OBC mulls Rs 2 lakh cr business by 2010

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Oriental Bank of Commerce
Sivaganga (Tamil Nadu), May 12: The Oriental Bank of Commerce (OBC), a 65-year-old leading mid-market bank in the country, has planned to reach a total business of Rs two lakh crore in 2010 and touch a profit of Rs 1,500 crore, OBC Chairman and Managing Director Alok K Misra said.

Addressing a press conference here, he said for the financial year ended March 31, 2008, the bank had reached a total business of Rs 1,33,184 crore, of which the deposits were amounting to Rs 77,857 crore and the advances to Rs 55,327 crore, registering a growth of about 22 per cent. He said the bank would continue to give priority and importance to the agriculture and service sector and proposed to step up business at the rural and semi-urban branches from the existing 16.25 per cent to 25 per cent by 2010.

The bank had achieved 100 per cent financial inclusion in 516 villages out of the 658 villages adopted by its 383 rural and semi-urban branches.

The bank had launched a pilot project of mobile technology and biometric-based banking services in 51 villages in Punjab and Uttarkhand. Based on its success, the project would be extended to other parts of the country. Online education loan and e-shopping were the other new products of the bank to be launched during this year.

To a question, Mr Misra said the entire network of branches and extension counters of the bank, numbering 1,405, had been brought under the Core Banking Solutions.

The bank had 741 own ATMs and 27,000 other ATMs in India, besides ten lakh ATMs worldwide under arrangements with VISA, MITR and NFS networks.

He said the bank would add another 56 branches throughout the country, including three in Tamil Nadu, in a couple of months. At present, the bank had 1,327 branches throughout the country.

He said the bank had planned to establish two skill-training centres in Haryana and Uttar Pradesh shortly in addition to the existing four centres located in Rajasthan, Uttarkhand and Punjab.

These centres had trained 4,500 entrepreneurs, of them 3,230 had been extended loans.


UNI

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