An assistance of Rs. 40 cr. proposed for 10,000 groups
Bank sets itself business target of Rs. 70,000 cr.All branches likely to be computerised by Sept.
VISAKHAPATNAM: Corporation Bank will focus on self-help groups (SHGs) as a thrust area in the State and proposes to provide assistance of over Rs. 40 crores to 10,000 SHGs in the current fiscal.
Announcing this at a media conference here on Friday, General Manager of the bank B.R. Bhat said the bank was also prevailing upon its rural branches to provide more lending.
This year, Corporation Bank had proposed to open 70 more branches, including five in Andhra Pradesh. A new branch would be opened in Tanuku of West Godavari district next month, he disclosed. Last year, it opened 58 new branches.
On the performance of the bank, Mr. Bhat said that it had posted a net profit of Rs. 444 crores for the financial year 2005-06. The total business rose from Rs. 45,780 crores in the previous year to Rs. 56,839 crores in 2005-06. "This year we are aiming at a business mix of Rs. 70,000 crores inclusive of Rs. 28,000 crore advances and Rs. 42,000 crores of deposits,'' he said.
The bank had a large number of ATMs and the figure would be increased to 1,000 from 902 this year. All the branches were computerised with 560 of them brought under core banking services network. By September this year, all branches would be under CBS network, he hoped.
The bank was a pioneer among public sector banks in offering cash management services (CMS) to corporates, having launched it way bank in 1991, he said. The turnover under CMS products exceeded Rs. 1,12,000 crores for the just concluded financial year.
The bank had a network of 19 exclusive collection and payment services branches across the country with central processing hub at Bangalore. Vijayawada Zonal Manager H.S. Srinath, and Visakhapatnam main branch manager Subbareddy were also present.