Bank of India (BoI) would open 10 new branches in the Visakhapatnam zone in the near future, taking its number of branches in the zone to 56, said BoI Vizag zonal manager DVSK Murthy. | |
| BoI Vizag zone comprises Srikakulam, Vizianagaram, Visakhapatnam, Krishna, Guntur, and East and West Godavari districts. |
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| Inaugurating the 'Star Home' Iswarya Nagar Colony at Kakinada recently, Murthy told mediapersons that the bank was also contemplating opening two more branches at Amalapuram and Kakinada. |
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| "The Vizag zone currently has five ATMs, and we plan to add five more in the zone," he said. The bank has an ATM-sharing agreement with 20 nationalised banks. |
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| BoI's Visakhapatnam zone clocked a net profit of Rs 41 crore on Rs 498 crore of deposits and Rs 884 crore of advances in the financial year ended March 31, 2006. |
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| The zone disbursed agri loans to the tune of Rs 325 crore and Rs 323 crore towards retail loans in 2005-06. Its non-performing assets (NPAs) were reduced to Rs 68 crore during the period, from the previous Rs 90 crore. |
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| "The zone has set a target of Rs 51 crore net profit by collecting Rs 650 crore of deposits and disbursing Rs 900 crore of advances, besides reducing its NPA to Rs 50 crore in the current financial year," Murthy said. |
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| The bank, for the first time, has introduced life-time free credit cards "� Sathabhdhi Krishi Vikas Card (electronic card for farmers), and Star Vidya Card (for students). |
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| A farmer need not approach the bank branches for crop loan, and instead can withdraw a crop loan of up to Rs 50,000 through the ATMs using the card. Students too can avail of eduction loans of up to Rs 50,000 through the student card. |
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| BoI collected Rs 94,000 crore deposits and Rs 67,000 crore advances including Rs 9,000 agriculture loans in 2005-06. |
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