The public sector lender, Bank of India (BoI) aims to cross the total business of Rs 30,000 crore by March, 2011 with its focus on the segments including SME, retail and agriculture in Gujarat. The bank has also laid out ambitious plan to achieve a total business mix (including advances and deposits) of Rs 90,000 crore in state by 2015, informed top bank officials.
“In 2009, our business mix (including advances and deposits) was recorded at around Rs 20,000 crore, which we expect to cross Rs 30,000 crore by the current financial year end. By 2015, we expect to grow three times to cross Rs 90,000 crore business in Gujarat,” said T Balasubramanian, general manager, National Banking Group (Central), Bank of India. The bank is also planning to add 22 new branches next fiscal to its existing 299 branches in Gujarat.
He further added that the average business per branch in Gujarat was recorded at around Rs 10 crore. “Gujarat is an important state for us. We have seen a faster growth here than the average growth in the institution,” he informed.
The bank has also signed a memorandum of understanding (MoU) with the government of Gujarat at the recently concluded Vibrant Gujarat Global Investors’ Summit 2011 for disbursement of funds worth Rs 12,000 crore to new units during 2011-2015.
“We have promised the disbursement of funds worth Rs 12,000 crore to green field as well as brown field units coming up in state during 2011-2015. But we are hopeful to exceed this amount, as demand for advances will rise further during this period,” told BB Joshi, zonal manager for Ahmedabad Zone.
As per the figures provided by the bank, for the housing sector the total outstanding as of December 2010 was around Rs 520 crore, while for the SME segment the outstanding stood at approximately Rs 3260 crore.
Giving details about the financial inclusion plan, Balasubramanian informed that the bank has been allotted 490 villages under the plan, of which around 50 per cent villages have already been covered so far.
Bank’s consumer base has increased from 8.75 lakh in March 2010 to 10.60 lakh in December 2010, showing a growth of 21.14 per cent in nine months.
