Kerala - Thiruvananthapuram   

SBT sets high business target

Special Correspondent

To increase market share

THIRUVANANTHAPURAM: State Bank of Travancore (SBT) is gearing up its operations to take its total business to the level of Rs.1 lakh crore over the next three years, SBT's managing director K. Sitaramam said here on Wednesday.

The bank's total business had reached Rs.56,065 crore on March 31. 2007.

At a press conference, Mr. Sitaramam said "trust teamwork and technology" would be the propellant for the SBT in its efforts to project itself to new heights.

For the current year, the bank has set for itself challenging targets in business development, he said.

The bank's aim is to increase market share through financial inclusion initiatives, human resources initiatives, business process re-engineering initiatives and branch expansion.

The target this year is to take the total business to Rs.69,150 crore (23 per cent increase).

As Kerala's premier public sector bank, the SBT would continue to give the State a prime position in its future plans, he said. For the current year, the bank has fixed for Kerala a financial outlay of Rs.195 crore for the small-scale industries, Rs.220 crore for Gyan Jyothi, Rs.130 crore for trade segment, Rs.355 crore for small business segment, Rs.860 crore for agriculture, Rs.730 crore for housing loan and Rs.2,900 crore for retail advances.

Of the 704 branches of the bank, 572 are in Kerala.

The SBT accounts for 15.55 per cent of the branch network of scheduled commercial banks operating in the State, enjoying a banking business share of 22 per cent.

Novel scheme

The SBT has recently extended its novel scheme for financing tenant farmers holding only leasehold rights of the farm to two more districts in the State, Palakkad and Thrissur. This scheme, called `Annapoorna,' launched first in Kuttanad in Alappuzha district, has received good response from the farmers, Mr. Sitaramam said. Last year, the bank assisted 213 `joint liability groups' in Kuttanad with a total sum of Rs.6.86 crore for cultivation in 6,200 acres (2,480 hectares), he said.

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