The Hindu Business Line : Vijaya Bank plans to set up branches overseas

Pudukottai (TN), Jan. 20 Vijaya Bank plans to set up branches in China, Hong Kong, Malaysia and Dubai, its Chairman and Managing Director, Mr Prakash P. Mallya, has said.

In an interview at Rangiyam village, about 40 km from Pudukottai, on Sunday, Mr Mallya said that the bank had already submitted its proposal to the Reserve Bank of India, seeking its permission to start the overseas branches.

He said Vijaya Bank’s “V-GenUth” savings scheme, benefiting children aged one day and above, has been an attraction. So far, as many as 1,000 infants have been enrolled under the scheme. Education loans would be offered at a concession of 0.5 per cent from the prevailing rate, apart from free collection of cheques and demand draft gifted to the child up to Rs 25,000 per annum.

An ATM card would be issued to the child member as an add-on facility. A full-fledged ATM card would be issued when the child becomes an adult at 18 years.

On the bank’s performance, he said the total business, which stood at Rs 68,980 crore as of September 2007, had risen to about Rs 71,000 crore in December 2007. The bank has planned to open branches at 15 places in Tamil Nadu by the end of the current financial year.

The branches would come up at Ambattur, Tiruvanmiyur, Perambur, Madipakkam, Coimbatore (Tiruchi Road), Pattukottai, Kumbakonam, Devakottai, Tiruvarur, Nagapattinam, Kancheepuram, Koothanallur, Mayiladuthurai, Chidambaram and Dharmapuri. The bank has opened ATMs at 205 places and 619 out of a total 1,008 branches offer core banking solution (CBS).

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