Business Standard

Vijaya Bank rolls out new initiatives to improve CASA ratio

Related News

Bangalore-headquartered public sector lender has launched facility to facilitate term deposits by customers in its bid to ramp up deposit base of the bank. “E-deposit will facilitate the existing Vijaya Bank customers to open term deposit accounts through e-banking facility,” H S Upendra Kamath, chairman and managing director of Vijaya Bank said.

He also said that this would help ramping up a deposit base of the bank. Referring to this matter, Subhalakshmi Panse, executive director of the bank, said this facility would not only increase term deposit base of the bank, but would also boost current account, savings account (CASA) ratio by bringing in new customers.

Vijaya Bank is aggressively focusing on increasing its ratio through new client acquisition and coming up with technology driven products to facilitate the same. “Like e-deposit, the bank will come up with other technology-driven products in the near future,” Kamath said.

The bank reported a 58.5 per cent drop in its net profit at Rs 54.23 crore for the fourth quarter of last financial year compared to the year-ago period on account of provisions for wage revision. The operating profit of the bank stood at Rs 109.9 crore, a drop of 65 per cent. The total income of the bank during the quarter rose 15.8 per cent to Rs 1,751.6 crore, compared with Rs 1,511.6 crore in the year-ago period.

Interest income rose 22.08 per cent to Rs 1,609 crore during this period as compared with Rs 1,318 crore reported an year earlier. Vijaya Bank, which has declared the present fiscal as the 'year of retail and recovery', has set a target to grow by 22 per cent in the retail segment to boost its current account, savings account portfolio.

The public lender also aims to recover around Rs 1,000 crore from non-performing assets (NPA) to increase its asset quality. The bank, which acts as a corporate agent for Life Insurance Corporation, is also looking at a possibility of a tie-up in life insurance space after the exit of Punjab National Bank from the joint venture agreement.

Read more on:   
|
|
|
|

Read More

Going out of Citi Suvidha? Keep higher balance

Citi India’s ‘Suvidha’ salary account holders will need to maintain a monthly net relationship value of Rs 1 lakh if their salary is no longer ...

Quick Links

More news from Finance Rss icon

IDFC, Bandhan gearing for banking forays

The infrastructure financier has already reduced foreign shareholding to less than half, as mandated by norms

India Inc's August foreign borrowings up at $5.07 billion

Indian companies had raised $2.31 billion from the foreign markets in the corresponding month in 2013

Insurers can launch 'pilot' products, says Irda working group

Products not approved by regulator within 30 days of filing can be freely sold; approval to be valid for five years

Back to Top