TODAY -
Indian Overseas Bank (IOB) eyeing expansion in the Northeast
The Telegraph | Guwahati, April 5:
The Chennai-based Indian Overseas Bank (IOB) is eyeing expansion in the Northeast, with its main focus on financial inclusion and uplift of rural areas.
“We plan to increase our branch network in the Northeast from 30 to 50 branches in the near future. In the financial year 2011-12, five IOB branches were opened in the Guwahati region which covers Assam, Meghalaya, Manipur, Tripura and Arunachal Pradesh. For this fiscal, we have proposed to open 10 branches,” M. Narendra, chairman and managing director of IOB said while inaugurating the region’s 30th branch in Athgaon here today.
“Our plan for this fiscal is to increase the business to Rs 4,00,000 crore. In the Northeast, we have a total business of Rs 1372.86 crore, of which, Rs 1032.84 crore are deposits while the total advances stand at Rs 34,002 crore. We have a credit-deposit ratio (CDR) of 33 per cent, as against an all-India CDR of 40 per cent,” Narendra said.
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* This Post is uploaded on April 06, 2012
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