Financial Daily from THE HINDU group of publications
Thursday, Nov 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 10, 2005 |
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Money & Banking
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Public Sector Banks Indian Bank gearing up to become financial supermarket Our Bureau
Coimbatore , Nov. 9 INDIAN Bank is gearing up to emerge as a one-stop financial supermarket within the next 18 months, its Executive Director, Mr B. Sambamurthy, said here today. Revealing the bank's future plans, he said the bank would, from being a corporate agent in the insurance business, turn to becoming an insurance broker. "Our board has cleared this proposal. We have also picked up a small equity stake with an US-based insurance company. These issues await the regulator's clearance." As an insurance broker, Indian Bank would be able to market the insurance products of not just one company, but the basket of offerings from all the insurance companies. "We are also trying to revive one of our subsidiary in the Merchant Banking Division to provide seamless service. This will enable us to offer commercial, investment and merchant banking service - all under one roof. We are hoping to have all these in place within the next 18 months," he said. The IT platform, he believes, will enable the bank to cross the products. The bank is also gearing up to roll out the pilot project on cheque truncation and the global credit card by January 2006. "We have also put in our bid for a major project on Cash Management Services," he said.
Mr Sambamurthy said the bank was aiming to achieve Rs 15,000 crore business next year, having made over Rs 10,000 crore this year. The major growth drivers have been the retail banking business segment, agricultural finances and lending to self help groups (SHGs). "Our advances to the SHGs have grown by 40 per cent, and 60 per cent of the SHG business has been from Tamil Nadu." Advances to SHG segment has totalled Rs 663 crore, of which the disbursal in Tamil Nadu alone has accounted for Rs 492 crore. "We have issued 7 lakh debit cards. We are targeting to hit the 10-lakh mark before the end of this fiscal," Mr Sambamurthy said.
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