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Tamil Nadu
Oriental Bank of Commerce for Rs. 2 lakh cr. business
Staff Reporter
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An increase of nearly Rs. 70 crore, says CMD
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— Photo: K. Ganesan.
Alok K. Misra.
SIVAGANGA: The public sector lender Oriental Bank of Commerce has targeted a business mix of Rs. 2 lakh crore by 2010, an increase of nearly Rs. 70 crore.
“We will increase our bank branches to 1,500 from the current 1,327. We are also targeting a profit of Rs. 1,500 crore from the present Rs. 841 crore,” Alok K. Misra, Chairman and Managing Director of the bank, said in a press conference here on Sunday after the inauguration of the bank’s Singampunari Branch.
While the bank had 35 branches in the State, licences had been acquired for another three in Vellore, Nagapattinam and Chennai. They were among the 56 branches to be opened country-wide in the next two to three months.
The bank also hoped to increase share of rural and semi-urban in its total business from the present 16.24 per cent to 25 per cent. “The growth of the country in the next five years would be in the rural areas with agriculture being the driving force along with services and manufacturing sector.”
Mr. Misra said that to reduce operating costs, the bank was making efforts to shift more business to electronic platform by educating customers. While at present 26 per cent of the business was conducted electronically, a target of 50 per cent had been set.
Health clinic
The newly-opened Singampunari Branch had adopted seven villages in the district. It would establish a health clinic as a pilot project in Sivapuripatti, which would conduct weekly health checkups in seven villages, he said.
He said that Rs. 675 crore was the bank’s farm loans that were overdue. While the bank had made a provision of Rs. 60 crore, rest would come under the Centre Rs. 60,000 crore farm loan waiver.
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