BoI to strengthen marketing efforts

In line with its efforts to stay updated with the latest technology, Bank of India (BoI) has decided to strengthen its marketing.

"We have so far shifted about 200 employees to the marketing division and may take this up to 500 soon. We are not interested in laying off employees due to the penetration of technology. We prefer to transfer the surplus and suitable employees to the marketing divisions," said M Venugopalan, chairman and managing director of BoI.

"The marketing people will be of help to the bank in saving the response time for services. We may even add more than the projected 500 employees to the marketing division once all the branches are networked," said Venugopalan.

BoI has also initiated a plan to increase its network of branches and automated teller machines (ATMs). It hopes to add 50 more ATMs by March 2005. BoI has computerised all its branches and networked over 650 branches in 220 cities. It aims to complete the core banking solution by December 2006 and launch it in 750 branches.

Recently, BoI has entered into a collaboration with ACIL- Navasarjan Rural Development Foundation (ANARDE), a non-government organisation (NGO), to increase rural penetration and boost lending to the agriculture sector.

The pilot project on an integrated approach to agriculture lending is being carried out in 18 districts of the state, covering about 240 villages. BoI aims to replicate the same in other states on the basis of success of pilot project.