BoI to focus on the south

Bank of India (BoI) is focusing on the southern states to increase its business during this fiscal. South accounted for less than 8 per cent of the bank's total business during the last financial year at about Rs 12,000 crore.

"The four states in the south are witnessing a lot of economic development, and several new industries, IT companies and special economic zones are coming up there. Keeping this in mind, BoI has decided to give more emphasis on these four states,"P R Kalyana Raman, general manager (in-charge, southern states), BoI, told mediapersons here on Sunday.

Raman said that the bank would add around 25 more branches in the southern region during this financial year to the existing 300 branches.

It was targeting to achieve 30 per cent growth in total business by garnering Rs 4,000 crore new businesses in this region during FY07. This apart, BoI would advance about Rs 200 crore to the upcoming special economic zone at Kakinada, he added.

The bank has covered about 650 branches of the total 2,650 under the core banking network, and plans to extend this facility to another 450 branches by the end of December.

Following the success of internet kiosks in Karnataka, which the bank set up in villages with the help of the state government and NGOs, it has decided to open such facilities in other states too.

Raman said that the bank had pioneered a mega project for integrated development of 101 villages as modal villages across the country during its centenary celebrations.

It is also targeting to issue more Shatabdi Krishi Vikas credit cards on this occasion. "So far, we have issued about 8,000 Shatabdi Krishi Vikas credit cards, and plan to issue another 12,000 during this financial year," he said.