Money & Banking

Indian Bank aiming at Rs. 2,00,000-cr business

Our Bureau Visakhapatnam | Updated on March 17, 2011

Mr T.M. Bhasin, CMD, Indian bank.

Indian Bank is aiming at crossing the Rs 2,00,000-crore mark in terms of business mix and volume, according to the Chairman and Managing Director, Mr T.M Bhasin.

He was reviewing the performance of the bank at a press meet here on Wednesday night. Earlier in the day, he opened a branch in the GITAM University and delivered a lecture on banking in India.

He said the bank had acieved Rs 1,74,000 crore by the end of December, 2010, and it might achieve Rs 1,82,000 crore by the end of the financial year.

“It is our aim to cross the Rs. 2,00,000-crore mark as soon as possible and further take the bank on growth path,” he said.

The deposits crossed the Rs 1,00,000-crore mark and the advances Rs 74,000 crore, he said.

In disbursing educational loans, in particular, the bank stood next only to SBI, with Rs 2,668 crore being advanced to 1,71,778 students.

The bank had set up 32 specialised micro finance branches in the country. The priority sector lending amounted to 40.69 per cent as against the stipulated 40 per cent.

The bank has 1,837 branches in the country and three overseas branches, one at Singapore, the other at Colombo and the third at Jaffna in Sri Lanka.

He said the bank had developed a model of financial inclusion in Puducherry which could be replicated in the rest of the country.

The Executive Director of Indian Bank, Mr. Ramagopal, was also present at the press meet.

Published on March 17, 2011

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