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Santanu Sanyal

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Kolkata Jan. 29 The employees of Allahabad Bank must be a jubilant lot now. The reason: the bank has provided them with an opportunity to have their dream fulfilled and that too at the bank's cost. All they have to do is to mobilise low-cost deposits and score certain points.

"The eligible employees with their spouses will be able to travel to Bangkok and spend two nights there, all at the bank's expenses," Mr A.C. Mahajan, Chairman-cum-Managing Director of Allahabad Bank, told Business Line here. "This is part of the reward schemes we've worked out for our employees at the branch level to boost our deposits."

He, however, made it clear that hot money or lumpsum term deposits would not be considered for the purposes of declaring rewards.

The bank's total business in the first nine months has touched the level of Rs 95,000 crore, surpassing the target of Rs 94,500 crore set for the whole year. The management is keen that the Rs 1,00,000-crore mark is achieved by March 31, 2007. This should be possible provided total deposits reach the level of an estimated Rs 60,000 crore and the total advances Rs 40,000 crore.

As on December 31, 2006, total deposits amounted to Rs 56,500 crore. This means the bank has to mobilise an additional Rs 3,500 crore in the last quarter. "A difficult but not an impossible task," said Mr Mahajan, adding, "hence the rewards."

To reach the advances level of Rs 40,000 crore by March 31, 2007, the bank has to provide an additional credit of Rs 2,000 crore in the last three months of the current fiscal. But Mr Mahajan did not seem unduly worried despite the rising cost of credit. "With the average cost of fund at 5.55 per cent, we are quite competitive," he said.

More Stories on : Fixed Deposits | Human Resources | Public Sector Banks

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