Allahabad Bank records higher growth in Bihar

Patna, June 24:: Recording nearly 18 per cent growth in business in Bihar, one of the highest among all states during last fiscal, public sector Allahabad Bank has decided to expand its network further by opening a number of new branches during this year.

Announcing this at the conclusion of his two-day visit to the state, Allahabad Bank Executive Director S.K.Goel told reporters here last night that till March 31 this year the total deposits of the bank in Bihar grew by 18.3 per cent, while the credit off-take during the last fiscal was around 16.4 per cent recording over seven and five per cent growth respectively from the corresponding period of the previous year in the state.

About the total business volume achieved by the Bank in the state during 2006-07, Mr Goel said it also increased by a healthy 18.7 per cent, to be almost at par with the deposit growth in the state.

Regarding expansion programme in Bihar during this fiscal in the wake of the continued all round growth, the Allahabad Bank ED without referring to any particular number said in order to make further penetration into the semi-urban and rural markets they were looking at the opportunity of opening more branhces in these areas.

"We have sought necessary green signal from the Reserve Bank of India for this purpose'',he said.

At present Allahabad Bank operated through as many as 151 branches in Bihar, he said and hinted that some more would be opened soon.''We are also planning to set up a number of ATMs in Patna and several other major towns including Danapur, Muzaffarpur, Bhagalpur and Purnia.

Incidentally, Mr Goel since his arrival here on Friday last had visited a number of branches in the capital city and elsewhere in the state besides holding several rounds of meetings with senior bank officlas at the regional office.

He also called on Deputy Chief minister Sushil Kumar Modi, who is also the finance minister, yesterday to discuss the possible role of the Bank in further development of the state.

UNI