Central Bank of India is planning to raise Rs 500-600 crore through Tier-I and Tier-II bonds this year in order to boost its capital adequacy ratio (CAR) to over 11 per cent, Executive Director Ramnath Pradeep said.
As of December 31, 2008, the bank’s CAR stood at 10.02 per cent. The bank has also sought permission to open representative offices in Singapore, Hong Kong, London, Dubai and Doha. This is in line with the bank’s plan to attract export-import businesses and NRE and FCNR deposits from abroad.
“In 2008-09, the bank would be looking at a sustainable credit growth of 24 per cent and a deposit growth of 22 per cent. Our thrust area would be agriculture, SMEs, infrastructure, retail and housing,” he said.
