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| OBC to open 113 branches; eyes Rs 2 lakh-cr biz in FY10 |
| Press Trust of India / Chandigarh Jun 26, 2009, 16:38 IST |
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Public sector Oriental Bank of Commerce (OBC) plans to open 113 branches across Tier II and Tier III cities in the current fiscal and scale up its total business size to Rs 2,00,000-crore by 2009-10 end.
As a step in this direction, the lender also mulls recruiting more than 1,800 officials in this financial year to meet its manpower requirements for its proposed branch network and business expansion.
"We have requested the RBI to issue licences to open 113 branches this year especially in tier II and tier III cities with a view to augment our total business in the current fiscal," OBC Chairman and Managing Director Alok K Misra told PTI today.
"The opening of new branches in small and rural areas will help us to raise low cost funds from opening of saving accounts that will further help us in reducing our cost of funds," he said.
The total network of bank would exceed 1,500 from 1,403 branches at present with the opening of new branches, he said.
"With the expansion of branch network, we are expecting to touch total business size to Rs 2,00,000 crore of which Rs 1,10,000 crore will be deposits," he said.
However, the bank has lowered its business growth projections in current fiscal.
"We are expecting growth of 21 per cent in deposits and 20 per cent in advances this year while considering that the fact the economy is in revival mode," he said who is in Ludhiana to inaugurate branch.
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