Corporation Bank targets Rs. 1 lakh crore business
HYDERABAD: Corporation Bank proposes to open 100 new branches this year, according
to its Chairman and Managing Director, B. Sambamurthy.
Talking to presspersons, after film producer D. Rama Naidu inaugurated the
950th branch of the bank at Film Nagar here on Wednesday, Mr. Sambamurthy said
the bank had opened 70 new branches in 2007. It had already secured clearance
for the proposed 100 branches from the Reserve Bank of India. By May, the bank
would take the number of branches and ATM counters to 1,000 each.
Main focus
The expansion would mainly focus on the South-Western and Northern regions where
there was enormous potential. The bank had always been posting profits in its
bottom line for the last 102 years of its existence.
He said the bank was targeting a business of Rs. 1 lakh crore by next year,
while its turnover stood at Rs. 84,000 crore in the current fiscal with a 60:40
credit-deposit ratio.
Invest Shoppe
The Film Nagar branch was the third concept branch, equipped with ‘financial
health check-up’ and Invest Shoppe’. Under this, customers’
risk-reward portfolio would be assessed and they would be duly advised and financial
products such as insurance, mutual funds, gold coins and the like would be sold
under one roof.
Mr. Sambamurthy said the bank would increase the number of ‘Invest Shoppe’
branches to 12 by March and 40 by the end of the year. As part of the implementation
of ‘financial inclusion’, the bank had 1,200 villages surveyed and
would introduce branchless banks with the help of ‘business correspondents’
and handheld machines in all these villages. At present, branchless banks were
established in 15 villages, he said.
