The Hindu Business Line : Vijaya Bank to open overseas branch shortly

Hubli, July 14 The Executive Director of Vijaya Bank, Mr T. Valliappan, has said that the bank would be opening its first overseas branch shortly and had already got the RBI assent for the same.

Speaking to presspersons here on Friday, he said the overseas branch would be set up either in Dubai, Hong Kong or in Malaysia.

He said the bank had plans to increase its number of branches to 1,050 by March 2008 and of them at least 30-32 branches would set up in Karnataka. The bank had already received licences for setting up 25 branches, he said.

Mr Valliappan said the bank had set a target of total business of Rs 76,000 crore for the financial year 2007-08. While the target for deposits was Rs 45,000, it planned to disburse advances to the tune of Rs 31,000 crore, he added.

In the wake of banks competing with other banks with regard to increasing the interest rate on deposits, a regulatory mechanism was being planned, which he opined would probably bring down the interest rates.

To bring down the NPA level further, the bank had plans to conduct aggressive recovery campaigns such as Vijaya Adalats and settlement camps, he said.

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