State Bank of Travancore (SBT) continues to lead in NRI (non-resident Indians) deposits with double-digit growth even as itis gearing up to chart a fresh growth plan under the new chief.
SBT has seen its deposits from the NRI segment swelling by about 35 per cent to about Rs 26,000 crore during the first nine months of this fiscal from Rs. 19,312 crore as on March 31, 2013 (Rs. 15,309 crore as on March 31, 2012).
While the exact number is awaited, the bank maintains the growth momentum in NRI deposits category, which is driving the overall growth of bank’s deposits.
“Over 26 per cent of the deposits of our bank is contributed by NRIs. We have entered into arrangements with 37 exchange houses in the Gulf region and out of which two (Dubai and Oman) are managed by us,” SBT’s Managing Director, Jeevandas Narayan, who has recently taken charge, said.
He also said remittance flows surged during August and September last year as NRIs took advantage of the sharp depreciation of rupee.
When rupee was ruling at about 68 against dollar, remittance flows shot up to about $ 25 million a day from the normal level of $15 million a day.
SBT will be drawing up plans for the next growth curve, and will be focusing on reducing non-performing assets (NPAs) and increasing CASA (current and savings accounts) deposits, boosting alternate channels, beefing up network with stronger focus on specialised branches, among others.