Financial Daily from THE HINDU group of publications
Monday, Apr 24, 2006
Financial Daily from THE HINDU group of publications Monday, Apr 24, 2006 |
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Money & Banking
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Regional Rural Banks States - Andhra Pradesh Deccan Bank plans to double biz in 2 years Our Bureau
Future plans The board has also approved a detailed growth plan involving the setting up of 20 branches during the current fiscal. The bank proposes to consider implementing core-banking solution across branches.
Hyderabad , April 23 Deccan Grameena Bank (DGB), the newly evolved entity out of the merger of four regional rural banks (RRBs) sponsored by the State Bank of Hyderabad (SBH) in four districts of Andhra Pradesh, is aiming to nearly double its business volumes in the next two years. At its first board meeting here on Saturday to take on record the financial accounts for the fiscal ended March 2006, the bank has set a target of achieving Rs 2,000 crore of business during the current fiscal and Rs 3,000 crore size by March 2008, the DGB Chairman, Mr S.V. Hanumantha Rao, told newspersons. For the fiscal 2005-06, the amalgamated entity has reported a business turnover of Rs 1,628 crore consisting of Rs 1,011 crore of deposits and Rs 617 crore of advances. On a paid-up equity of Rs 4 crore, the bank reported a net profit of Rs 17.45 crore with reserves and surplus of Rs 89.57 crore. The DGB board has also approved a detailed growth plan involving the setting up of 20 branches during the current fiscal as against just one branch in the last 20 years, recruiting 110 clerical staff and taking up technology initiatives at an investment of Rs 3 crore. The bank currently has a network of 166 branches in four districts of Adilabad, Karimnagar, Nizamabad and Ranga Reddy with staff strength of 690. The bank plans to call for fresh tenders for both software and hardware shortly. Further, it would also initiate the process for fresh recruitment of staff, which could not take place during the last 20 years. The Government has recently permitted the RRBs to go in for fresh recruitments, Mr Hanumantha Rao said.
More Stories on : Regional Rural Banks | Andhra Pradesh
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