The Hindu Business Line : Vijaya Bank plans to raise NRI deposit base

Mangalore, June 19 The public sector Vijaya Bank plans to increase its NRI (non-resident Indian) deposit base four-fold during the current financial year, according to Mr S.C. Kalia, Executive Director.

Addressing presspersons here on Friday, he said the bank has launched a ‘Mission NRI 5000’ campaign to mobilise NRI deposits. At present, it has an NRI deposit base of around Rs 1,250 crore, and it wants to increase it to Rs 5,000 crore by the end of the current financial year.

The bank would explore the potential of NRI customer base in States such as Karnataka, Kerala and Punjab.

Stating that the bank is hopeful of achieving the target, Mr Kalia said that the current global recession has helped in getting more inward remittances.

The Government has made a capital infusion of Rs 500 crore in the form of perpetual non-cumulative preference shares in the bank. This is the first tranche of capital infusion by the Government. The bank would get the second tranche of Rs 700 crore in the current financial year.

Mr Kalia said the bank would roll out its mobile banking product by the end of this month.

It will increase the base of young customers through its ‘V-Gen UTH’ product.

The number of ‘V-Gen UTH’ accounts will be taken to one million during the year, and a strategy has been worked out for this.

The bank has set a business target of Rs 1.10 lakh crore for the current financial year, which includes deposits of Rs 55,000 crore and advances of Rs 45,000 crore.

The bank will increase the number of branches from 1,101 to 1,200 during the current financial year. The total number of ATMs will be increased to 500 from the current 364, he added.

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