As part of its "Star Gaurav project" to reach the numero uno position in the banking sector by 2009, Bank of India (BoI) is focussing on retail lending for growth. | |
| "We are giving extra emphasis to the retail sector, which will help us achieve our goal," S C Jain, general manager (eastern zone), said. |
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| The bank is setting up retail hubs to attract customers for retail lending and has formed a door-to-door marketing team. |
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| The retail hubs would cater to the varied financial requirements of the customers intending to avail housing loan, loan against property, education loan, auto finance and holiday loan among others. |
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| With the new marketing team, loans would be processed in 3-5 weeks time, Jain said. |
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| BoI is also centralising its inward clearing system in the eastern region to make processing of cheques faster. "We have centralised the inward clearing mechanism under the core banking system (CBS). We will shortly centralise the outward clearing system to make the clearing process fast," he said. |
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| "We will also centralise the process of release of pension," he said while opening a retail hub of the bank in Kolkata. |
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| In the eastern zone, the bank is targeting Rs 1,681 crore of retail lending from Rs 1,266 crore achieved in last financial year. The bank is targeting Rs 8,417 crore of deposits as against Rs 7,255 crore at present and Rs 5,486 crore towards advances as against Rs 4,625 crore now. |
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| Jain said the bank with Rs 11,000 crore of business in the eastern zone is expecting 30 per cent growth in the current financial year. Nationally, the bank is targeting Rs 2 lakh crore of business as against Rs 1,60,000 crore at present mainly from the retail and SME segments. |
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