Date:06/07/2007 URL: http://www.thehindu.com/2007/07/06/stories/2007070650560300.htm

Tamil Nadu

Indian Bank to open 50 branches

Staff Reporter

SALEM: Indian Bank has planned to open 40 to 50 new branches in the country in the current fiscal, its Chairman and Managing Director M.S. Sundararajan has said.

After inaugurating the new premises for the Ayodhyapattinam branch of the bank near here on Wednesday, he told media persons that the bank had decided to open a majority of the new branches in northern parts of the country.

The bank already has 1,469 branches. Of them, 1,131 branches were already brought under the Core Banking Solution (CBS).

Mr. Sundararajan said that the bank had also planned to open 50 to 60 new ATMs this fiscal in addition to the existing 465 ATMs. We have entered into a tie up with the Oriental Bank of Commerce and Corporation Bank to enable our customers to use the ATMs of these banks, he said.

Net profit

He said that the bank posted a net profit of Rs. 759 crore in the last financial year. It had collected deposits to the tune of Rs. 47,100 crore and the advances stood at Rs. 29,100 crore. “We expect a 20 per cent increase in deposits collection and 25 per cent in advances this fiscal,” he said.

Later, Mr. Sundararajan distributed loans to the SHGs and cash awards to meritorious students. District Rural Development Agency Project Director D. Jagannathan, Pallavan Grama Bank Chairman Jeyabal, Indian Bank Deputy General Manager C. Dharmarajan and senior officials of the bank were present.