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Plan to bring more bank branches under core banking solution network by March 2008

Special Correspondent

Indian Bank celebrates its centenary in Tiruchi

— PHOTO: R.M. RAJARATHAINAM.

IN APPRECIATION: The Chairman and Managing Director of Indian Bank, M.S. Sundara Rajan, presenting a prize to the winner of an elocution contest in Tiruchi on Saturday.

TIRUCHI: All the 1,474 branches of the Indian Bank would be brought under the core banking solution network by March 2008, M.S. Sundara Rajan, Chairman and Managing Director of the bank, said here on Saturday.

Already 1,169 branches of the bank offered core banking solution, he said speaking to reporters here. Mr. Sundara Rajan also disclosed that the bank planned to open 50 more branches across the country this year and applied for licences from the Reserve Bank of India.

He also stated that the bank targeted 20 per cent growth in deposits and 25 per cent increase in advances during the current year. As on June 30, the bank’s deposits stood at Rs.49,812 crores, a 19.63 per cent growth over the year, while advances registered 26.97 per cent growth to touch Rs.30,067 crore.

New products

Two recently launched products of the bank, the ‘Smart Card’ and ‘Indbank Online Banking,’ would contribute to improving customer service and take banking to their doorstep, he said. The bank’s prime lending rate of 12.50 per cent was the lowest in the industry, he added.

Earlier, speaking at the centenary celebrations of the bank here, Mr. Sundara Rajan said that the bank’s goal was to achieve a total business of Rs. one lakh crore at the earliest. The total business of the bank currently stood at Rs.79,879 crores.

He also appealed to the employees of the bank to focus on improving customer service. The bank would live up to the trust reposed by the government and its customers, he said.

Sharath Chandra, Director, Indian Bank and R. Ravi, Deputy General Manager, Tiruchi Circle, spoke.

Mr. Sundara Rajan distributed prizes to the winners of various competitions organised by the bank as part of the centenary celebrations and also honoured some of the bank’s customers.

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