'IB targets Rs 1.25 cr business in current fiscal'

Vijayawada, May 15: The Indian Bank is targeting to achieve a business of Rs 1,25,000 crore across the country during the current fiscal, Bank Executive Director A Subrahamanyan said today.

Talking to presspersons here, he said during the financial year 2007-2008, the bank deposits grew to Rs 62,000 crore while the gross advances increased to Rs 40,000 crore. In the current financial year, the bank plans to increase the deposits to Rs 75,000 crore and advances to Rs 50,000 crore respectively.

Mr Subrahmanyan said all the 1,546 branches across the country were connected to core banking facility and plans were afoot to open 125 branches in the current fiscal. The bank, for the first time had set up 13 microsat branches in urban areas to facilitate loans to women Self Help Groups (SHG), he said adding 12 more microsat branches would be opened in tier one and two cities this year.

He said the bank as on March 31, 2008 had extended Rs 1,147 crore loans to 2,35,000 SHGs throughout the country.

UNI