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IOB sets business target of Rs 1,00,000 cr

Written by: Staff

Vijayawada, Oct 28: The Indian Overseas Bank (IOB) has set itself a business target of Rs 1,00,000 crore across the country by March 2007, according to IOB Deputy General Manager and Chief Regional Manager A J Prasad.

Addressing a press conference here today, he said the IOB had achieved a business of Rs 99,000 crore by September 30, 2006.

Mr Prasad said the Vijayawada region in particular had earned a profit of Rs 25.66 crore during the current fiscal.

The bank had issued 22,000 Kisan Credit Cards so far, he said and added that the bank had financed 1500 Self Help Groups (SHGs) covering 30,000 members by granting Rs 30 crore.

The bank would finance 2500 SHGs by March 2007 by lending another Rs 25 crore.

Mr Prasad said the branches in Vijayawada and Guntur were connected with core banking solutions and two more branches each in Nellore and Khammam would be connected soon.

There were 17 ATMs in the region and four more would be set up in the coming days, he added.

Earlier, Mr Prasad inaugurated an easy trade loan mela to serve the trading community by offering a hassle free finance scheme called 'easy trade finance'.


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