Bank of India opened new branch
The Bank of India will open a “large corporate branch” in Coimbatore “in the immediate future”, its Executive Director Anil Parulkar told here on Friday. This branch would be dedicated to those borrowers with a credit limit of above Rs 25 crores, he added.He pointed out that the bank had planned 120 branches all over the country including eight in Coimbatore region (19 districts in Tamil Nadu) during the current financial year.This large corporate branch would be one among them. The focus area of the bank at present was Small and Medium Enterprises (SMEs) and it received the second prize at the all-India level for its contribution to this sector from the Prime Minister a couple of days ago. “At least 25 per cent of the total advances of the bank would go to this sector”.The bank was also according special thrust to the “clusters” of industrial units wherever possible. The bank had roped in the Self Help Groups (SHGs) as “business facilitators” as it was immensely happy with them because of a “very high recovery rate” of 98 per cent. And the current tie-up with them would help bring in more big deposit accounts. “For this they would be paid a commission”.
At present this experience had been going on in about 10 districts in the country. Once successful, it could be replicated. Referring to the modernisation programme, of the total 2,700-odd branches, “core banking services” (CBS) had been introduced in 1,000 branches by March this year. “We plan to introduce the same in 500 more branches during the current fiscal thus covering 90 per cent of the total business of the bank”. Mr.Parulkar said that the bank was extremely sensitive about the senior citizen clients. “We are paying them special attention and even in the regular branches we provide them a special lounge”. They should feel they were welome.Though there were no exclusive branches for the senior citizens at present, “specialised branches would be the next step”. He pointed out that he had a discussion with the bank officials with regard to one such in Saibaba Colony,Coimbatore.
