Bank of Baroda (BoB), which has presence worldwide, has opened a new regional office on the VIP Road here on Wednesday.
The AP-II Region will have jurisdiction of 60 branches covering all the nine coastal districts of the State. At present, the bank has seven metro, 23 urban, 19 semi-urban, and 11 rural branches catering to the needs of various categories of customers. The bank opened 10 branches in the region last year and would set up 10 more during the current year, BoB Executive Director P. Srinivas told reporters after inaugurating the regional branch at Peejay Plaza (Opposite Hotel Tycoon). The region’s total business was Rs. 3,856 crore as on September 30 with total deposits at Rs.1,497 crore and advances at Rs.2,358 crore. Mr. Srinivas said for the convenience of customers, the BoB had launched several new products such as Baroda Connect (Internet banking), M Connect (mobile banking, debit cards, e-tax service, and online payment of indirect taxes).
Life insurance
He said the bank was offering credit cards through its subsidiary BOBCARDS and floated a joint venture company — India First Life Insurance Company Ltd — for offering life insurance products. According to Mr. Srinivas, the bank has completed 104 years of existence with profits every year and turned international with branches in 24 countries with 93 branches. It has a joint venture in Zambia with 12 branches. All over India, BoB has 3,988 branches. To a query, he said the bank’s operating profit as on March 31, 2012, was Rs.6,025 crore with a Net profit of Rs.5,006 crore. General Manager M.M. Reddy, AP Region-II head Assistant General Manager P. Narasimha Rao and senior branch manager (MVP) N.G. Shyam Singh were present.
