BoI plans biz expansion

The Bank of India (BoI) is planning to expand its business in Kerala to the tune of Rs 2,500 crore by the end of March, 2007, according to Babu V Mathew, zonal manager of the bank.

Total business in the state had crossed Rs 1700 crore during 2005-06 and the bank was now aiming at Rs 2000crore business by 7th September 2006, the 100th birthday of the bank, he said.

Addressing a press conference here today, he said that the bank, with a branch network of 73 in Kerala, would open more branches in the current year. One branch at Kakkanad and two in Pathanamthitta district would be opened soon.

BoI had ambitious plans for infrastructure financing and tourism related projects in the state, he said and added that the CD ratio of the bank in Kerala was 97 percent as against the state's average of 66 percent, and was eyeing 100 percent in the current fiscal. The total credit would be increased to Rs 1300 crore (47 percent growth) with main focus on agriculture and other priority sectors.

"The bank has also targeted Rs 1200 crore deposit mobilisation in the state during the current fiscal." He also said that all the 73 branches of the region had been fully computerised while 42 branches had already been networked with the branches in as many as 230 cities across the country.