Date:25/01/2005 URL: http://www.thehindubusinessline.com/2005/01/25/stories/2005012502150600.htm

Back Centurion Bank to begin housing finance operations

Our Bureau

Mangalore , Jan. 24

Centurion Bank will begin its housing finance operations in the current financial year, according to Mr Shailendra Bhandari, Managing Director of the bank.

Addressing presspersons here on Monday after inaugurating bank's 62nd branch, he said the bank would commence housing finance activity in Mumbai soon. In February, housing finance activity will be commenced in Bangalore also, he said.

Mangalore branch is the first one to be opened after the bank got licence from Reserve Bank of India to open branches. The bank wants to open 13 more branches and most of them will be opened by the end of the current financial year. "This will further strengthen our retail reach across the country," he said.

Asked the if the bank has begun lending to individual farmers, Mr Bhandari said that the bank has not yet lent money to individual farmers because it does not have branches in rural areas, apart from the six branches in Goa. "We are not as yet comfortable that we have the expertise to do that kind of lending," he said.

Stating that a lot of business is being done on an indirect basis, he said the bank has exposure to certain large customers in tea- and rubber-growing areas.

Centurion Bank is also planning to offer a bouquet of services to NRI customers, he added. Mr Harpreet Singh, Head, Branch Banking, was present on the occasion.