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Retail banking will be the focus area for Corporation Bank during the current financial year.
According to A.L. Daulatani, Executive Director of the bank, “Now we are taking this bank to a new business platform, which will be driven by retail, retail and retail. This change of gear will help us to lead in a more consistent manner. This decision of the bank will take it to a growth of more than 25 per cent in the retail segment.”
To boost retail growth, the bank has launched a campaign called ‘1,000 Smiles’ ( hazaar muskaanein ) under which each of the 1,700 branches of the bank will add at least 1,000 new savings bank (SB) accounts.
B. K. Srivastava, Executive Director, said the bank is expecting to get around 17 lakh new SB accounts under this campaign that will be in operation till September-end. Till now, the bank has already mobilised around 1.25 lakh accounts, he said.
Besides the bank staff, the top executives too will approach prospective customers to mobilise new SB accounts, he said.
Thrust will also be given for retail credit portfolio. To boost this, the bank has launched a ‘monsoon bumper offer’ on retail loans, he said.
Low-cost deposits such as CASA (current account, savings account) contributed 19.10 per cent to the bank’s total deposits.
Retail advances stood at Rs 26,067 crore in the first quarter against Rs 19,838 crore in the year-ago period, a growth of 31.4 per cent.
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