The Indian Bank is looking at a growth of 25 per cent during the current financial year and reach a business level of Rs. 1.85 lakh crore.
The bank had, as of September, business to the tune of Rs. 1.68 lakh crore, according to its Executive Director V. Ramagopal. Giving a breakup, he said that deposits accounted for Rs. 98,000 crore with advances of Rs. 70,000 crore.
He was in the city on Friday to open the new location of an ATM at the Madurai Railway Junction along with the Divisional Railway Manager A.K. Goel.
“We are looking at sectors like small and medium enterprises, retail lending and agriculture also, as monsoon had been well, to drive growth. Demand is also increasing in infrastructure sector with more projects like power and roads picking up,” he said.
With over Rs. 2,500 crore in education loans, the bank was second only to State Bank of India in this sector. The Madurai Circle, comprising five southern districts, had Rs. 150 crore in this sector.
Under the financial inclusion project, the bank would be reaching out to 5,500 villages either through branches or business correspondents. In the first two years, 1,538 villages could be covered including 1,000 in Tamil Nadu, he said.
At present, the bank had 1,800 branches in India and two abroad at Singapore and Colombo besides 1,062 ATMs. The Madurai Circle accounted for 53 branches and had a business figure of Rs. 3,500 crore, he said.
M. Kathiresan, Deputy General Manager and Madurai Circle Head, was also present along with bank and railway officials.
