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Corporation Bank is planning to start a forex hub in Bengaluru soon, its Chairman-cum-Managing Director SR Bansal told BusinessLine .
“Once this hub becomes operational, all branches of the bank (excepting those located in rural pockets) will be forex branches. They will be equipped with high-speed scanners and excellent bandwidth,” he said, ahead of an Importer-Exporter Meet organised by the bank in Tirupur recently.
“Forex is the main requirement,” he said referring to the customers’ need in the knitwear export cluster, adding “we are comfortable with forex deposits and are able to match the rate.”
The bank has registered a forex turnover (Tirupur alone) of ₹2,300 crore last fiscal. It is targeting a turnover of ₹3,000 crore this fiscal. To strengthen its foothold in Tirupur, Bansal plans to add two more branches to its existing network of three before December. A branch at Avinashi is expected to become operational within the next 45 days.
On network expansion in Tamil Nadu, he said, “around 47 more outlets will be added to take the branch network to 250 before the end of the current fiscal.”
Plans are under way to bifurcate and establish a zonal office in Madurai soon. With this, the bank will have zonal offices in Chennai, Trichy, Coimbatore and Madurai.
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