K. Rajendran, executive director of the Repco Bank, a Government of India Enterprise, said that the bank was all set for an expansion drive with a road map already prepared for opening five new branches spread over different towns in Andhra Pradesh.
Outlining the bank’s future initiatives, Mr. Rajendran pointed out that though the bank commenced operations decades ago to take care of the interests of repatriates, its activities were diversified to extend the banking services to the people, especially middle income groups through a wide range of products.
More regional corporate offices
He said that apart from the corporate office at Chennai, two more regional corporate offices were developed at Hyderabad and Bangalore. Once full-fledged facilities come up in Vijayawada, the new capital of A.P., the Repco Bank would take a decision on setting up its corporate office here also.
In the immediate future, the Repco Bank was set to open new branches at Ongole, Kadapa, Tadepalligudem, Tenali and so on.
Mr. Rajendran said that though begun on a modest note, the Repco Bank now reached a position with a business of nearly Rs. 12,000 crore. The deposits were around Rs. 7,200 crore and advances Rs. 4,800 crore.
Mr. Rajendran said that as on December last year, their bank registered profit of Rs. 58 crore. The bank’s Nellore branch has reached a business turnover of Rs. 26 crore. He said that financial inclusion would remain the core aspect of their banking operations by catering to the needs of more and more middle income groups in the coming years.
‘Though the bank began on a modest note, it has now reached a position with a business of nearly Rs. 12,000 crore’
