Staff Reporter
PUDUCHERRY: Indian Bank Executive Director A. Subramanian on Saturday said that the bank plans to have business worth Rs. 1 lakh crore by the end of this year. “At present the total business is about Rs. 80,000 crore and is on sprint to enter the league of big banks by targetting the 1 lakh crore business,” he said speaking at the centenary celebration of the bank in Puducherry on Saturday. He said that a record net profit of Rs. 759.77 crore and a capital adequacy ratio of 14:14 were landmark achievements of the bank during its centenary year.
Mr. Subramanian said that the bank had Rs. 50,000 crore of deposits and Rs. 32,000 crore advances and added that of 1,477 branches, 1,171 were covered under core banking solutions. He said that the Puducherry circle had grown by 34 per cent. He said that if all the other circles too performed this well, the bank would soon regain the 6th position in the banking industry.
Puducherry Industries Minister V. Vaithialingam appreciated the bank in preparing the credit plan for the year in consultation with other banks.
He said that the bank had opened branches in Puducherry much before it was nationalised and that it had helped in the development of rural areas. “They have a large number of rural banks and are funding SHGs, agriculturists and industries in their own way,” he added. The Minister also gave away prizes to staff members for various competitions and also to children of staff members who excelled in academics.
One of the Directors of the bank, Charat Chandran, said that the bank helped those who were illiterate through loans and small accounts. “From a state when many customers were afraid that it might have to be closed down, the bank has risen to great levels now,” he said.
M Savarimuthu, Circle Head and Deputy General Manager said that the Puducherry circle which covers Puducherry and Villupuram District of Tamil Nadu had 45 branches and has completed 100 percent networking of all branches.