IDBI Bank plans to grow eastern region biz by fiscal end

Kolkata, Nov 29 (IANS) State-run IDBI Bank is aiming to grow its eastern region business by over Rs.4,000 crore by the end of this fiscal through expansion of the bank network, an official said Thursday.

“We are aiming to grow our business by over Rs.4,000 crore by the end of this financial year,” IDBI Bank chief general manager K P Nair said here.

Nair said the public sector bank had posted a total business of about Rs.33,000 crore last fiscal through its 165 branches from the region comprising West Bengal, Bihar, Odisha, Jharkhand, Chattisgarh and the northeast.

According to him, this year’s growth would come on the back of further strengthening the network of the bank in the eastern region.

“In Bengal we have 55 branches and we would like to add four more by the end of the current financial year. Deposits would then automatically grow as the number of accounts grow,” he said.

Currently, deposits from savings and current account constitute 50 percent and 20 percent of the bank’s total deposits respectively.

Nair said the bank was also looking to increase its lending to micro, small and medium enterprises (MSMEs) by about Rs.200 crore this fiscal.

It currently has a total of about Rs.1,200 crore outstanding for the MSMEs in the region.

IANS 2012-11-29 23:18:17