Money & Banking

SBT plans to diversify into bullion trade

PTI Dubai | Updated on April 12, 2012 Published on April 12, 2012

State Bank of Travancore (SBT) has said it plans to diversify its products and services by foraying into the gold bullion trade.

It is currently in the process of expanding its branch network across Kerala and other metro cities. The bank plans to add more than 100 branches, including NRI-specific centres, over the next 12 months. It currently has 880 units across the country, SBT Managing Director, Mr P. Nanda Kumaran, said.

The bank expects to have a branch network of more than 1,000 units soon, he said.

“Our target is to become one of the top ten banks in India within five-six years,” Mr Kumaran said.

The SBT chief, who is on a visit to the UAE, said the bank has achieved 28 per cent growth in its NRI business in the last fiscal, due partly to an increase in interest rates following the deregulation of interest rates for NRE term deposits.

SBT, a subsidiary of State Bank of India, recorded 24 per cent growth in business in 2011-2012, that includes deposits and advances to Rs 13 crore ($26 billion).

The NRI segment accounts for 21 per cent of the bank’s total deposits, while one-third of all overseas remittances to Kerala are routed through the bank. The lender also accounts for one-third of NRI deposits in the State, he said.

The bank has set up a representative office in Dubai and manages City Exchange.

Published on April 12, 2012
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