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| OBC to open over 100 new branches by fiscal-end |
| Press Trust of India / Bangalore Oct 05, 2009, 15:01 IST |
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Oriental Bank of Commerce (OBC) has planned to set up over 100 branches across the country to take the branch network to 1500 with a total business mix of over Rs two lakh crore by March 2010.
Addressing media after inaugurating an existing branch office in a new premise, T Y Prabhu, Chairman and Managing Director of the bank it was also planned to augment its headcount from 16,615 by recruiting additional 1800 personnel within a short period.
The recruitment would be at entry, mid and senior levels to cater to the demand for increased manpower following expansion of branches and business, he said.
The headcount included plans to recruit 100 marketing managers and 83 Agriculture Officers during 2009-10, he said.
The bank, he said, had targeted a business growth of 21 per cent by end of this fiscal. "We are well on track to achieving it", he said.
The bank had outlined four areas to focus on — retail lending, agricultural credit, development loans for MSME sector, and large corporate finance, he said adding that large corporate finance accounted for 30 per cent of the total business.
Speaking about financial inclusion, he said it had covered 2118 villages comprising 14.18 lakh households.
As many 1,921 villages were 100 per cent financially inclusive, Prabhu said.
Apart from rural poor, the bank was also exploring covering the urban poor.
The New Delhi-headquartered bank currently had a total business of over Rs 1,84,000 crore.
The bank's total business as on September 30, grew by 24.21 per cent on year-to-year basis and has reached to Rs 1,84,000 crore. Deposits grew by 23.51 per cent (year-on-year) to reach Rs 1,07,909 crore and advances grew by 25.22 per cent, year-on-year, to reach Rs 76,534 crore, he said.
To a question on overseas expansion, he said "we are examining it, but there are no immediate plans to do so". The bank had a representative office in Dubai, he said.
On its joint venture insurance venture, the Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, he said it was one of the fastest growing insurance firm and had registered Rs 500 crore premium collection within 14 months.
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