Vijaya Bank to add 150 branches this fiscal: ED

| Updated on: Jan 16, 2018

To encourage mobile banking

Vijaya Bank is adding 150 branches during the current financial year to the existing network of 1,950 branches, according to Executive Director BS Rama Rao.

He said here on Monday that during 2015-16, the bank had opened 246 branches, the highest for any public sector bank.

Earlier in the day, he had inaugurated new branches at Pendurthi in Visakhapatnam district and Bhogapuram in Vizianagaram district. He said the bank would increase its presence in the both the Telugu states — Andhra Pradesh and Telangana.

He said the NPA of the bank was the lowest among the public sector banks at 5 per cent (net NPA) and “it was due to the poor performance of some of the core sectors like steel and infra sector that banks find themselves in the position. Once the economy improves, the position will be better.”

Retail lending was one of the bright features, he said, with the segment accounting for 25 per cent of the loans and growing at 26 per cent a year. Agricultural credit offtake was reasonable this year, he added.

Rama Rao said the bank was encouraging mobile banking and the number of active users of mobile banking services had risen from 50,000 to more than five lakh in a single year.

P Srinivasa Reddy, regional manager, also spoke.

Published on September 26, 2016
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