BoB eyes 30% local growth

Bank of Baroda is targeting Rs11,000 crore business from the eastern region in 2007-08, against Rs 8,296 crore in 2006-07, registering more than 30 per cent growth over the last year.

With nearly 140 branches currently operating in the eastern part of the country, the bank planned to open four new branches "�Garia, Baruipur, Singur and Dibrugarh--to mark its centenary celebrations on July 20, 2007.

All together 31 branches would be simultaneously opened by the bank across India on the day. Also, nearly 62 overseas branches would be opened by the bank this year.

The bank also aimed to connect nearly 1,600 branches with core banking system(CBS) by March 2008.

It order to penetrate to villages without electricity, solar energy would be used to set up basic banking facilities, said G Nagamal Reddy, general manager (eastern zone). At present, the bank has two solar energy driven branches in Bihar.

A special deposit scheme was launched by then bank on the occasion called the Baroda Centenary Deposit Scheme, whereby it would give 9.75 per cent interest rate to ordinary citizens and 10.25 per cent to senior citizens on deposits for a period of one year.

Further, as a part of the corporate social responsibility, the bank would adopt 100 villages across the country to undertake developmental projects.

According to the last financial results of the bank, the networth of the bank was Rs Rs 8,436 crore, with the capital adequacy ratio of 11.8 per cent. The net NPA to net advances ratio was 0.06 per cent.