KARNATAKA

IDBI opens branch in Belgaum

BELGAUM, JULY 24. The Industrial Development Bank of India (IDBI) opened its branch here on Saturday.

The branch, the fifth in the State, was inaugurated by Prabhakar Kore, MLC and chairman of the K.L.E. Society.

Pradeep Patil, Head (Retail) of the bank, told presspersons the bank planned to open more number of branches in tier II and tier III towns.

Many products had been designed to cater for the requirements of educational institutions, cooperative banks, and credit societies. For instance, an education institution could now disburse funds or collect fees from any of the bank's branches in the country, he said.

`Tops list'

Mr. Patil disclosed that the IDBI topped the list of private banks in terms of profitability in the last fiscal year. The total income of the bank during the year increased by 48 per cent (Rs.541 crores) than that of the preceding year, he said.

The net-interest income and fee-based income increased to Rs.331 crores and Rs. 210 crores, respectively, he said.

While strengthening its position in traditional areas of business such as retail and corporate banking, the bank had forayed into government business securing the right to collect income tax and excise and service charges, an initiative which ensured access to big business, he said.

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