The Hindu Business Line : OBC to seek licenses for opening new branches

CHANDIGARH: In a bid to expand its domestic presence, public sector lender Oriental Bank of Commerce (OBC) on Saturday said it would soon seek new licenses from the RBI for opening 100 new branches in the country.

“We will soon apply to RBI for 100 licenses to open more branches in the country,'' OBC Chairman and Managing Director Alok K. Misra told reporters here, who was here to attend branch opening programme.

The bank already has licence for 60 branches, which would be opened during this year, he said. OBC network presently has 1,339 branches, 75 extension counters and 763 ATMs.

Besides, the bank has also plans to open 10 large branches to cater to corporate sector and 50 mid-sized corporate branches to provide services to small entrepreneurs, he said

On being asked about its overseas plans, Mr Misra said the bank would open its first overseas branch in Dubai before December this year. We have got approval from the RBI and Central Bank of Dubai for opening our branch,'' he said. - PTI

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