The Hindu Business Line : No impact on NRI deposits due to tax more: IOB chief

THE proposal to tax the NRI deposits, introduced in the recent Budget, has not made any visible impact on the Indian Overseas Bank and "there have been no large withdrawals so far,'' according to the Chairman and Managing Director, Mr S.C. Gupta.

Addressing a press meet here on Wednesday, Mr Gupta said the tax would have to be deducted at source and there is no ambiguity on that count.

"The bank has performed exceedingly well during the past four years and net profit has risen to Rs 512.76 crore in March 2004 from Rs 40.34 crore in March 2000. The bank has the resilience to absorb such shocks,'' he said.

He said he is confident that the bank would achieve the target of doubling the farm credit during the next three years, as directed by the Finance Minister and the RBI, as the bank had a large network of rural branches, especially in Andhra Pradesh and Tamil Nadu. Referring to wage revision, he said the bank had provided for wage revision and there would be no problem on that count.

Later, at a function he distributed loans to several self-help groups from different districts in the Visakhapatnam zone of the bank.

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