Bharat Overseas In Expansion Mode

The Chennai-based Bharat Overseas Bank Ltd (BOBL), which currently has 78 -branches, plans to open 22 more before March 31, 2004.

It also plans to implement a Rs 20 crore information technology (IT) project this fiscal involving the introduction of a centralised banking solution and network all his branches.

Disclosing this, BOBL chairman and chief executive officer G Krishna Murthy said Tata Consultancy Services (TCS) has been appointed as consultant and project manager for the proposed IT project.

Besides enabling BOBL to network all its branches, it would also facilitate launching of anywhere, anytime banking, Internet banking, telebanking and setting up of automated teller machines at all the important centres during the current year.

Revealing that his bank is also aggressively striving to enlarge its clientele base by launching new products and services, Krishna Murthy said, "We will soon commence retailing of insurance and mutual fund products and will be launching demat services."

Emphasising that Business Standard in its 'Banking Annual 2002' ranked BOBL second for its overall performance among private sector banks, he said, "An action plan has been formulated to integrate our total operations in tune with the international banking practices. We have become a member of the Society for Worldwide Inter Bank Financial Telecommunication (SWIFT). All these will enable us to offer better services and register faster growth in the coming years."

The bank has recently launched a website www.boblonlines.com to provide additional information and communication to its customers and the public. Besides, providing information on BOBL's products and services, branch network and corporate history of the bank, it also incorporates easy feedback and enquiry facility, the chairman added.