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Our Bureau

Hubli , Nov. 17

Mr Prakash P.Mallya, Chairman and Managing Director of Vijaya Bank, has hinted that the bank may hike interest rates of short-term deposits shortly.

Addressing press persons here, he said probably the bank would take a decision in this regard within four-five days.

Regarding the recent concern expressed by the Reserve Bank of India regarding the growing trend of rising advances and not so proportionate growth in the deposit mobilisation, he said the situation was not that serious and there was no scarcity of funds. However, he said the observation by the RBI may lead to increase in the interest rates for deposits by some banks.

To a query he said the Vijaya Bank would retain the same rate of interest for housing loans for the time being.

1,000 branches

Mr Mallya said the bank planned to take the tally of total number of branches of the bank across the country to 1,000 by March 2007, which is 932 at present. Most of these branches would be set up in the Northern states including Rajasthan, Uttar Pradesh and north-eastern states. There are plans to increase the number of ATMs to 250 from the present 160 by the end of the financial year, he added.

The bank has set its eye on registering a net profit of Rs 350 crore by March 2007 and already in the first six months of the year a net profit of Rs 176 crore has been registered, he said.

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