Vijaya Bank looking at business from NRI accounts

Vijaya Bank has prepared a blueprint for taking its business from NRI accounts to five thousand crore rupees by 2011.
At present, NRI accounts contribute almost thirteen hundred crore rupees to its consolidated business volume.
Vijaya Bank Chairman and MD Albert Tauro said, “We are working on ‘Mission NRI 5000’ to grow to five thousand crore rupees in the segment by financial next year”.
Further he added, “We plan to grow both in terms of clients and volume in this segment, especially in Kerala, Karnataka and Andhra Pradesh, but it would need some seeding time”.
Besides, the bank has taken lead in financial inclusion and branch-less banking by opening almost a million no-frill accounts.
He added, “We will soon launch mobile banking facility and up our number of branches and ATMs to 1200 and 500, respectively, across India”.
He pointed, “Our CASA stands at 24% and we are targeting CASA level of 28% by the end of current financial year”.
Tauro informed, “The bank has successfully brought down its cost of deposit and raised yield on deposit. This has improved our net interest margin from 1.68% to 2.38%”.
The bank had so far restructured and rescheduled Rs 2,400 crore worth of loans, especially to the MSME, housing and real estate sectors.
The CMD was in town to inaugurate ten new branches in Lucknow region. The branches were opened in Lucknow, Badaun, Fatehpur, Hardoi, Pilibhit, Sultanpur and Hathras districts.

Leave a Reply

Your email address will not be published. Required fields are marked *