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Bank of Punjab to expand network in South, East

Rajalakshmi Menon

MUMBAI, Sept. 13

BANK of Punjab Ltd is planning to expand its network in the South and the East by opening around a dozen branches in these regions shortly.

Predominantly North-based, the bank has 25 branches in Punjab and 14 in Delhi. ``We handle 43 per cent of our business in these areas,'' said a senior official in the bank.

The bank sees potential in the South and the East, where it does not have a presence as yet.

The total number of branches are expected to go up to

80 by the next year from the current 58 and to 100 by the year 2002.

The bank is also planning to enter e-broking, for which it is currently in talks with several brokers. The bank has launched Internet banking, including services such as account information, funds transfer and utility bill payment.

``Through these services, we intend to take our customer base from the current 50,000 to over half a million by March 2002,'' said officials.

For its foray into insurance, the banking is looking to tie-up with an insurance company; it plans to serve as a broker or distributor of insurance products.

``We are planning to launch banking through mobile phones, which will offer customers third-party transactions as well as transfer funds from accounts,'' said Mr. Raghu Palat, advisor to the bank. Currently, the bank is negotiating with service providers and has ``got the basic infrastructure in place.''

BOP is also expanding its ATM network and plans to have 200 ATMs in place by the end of the current fiscal, including 50 off-site ATMs. Recently, the bank launched a debit card with the `Maestro' MasterCard network. It is also linked to the `Swadhan' net work of the Indian Bankers' Association.

Towards the second half of this fiscal, the bank will work towards launching products such as housing loans, loans against shares and car loans.

The bank is also planning to make a foray into mutual funds and to commence advisory services for entrepreneurs and companies intending to invest in India, which will enable them to procure licences, purchase land, recruit personnel and source finance.