Recovery drive at Indian Bank

By Our Staff Reporter

TIRUCHI, DEC. 11. Indian Bank would continue to be `aggressive' on recovery of advances. ``This is important for us'', said the Chairperson and Managing Director of the bank, Mrs. Ranjana Kumar.

Participating in a function here today, she said the total recovery as of now in the current year stood at Rs. 280 crores and expressed the hope that before March the bank would be able to recover Rs. 600 crores outstanding advances.

The net non-performing assets stood at 18 per cent which she accepted was quite ``high''. Though the bank had left the bad patch behind, she cautioned that the three-year period ahead would be a tough one and that ``sacrifices have to be made''.

Outlining various measures, the bank had been taking to revitalise itself, Mrs. Ranjana Kumar said with the three-tier administrative structure in place, the bank was trying to expedite the decision-making process and simultaneously increase the efficiency level of the field staff. Though the capital adequacy ratio was ``negative'', she was hopeful of some improvement with the capital injection of Rs. 1,750 crores through the recapitalisation fund programme.

Mr. A. Viswanathan, Deputy General Manager, in his welcome address noted that the Indian Bank was the first nationalised bank to launch the ATM facility in the city. The District Collector, Mr. V. Murthy, received the first ATM card while Dr. K. Meena, principal, Shrimathi Indira Gandhi College, inaugurated the total bank computerisation.

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Section  : Business
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