The Hindu Business Line : SBI credit deployment in Bengal to rise by Rs 8,500 cr

The bank has already deployed out-bound sales force not only to attract to deposits but also to promote various other schemes and loan products. To be made possible by rise in advances to big, mid-corporates

Kolkata , July 6

State Bank of India's credit deployment in West Bengal is estimated to rise by Rs 8,500 crore in 2006-07 over the Rs 15,000 crore as on March 31, 2006.

This, according to Mr U.S. Roy, Chief General Manager of SBI in Bengal Circle, will be possible because of the probable rise in advances to big and mid-corporates by about Rs 6,000 crore and the balance Rs 2,500 crore to other sectors such as agriculture, SMEs and housing sector. In 2005-06, additional credit deployment to big and mid-corporates was around Rs 5,000 crore.

The deposit growth in the current fiscal, however, would be much less, about Rs 3,000 crore or so over Rs 26,000 crore as on March 31, 2006, Mr Roy told Business Line.

"Deposit is highly effort-elastic and one has to service the accounts", Mr Roy said, exuding hope that the Super Savings Scheme launched to offer 7.5 per cent rate of interest on long-term deposits with benefit under 80CC of the Income-Tax Act should help mobilise additional deposits. Besides, as he pointed out, the bank has already deployed out-bound sales force not only to attract to deposits but also to promote various other schemes and loan products.

Additional features

The time has come when it will be difficult to push products without offering something extra, according to Mr Roy. This is particularly true about loan products and SBI too is not lagging behind in this matter. "Additional features are incorporated in our loan products for agriculture and SME sectors," he said, and referred to the Powergain scheme as applicable to the current account.

Mr Roy sounded bullish on the prospects of industrial resurgence in the State. "We've always been part and parcel of the growth of the State's economy for the past 200 years, ever since the bank started its operation here," he said.Besides, it will be difficult for any big or medium corporate house planning investments in West Bengal not to seek SBI's help. "After all, we handle nearly 80 per cent of the country's corporate accounts," he said, adding "we've a very strong network, unrivalled by any other bank in the country."

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