Online edition of India's National Newspaper
Saturday, Nov 24, 2007
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Online edition of India's National Newspaper Saturday, Nov 24, 2007 ePaper |
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Tamil Nadu
Action plan ready: Homai Daruwalla, CMD, Central Bank of India, right, during a visit to Madurai. K.A. Somayajulu, General Manager, CBI, looks on. MADURAI: Central Bank of India will focus on making the bank a customer’s delight and as a one-stop shop for all the banking needs of people, said H.A. Daruwalla, Chairperson and Managing Director of the bank. Talking to ‘The Hindu’ here on Friday, she said that, “with an impetus on modernization and technological improvements the bank is aiming to secure a business share of 4.25 per cent by March 31, 2008”. Stating that the bank is placed seventh among the public sector banks, she said performance is the key word in the competitive scenario and asked CMDs of nationalised banks to think and act about meeting the challenges of foreign banks. To achieve better results, she said that a three-pronged approach would be carried out; first step would be to work out an action plan and secondly concentrating on human resource development, which includes working towards motivating employees to improve their capabilities and bringing about a change in their mindset, staff promotions were given to 700 clerical staff to officer cadres. Thirdly financial strength is to be increased. Ms. Daruwalla pointed out that the bank is looking for mergers and acquisitions but with no concrete plans as of now. With 703 banks in the core banking system (CBS), it is planned that by the end of March 2008 a total of 1,000 branches would be brought under the CBS. Answering to a query of making all-out effort to bring more branches under the CBS she responded by saying, “I cannot overlook the guidelines recommended by the Central Vigilance Commission”. She said that 180 authorisations were given for opening of new branches with one authorization pending for a branch in Tamil Nadu at Egmore in Chennai. Dismissing that there is nothing called complimentary competition as a concept she said that public sector banks are also for profit making with its social commitments. Educational loans In Tamil Nadu, 6,162 educational loans at a cost of Rs. 83 crores were provided by the bank. For educational loans, a reduction in the interest rate is provided for female students by half a per cent and for institutions of excellence like the IITs and IIMs a one per cent reduction is done. Central Bank of India has 268 ATMs across the country with 28 ATMs in Tamil Nadu. The bank also has a couple of biometric ATMs, which is located at Muzzafarpur in Bihar and in Jaipur. The bank has a 1.41 per cent of Net Non Performing Assets (NPA) and a gross NPA of 4.68 per cent. Cash recovery was done to the tune of 75 crores last year and 52 crores till now. She said that she expected a profit of 280 to 290 crores but made only 222 crores. She said that the bank’s strength lies in its pan-Indian presence with a strong base in rural and semi-urban places. Stating that they are a bunch of fully committed people, she said that people should have confidence in Central Bank of India.
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