BoI to tweak processes to facilitate business

Public sector lender Bank of India (BoI), which is targeting a business Rs 12,00,000 crore in the next five-six years, plans to implement a business process re-engineering (BPR) initiative to streamline its growing business.

Seven consultants, including Ernst &Young, Boston Consulting Group (BCG) and McKinsey, have expressed interest to take up the job of evaluation and restructuring of the organisational set-up of the bank.

The bank was currently short-listing consultants and its board of directors would take a decision on the matter in its next meeting, a top executive of the bank said here.

“The board has in principle decided to adopt the BPR initiative to face competition. The evaluation of the proposals is on and a decision will taken in the next board meeting,” said the bank’s Chairman and Managing Director Alok Misra here.

In an interaction with press persons a day before the board meet, which is being held for the first time in Bhubaneswar, Misra said, the bank had a branch network of 3,159, which would be raised to 5,000-7,000 over the next five years, he said.

To meet the credit need of the corporate sector and help faster decision-making for loans, the bank plans to set up one corporate branch in every state.

The bank would recruit 3,295 employees in next two months, including 2,250 officers in various departments such as agriculture, statistics and marketing among others.

Similarly, the bank has obtained an approval for opening a subsidiary branch in New Zealand, which is going to be launched soon. It has also applied for opening a branch in Canada. Towards financial inclusion, the bank has opened 40 lakh no-frills accounts and issued one lakh bio-metric cards.