Bank of Maharashtra business to cross Rs 1.10 lakh crores by 2010

Bangalore, Dec 16 (UNI) Public Sector Bank of Maharashtra has set a target to ensure that its business crossed over Rs 1.10 lakh crore by 2010, Bank's Chairman and Managing Director M D Mallya said today.

Speaking to newsmen here he said the bank had surpassed the business landmark of Rs 50,000 crore and as on December one the level had crossed Rs 50454 crore. Of the 1.10 lakh crore business, the deposits would be around Rs 65000 crore and advances Rs 45000 crores. The low cost deposits in total deposits comprising 43 per cent reflected a strong growth performance of the bank, he stressed.

He said various initiatives launched by the bank such as human resources development, training and technology had yielded better results with regard to overall performance of the bank.

Replying to queries he said the bank had a network of 1321 branches spread over 22 states and two union territories. Of this 600 branches would be covered under the Core Banking Solution by December 2007 covering 85 per cent of the business. The bank would be opening another 37 branches across the country by March 31. The 1322nd branch would be opened in the city, 45th in the state and 15th in the city, tomorrow.

He said the total business in Karnataka as Rs 1435 crore with deposits Rs 617 crore and advances of Rs 818 crore. The credit deposit ratio in the state was 131.84 per cent, he added.

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