The Hindu Business Line : BoI to network more branches

Panaji March 12 Bank of India (BoI) will network another 500 branches in next three-six months to achieve the objective of bringing almost 95 per cent of its business volume under core-banking ahead of schedule.

The Chairman and Managing Director of BoI, Mr M. Balachandran, declared here on Monday that the bank has, so far, networked 1010 of its branches under core-banking, covering around 83 per cent of its business volume. The bank has a network of 2,700 branches.

Mr Balchandran was here to lay the foundation stone of BoI's proposed zonal office building on Monday.

Talking to presspersons, he said that the bank was focussing on overseas operations in a big way.

Small and medium enterprise sector, with a special thrust in the latest budget, is bound to get further boost in terms of flow of bank credit, he said.

Already the bank had around 23 per cent credit flow to SME sector. New strategies with a cluster approach, credit rating for SMEs, channel financing for vendors and suppliers, web-based financing, were planned for the SME sector, he said. Mr Balachandran spoke of the mega village development project initiated by BoI under which it had drawn up development plans for around 65,000 households in 128 villages across 77 districts in 17 States for three years beginning with 2005-06.

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