Date:03/08/2005 URL: http://www.thehindubusinessline.com/2005/08/03/stories/2005080300670600.htm

Back State Bank of Mysore to bring all branches under CBS this year

Our Bureau

Mangalore , Aug 2

STATE Bank of Mysore (SBM) is planning to bring all its branches under core banking solution (CBS) by the end of the current financial year. The bank, which has 638 branches, has covered 72 branches under CBS.

In an informal chat with presspersons on the sidelines of the inauguration of 72nd CBS branch in Mangalore on Monday, the Managing Director of SBM, Mr Y. Vijayanand, said: "The bank wants to bring all its branches under CBS by the end of the current financial year."

Asked about the branch expansion plans, he said the bank wanted to open another 15 branches during the current fiscal.

The bank has launched `single window' system in 300 branches. The system will be implemented in another 300 branches by March 2006.

During 2004-05, the bank achieved a business turnover of Rs 4,200 crore. It wants to cross Rs 5,200 crore during the current financial year.

The bank has set a profit target of Rs 250 crore for 2005-06, he said. It registered a profit of Rs 206 crore in the last fiscal.

Mr Vijayanand said agriculture and small-scale industries (SSIs) would be the growth areas for the bank. The bank will advance Rs 500 crore and Rs 800 crore more to agriculture and SSI sectors respectively, he said. The `grahak mitra' concept, which was introduced in select branches, has been received well by customers. Following this, the bank is planning to introduce the `grahak mitra' in all urban and metro branches.

The Managing Director of Mangalore Electricity Supply Company, Mr S. Sumanth, inaugurated the 72nd CBS branch at Kadri Shivabagh in Mangalore.