State Bank of Travancore is planning to open more branches in an effort to reach the 1,000 mark in the current financial year, from the present level of 954 branches. The bank has been growing fast, especially outside Kerala, with 113 branches in Tamil Nadu, according to P. Nanda Kumaran, Managing Director. The plan was to have 20 more branches in Tamil Nadu, he said.
Mr. Nanda Kumaran, who was here to inaugurate the expanded commercial branch, said the bank could witness a pick-up in credit offtake in the retail and MSME (medium small medium enterprises) segments. Though there was some slowdown on the retail front in the last 2-3 years, and the bank had lost some momentum, it could see a significant rise in its lending with an aggressive pricing strategy.
The bank had kept the base rate at 10.25 per cent, which was lower than most of the banks, Mr. Nanda Kumaran said. The growth in credit was more than 27 per cent, he said. He hoped the growth momentum would continue in the current quarter, as there were signs of revival in other sectors also.
Mr. Nanda Kumaran said the total business as on December 31, 2012 was nearly Rs. 1.45 lakh crore.
On the deposits side also the bank could witness a growth with a pick up in NRI remittances.
The bank, with is core strength being the NRI business, could see remittances to the tune of $15 million to $20 million on a daily basis depending on the exchange rate fluctuations.
Keywords: SBT expanstion plans