Vijaya Bank plans to achieve 70 % credit deposit ratio by March next

Chandigarh, May 23 (UNI) Vijaya Bank, a Government of India Undertaking, has planned to do a business of Rs 1,00,000 crore to achieve above 70 per cent credit deposit ratio by march 2009.

Disclosing this at a press conference here today, bank CMD Prakash P Mallya said the bank planned to open 100 more branches to have a network of 1150 branches by march next year.

He said the bank has decided to further increase credit offtake under retail lending scheme, priority sector agriculture credit, SME etc. The bank planned to set up online trading portal to provide stock trading facility to its customers which was in advanced stage of implementation.

He said the bank was set to achieve accelerated performance under recovery of NPAs with specific focus on AUC accounts through Vijaya adalats and settlement camps. "We have to ensure compliance with BASEL II capital adequacy requirements by September 2008, ahead of the prescribed schedule of March 2009", he added.

Mr Mallya said in keeping with its image of a fast growing bank, Vijaya Bank once again had posted excellent business growth during 2007-08 to reach a total business of Rs 79,971 crore recording an annual growth of 28.47 per cent.

The bank opened 73 new branches during the year to reach a total branch strength of 1051 as of March 2008. Asset quality of the bank has further improved during the year and the gross NPA ratio came down from 2.29 per cent in March 2007 to 1.60 per cent as at March 2008.

Mr Mallya said that social banking was bank's utmost priority. He said that as on March 2008 priority sector credit was Rs 11,536 crore as against Rs 9,935 crore as on March 2007, recording a growth of 16.11 per cent.

UNI VKJ BP1956