South Indian Bank (SIB) is aiming at a business turnover of Rs 48,000 crore in the next financial year, according to its executive director Abraham Thariyan. Inaugurating the bank’s 579th branch at Manikonda in Hyderabad on Wednesday, he said the bank, which had planned to achieve Rs 36,000 crore in total business during the 2009-10 fiscal, could achieve it by December 2009 itself and expected the business to reach Rs 39,000 crore by March 31, 2010.
“With the opening of the Manikonda branch, the presence of the bank has been increased in Andhra Pradesh to 24 branches and in Hyderabad to 13. During the next financial year, the bank is going to open 6 more branches in the state, of which 5 will be in Hyderabad,” Francis Antony, regional head, stated in a press release.
SIB is planning to open 60 more branches during the next fiscal, of which 24 branches will be opened before June 2010, located at centres with population below 50,000 as per the revised policy of the Reserve Bank of India, the release added.