Tidel Park branch inaugurated

By Our Corporate Reporter

CHENNAI, FEB. 16. Inaugurating an SBI branch at the Tidel Park, Mr. Janki Ballabh, Chairman, said the branch would offer both commercial and personal banking for corporates and employees of the complex.

The branch had all the infrastructure facilities to render top class service to customers.

Mr. Ballabh said SBI was proud to have funded the Tidel Park phase I besides taking stake in the equity capital. It was prepared to be a partner in the second phase too.

Mr. Vepa Kamesam, Managing Director, said there was intense competition among banks and a battery of ATMs had come up in the Tidel Park complex and it was the 22nd ATM by the bank. He said SBI had so far computerised 2,300 branches on a standalone basis.

Mr. B. V. M. Sarma, Managing Director of Tidel Park, said SBI came forward to fund the first phase of the project costing Rs. 320 crores, even while IDBI and ICICI expressed their apprehensions. The cost of the second phase was placed at Rs. 450 to 500 crores, he said.

Mr. Hemant K. Sinha, executive director, Tidco, said the second phase of Tidel project would not be less than three times bigger than the first project.

Mr. B. Ramachandra Rao, Chief General Manager, Chennai circle of SBI, said the Tidel Park branch was the 588th in the circle and had immense growth potential with the increasing personal banking requirements of software professionals and corporate banking needs of software companies housed in this complex. He hoped to reach a target of Rs. 15 crores in respect of deposits and Rs. 25 crores in advances from this branch in the first year.

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Section  : Business
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