Indian Bank to open 190 branches

Indian Bank, which entered its 104th year of operations on August 15th, is planning to open 190 branches and 250 ATMs during the current year, mostly in the northern, western and eastern parts of the country.

Besides, the bank is planning to open branches at Jaffna in Sri Lanka, Maldives, Vietnam and Hong Kong and a representative office in Indonesia, said its chairman and managing director TM Bhasin.

As part of its financial inclusion plan for 2010-13, it would focus on 5,563 new villages through four channels -- brick and mortar branches (53), banking service centres (171), business correspondents and microsate branches (73). Supplementing this, biometric ATMs and low cost rural ATMs would be opened in select centres.

As on today, the bank crossed Rs 1.61 lakh crore business. Deposits have gone up from Rs 90 crore at the time of nationalisation to Rs 93,775 crore. “We are looking forward to cross Rs 2,00,000 crore business with Rs 2,000 crore net profit in the next 12 months,” said Bhasin. Its net profit for 2009-10 stood at Rs 1,555 crore.