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Bank of India is planning to add 90 branches in South India in addition to the existing 500 during the current financial year, according to Mr A.A Badshah, General Manager.
He was speaking to presspersons here on Thursday after inaugurating a new branch at Seethammadhara. He said the bank had opened 89 branches (including the one at Seethammadhara) so far in the Visakhapatnam zone and the number would touch 100 by the end of the financial year.
Business volume
He said business volume in South India amounted to Rs 40,000 crore and 50 per cent growth was envisaged during the financial year. The bank's business mix at the national level amounted to Rs 5,15,000 crore, with 3,500 branches.
It also had branches in 29 countries, with foreign business accounting for 20 per cent. The target for the current financial year was Rs 6,50,000 crore. Mr Badshah said the bank had launched a programme called Star Sankalp to take it closer to the customer. Under the scheme, specialised processing centres would be opened at select places for the SME sector, the agricultural sector and retail credit. He said an SME loan processing centre may be opened later at Visakhapatnam.
Loan processing centre
“Right now, we have a farm loan processing centre at Amalapuram in East Godavari district,” he said and added that each SME processing centre would have to generate business of Rs 800 crore to Rs 1,000 crore. Four SME processing centres were in operation now. He said all efforts were being made to reduce the NPAs in the bank and in the south, NPAs amounted to Rs 1,400 crore.
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