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Town Benefit Fund (Kumbakonam) plans to add 14 branches to its network of 31 this fiscal. Raman, Founder-Chairman of this 20-year old organisation told BusinessLine that the company plans to open branches at Medavakkam, Siruseri, Porur, Chengalpattu and Uravakkam in Chennai, at Cuddalore, Salem, Neyveli, Kallakurichi, Perambalur, Peralam, Trichy and Pazhanganatham in Madurai this fiscal. It has also expanded its registered office in Kumbakonam by acquiring above 5,500 sq ft of land in May this year. The company is targeting a business of ₹550 crore this fiscal compared with ₹405 crore achieved last year.
Raman is confident of achieving the current year’s target. “There is a slight drop in our advances at present compared to deposit growth. We will focus on low cost deposit and reduce our deposit interest rate to tide over the present situation. Things are looking up,” he said and pointed out that the company advanced against jewels and deposit receipts.
“We plan to invest heavily on technology and are in the process of finding a solution for core banking solution,” the Founder Chairman said.
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