Coimbatore: Indian Bank plans to launch wealth management services in Coimbatore shortly, its Chairman and Managing Director M.S. Sundara Rajan said here on Tuesday.
Speaking at the inaugural of the bank’s SME branch here, he said the wealth management programme was introduced recently in Chennai as a pilot project.
Coimbatore had the bank’s second specialised branch for Small and Medium Enterprises (SMEs). With this, the total number of its branches rose to 1,600 at national-level, 704 in the State and 60 in Coimbatore circle. Tamil Nadu contributed 40 per cent of its business and hence the bank looked at expanding further here.
It had introduced biometric ATMs for self-help group (SHG) members and already had 16 such ATMs. This would be extended to more SHG clusters. The bank also had 17 specialised branches for the SHGs.
The bank opened 100 branches during the last financial year and another 100 this year. Its deposit growth this financial year was expected to be 17 per cent and credit growth about 30 per cent. The bank had so far restructured credit worth Rs. 600 crore and Rs. 100 crore of this in the MSME segment.
Some of the strengths of the Indian economy were savings and strong domestic consumption. However, when there was an economic slowdown, it was essential to encourage industries and the specialised branches would help in this effort.
The micro, small and medium enterprises needed quick credit decision. “Delayed credit is denied credit.” The SME branch here was located on the same premises of the circle office of the bank and this would reduce the communication time.
“We need to encourage micro, small and medium enterprises by extending need-based finance.” Banks were trying to see how to step up credit to these units and Indian Bank would make credit available at affordable rates.
The credit re-structuring and re-phasing for micro, small and medium enterprises would be done till the end of this month. On a case-to-case basis, the bank extended the drawing power too for them. He urged the bank officials to empathise with these units.
Inaugurating the branch, Coimbatore Corporation Commissioner Ansul Mishra said the whole banking activity revolved around customers.
They were the key point and banks should offer the best services to them.