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Our Bureau

Accent on lending to SSI & SMEs, mobilising more demand deposits

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Kolkata Feb. 18 In its Kolkata region covering West Bengal, Assam and Sikkim, Oriental Bank of Commerce (OBC), as it celebrates its 65th Foundation Day on Monday, hopes to achieve an estimated 22 per cent growth in business at Rs 5,000 crore in 2006-07 against the target of Rs 4,850 crore set for the year. It also proposes to achieve a 25 per cent growth at Rs 6,250 crore in 2007-08.

The strategies, Mr R.M. Sharma, General Manager of OBC in charge of the Kolkata region, told Business Line, would include an accent on widening the customer base by mobilising more demand deposits, covering both current and savings bank accounts, and stepping up significantly advances to small scale industries (SSI) and small and medium enterprises (SMEs).

"The target for demand deposits for 2007-08 has been set at Rs 1,000 crore as compared to the present Rs 450 crore," he said. " We would like to double our advances to SSI and SME sectors next year from the present levels of Rs 161.68 crore and Rs 340.33 crore respectively".

A resurgent West Bengal held out new opportunities for doing more business, he said, and identified iron and steel, real estate, leather, information technology and jute as the potential segments. In Assam, it would be tea and timber and in Sikkim mainly consumer goods. "We are also in touch with government and semi-government departments in these States for taking part in various government-sponsored development programmes," he added.

Branch network

The bank also proposed to strengthen the branch network. The plan was to open five new branches and eight offsite ATMs by March this year and another 16 new branches and nine offsite ATMs in 2007-08

More Stories on : Public Sector Banks | West Bengal | Oriental Bank of Commerce

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