The Hindu Business Line : IndusInd Bank targets 25% growth this year

The bank has registered a total business of Rs 1,250 crore in the first half of the current fiscal and the business is growing at the rate of 18 per cent during the period, Mr Paul Abraham, Chief Operating Officer, said at a press meet here on Monday. The vehicle loans increased by Rs 150 crore to touch Rs 650 crore, he said.

Revealing the business plans for the State, he said the bank is focusing more on the NRI market as part of expanding its ability to facilitate non-resident remittances. It is currently receiving $120 million a month through 1.1 lakh remittances of which 80 per cent comes to Kerala.

NRI remittances

It had signed up with 33 alliances with various exchanges and two banks in West Asia to provide various NRI remittance services.

The NRI remittances are expected to double in a year as the bank has also made arrangements with more institutions in Singapore, Hong Kong, Kuwait, Bahrain, Saudi Arabia and the US, he said.

With the development of an electronic trading settlement system for commodity exchanges, he said, the bank is in the process of introducing it to the Kochi tea auction. Talks are going on in this regard. Besides, the bank is keen to expand its presence in warehouse financing on commodities such as pepper, cashew, and tea, which are largely grown in Kerala.

However, the issue of stamping of warehousing document papers has taken up with the State Government as the cost involved in Kerala is on the higher side compared to other States, he added.

The number of branches will be increased to 16 from the present 14 by this month-end and it will also open a regional operating centre in Aluva. It is also on the process of going for re-branding to make a position in the market. It had entrusted Brand Union to exercise the possibility of re-branding the company. The report is expected to be submitted by December end, he added.

More Stories on : Private Banks | Kerala | NRIs

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Muthoot Capital net rises 25%

Bank of Rajasthan net down 49%

Max New York Life plans rural expansion

IT majors go to ECGC for credit risk insurance cover

Buy a top-up policy and pay lower premium

Fed out, Govt in again?

Focus on low-cost deposits, says Karnataka Bank chief

IndusInd Bank targets 25% growth this year

Rating raises credit flows to small, micro units

IRDA member to retire

Axis Bank ED resigns