The Hindu Business Line : New Corporation Bank branches

Visakhapatnam June 14 Corporation Bank is setting up three more branches in the Vijayawada zone comprising all the coastal districts and is planning 10 more during the current financial year, according to Mr M. Narayana Bhat, Assistant General Manager.

Besides, the bank is upgrading three extension counters into branches. He told Business Line here on Thursday that the new branches would be set up at Kankipadu in Krishna district, Kandukuru in Prakasam district and Srikakulam, the district headquarters town, by the end of July. The bank is conducting a savings bank campaign from June 1.

The extension counters at Guntur, Nellore and Vizianagaram would be upgraded into branches.

"Besides the six, we are planning ten more branches in our zone, in addition to the existing 35, during the current financial year," he said. However, the licences for the ten branches would have to be received yet.

SB campaign

"One feature of the campaign is that the bank is contributing Rs 10 to the underprivileged sections for every SB account opened during the period," he said.

Corporation Bank is offering Internet banking, tele banking and all other facilities to its customers on par with new generation banks.

Mr Bhat said the bank on the whole had 901 branches in the country and more than one thousand ATMs. " Deposits, advances

By March this year the bank had a turnover of Rs 72,000 crore - Rs 42,000 crore in deposits and Rs 30,000 crore in advances. "Our target is to touch Rs 1 lakh crore mark by the end of the current financial year," he added.

In the Vijayawada zone, the deposits amounted to Rs 465 crore and advances Rs 403 crore as of March-end, he said adding that the bank wanted to encourage foreign exchange operations in Vizag.

"We want to finance fish farming, and allied activities in Kakinada, Bhimavaram and other coastal areas," he said.

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