KOCHI: Bank of India will launch a scheme in the State to deliver pension at the place of residence of the pensioner. The scheme, known as "Pension at doorstep," has already been introduced in Maharashtra.

Those drawing pension through Bank of India branches will be eligible for the scheme, its Chairman and Managing Director, M. Balachandran, said here on Tuesday.

At a press conference, he said a branch would be opened at Kakkanad in March. The bank had 73 branches in the State now. More of them would be opened at Kottakkal, Thalassery, Chengannoor, Cherthala, Manarcad, Palai, Thodupuzha, Kalpetta, Venjaramoodu and Infopark here in the next financial year.

The bank's director Board would meet in Alappuzha on Wednesday and Thursday to take stock of its activities.

Mr. Balachandran said the bank was keen on expanding its network abroad. It had finalised procedures for acquiring a 76 per cent stake in PT Bank Swadesi Tbk of Indonesia. The bank had presence in the U.S., the U.K., France, Kenya, Japan, Singapore, Hong Kong, China, Vietnam and the Cayman islands. It was planning to open offices in Belgium, Doha and Tanzania and have a wholly owned subsidiary in the latter. The bank had entered into an arrangement with Dai-Ichi Mutual Life Insurance Company and Union Bank of India for setting up a joint-venture life insurance company.

The bank had a business of Rs. 2,000 crore in Kerala. Some special schemes had been launched for the State. These included a scheme for tapioca and pineapple growers.

The bank recorded a 21 per cent increase in deposits and 28 per cent in credit in 2006. It had 2,672 branches, including 24 foreign branches or offices.

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