manager, Bank of Baroda. "Typically the loans would be maximum of Rs 1-2 crore," he said.

Except mortgages, the processing of all other loans would be completed in about three days, while in case of mortgages it would take seven working days, due to the legalities involved, Mr Mehta said.

The total number of Moneyplex is now 62 across 48 centres.

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