The Hindu : Tamil Nadu / Chennai News : Bank officers urged to increase deposit collection

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Sunday, Sep 21, 2008
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Tamil Nadu

Tamil Nadu - Chennai

Bank officers urged to increase deposit collection

Special Correspondent

CHENNAI: With competitiveness among financial institutions growing, it is important to increase deposit collection, S.A. Bhat, Chairman and Managing Director, Indian Overseas Bank, said on Saturday.

Participating in the 20th triennial conference of the Indian Overseas Bank Officers’ Association here, he said the growth of deposit was not encouraging; it was less than the growth of advances. Till June this year, the growth of deposit was 21 per cent as against 30-40 per cent for the advances.

Appealing to bank officers to prepare a plan for deposit mobilisation, Mr. Bhat said they should target small deposits instead of high-end deposits whose cost was more.

M.J. Akbar, senior journalist, who inaugurated the conference, said nationalised banks had a major role in improving the lot of the people in rural areas. Describing the 9 per cent growth as nothing but a “statistical lie,” he said every section was not growing at that rate. In agriculture, the backbone of the economy, the growth rate was a mere 4 per cent.

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