Sunday, Nov 28, 2004
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By Our Special Correspondent
HYDERABAD, NOV 27. Indian Bank is evaluating two-three `options' for `consolidation'. This is part of its efforts aimed at inorganic growth, and the process is expected to be completed in the next 12 months, according to M. B. N. Rao, Chairman and Managing Director. Addressing a press conference here on Saturday, he said simultaneously the bank would work to come out with a public issue in 12 months, but not this financial year. The bank will be implementing core banking solution (CBS) in 500 branches in the next one year. Expenditure on this is likely to be about Rs. 25 crores (Rs. 5 lakhs per branch). It has been taken up on a pilot basis in two branches in Chennai. It plans to add 150 ATMs and open 20 more branches soon. Mr. Rao said the bank was confident of achieving the targeted 30 per cent increase in lending to agriculture sector this year. By October, it achieved 29 per cent. It had taken up a programme to target 247 new farmers per branch.
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