Indian Bank plans to open 50 new branches

Tiruchirapalli, July 29: The Indian Bank, celebrating its Centenary, is planning further expansion by opening 50 new branches in the country.

Addressing the media here yesterday, Indian Bank Chairman and Managing Director (CMD) M S Sundara Rajan said the bank was awaiting RBI's nod for opening new branches.

The new branches would be uniformly spread across the country and seven of them would be located in minority community locations.

He said the bank would bring all the 1474 branches under Core Banking Solution (CBS) network by March 2008 and already 1169 branches were offering the CBS services.

The bank had a comfortable Capital Adequacy Ratio (CAR) at 14.47 per cent as against the RBI specifications of nine per cent.

The net Non Performing Asset (NPA) stood at 0.28 per cent as of June 30 2007 compared to 0.35 per cent last year.

Mr Rajan said the bank had set a business target of Rs one lakh crore and currently the total business was billed at Rs 79,879 crore.

Under the financial inclusion programme, the bank had roped in about 3.92 lakh account holders, accruing Rs 11.73 crore as deposits, he added.

UNI