The Hindu Business Line : SBT's total biz crosses Rs 50,000 cr

The current fiscal started with a total business of Rs 44,400 crore and the bank had fixed a growth target of Rs 8,750 crore for the year. As at the end of November, the business had grown by Rs 6,800 crore, raising the prospects of the final figure going well beyond the target.

In the circumstances, the bank has informally decided to increase the target by another Rs 1,500 crore. SBT now ranks third among the seven associate banks of State Bank of India in terms of total business.

More accounts

Mr K. Sitaraman, Managing Director, SBT, told newspersons that the bank was also able to mobilise 4.09 lakh new accounts between November 6 and November 30 this year through a special deposit mobilisation campaign. The campaign added Rs 2,054 crore to the bank's deposit base within these three weeks.

Mr Sitaraman said that the 100 per cent financial inclusion scheme now being implemented in Alappuzha district, where SBT is the lead bank, was expected to be completed soon. The bank was part of the project in Palakkad, which became the first district in the country to achieve 100 per cent financial inclusion.

SBT had raised Rs 200 crore by issue of unsecured non-convertible subordinated perpetual bonds through private placement in November to augment its tier-I capital.