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Indian Bank to open e-branch in Chennai

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Development:T.M.Bhasin, Chairman and Managing Director of Indian Bank flanked by Executive Directors of the Bank V.Ramagopal (right) and Anup Sankar Bhattacharya (left) at a press conference in Coimbatore on Friday.
Development:T.M.Bhasin, Chairman and Managing Director of Indian Bank flanked by Executive Directors of the Bank V.Ramagopal (right) and Anup Sankar Bhattacharya (left) at a press conference in Coimbatore on Friday.

Staff Reporter

‘The branches will be 100 per cent technology-driven'

COIMBATORE: Indian Bank will open an e-branch in Chennai in August.

The Bank's Chairman and Managing Director T.M. Bhasin told presspersons here on Friday that the bank planned to open five e-branches initially. “These would be 100 per cent technology-driven,” Mr. Bhasin said. These branches would function 24 hours a day. It would have ATMs and internet facility for the customers to deposit and withdraw cash, make bill payments online and place queries online.

The education loan portfolio of the bank was Rs. 2,300 crore. It was looking at taking this up to Rs. 3,000 crore by the end of March 2011. About 40 per cent of the education loans extended by the bank were those less than Rs. 4 lakh.

At the industry level there were talks of creating a guarantee fund for loans of less than Rs. 4 lakh. In the case of delay in placement for students, the bank was offering longer moratorium. For higher education it was giving top up loans.

The bank official said the total number of branches by the end of this financial year would be 1,950. About 70 new branches would be opened in the Southern States. In an effort to expand its pan India presence, the bank would also open more branches in the Northern and Western States.

Indian Bank had branches in Singapore and Colombo. To take its footprints further, it proposed to open branches in Jaffna and Kandy this year and talks were on. “The ethnic population in Sri Lanka will give synergy to our business.” The bank was also exploring the possibility of opening representative office in Jakarta.

The bank planned to raise Rs. 1,000 crore Tier II bonds by June 2010 to augment the capital adequacy ratio of the bank as per Basel II norms. The CRAR stood at 12.71 per cent with Tier I capital at 11.13 per cent.

It would have 1,250 ATMs by the end of this year. The focus in 2010-2011 would be on CASA (current and saving account), lending to corporates, MSMEs and infrastructure, he said.

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