Indian Bank to sign MoUs of Rs 5K cr at VGGIS

In a bid to give fillip to its Rs 10,000 crore business target in Gujarat circle, Indian Bank is planning to sign memorandums of understanding (MoUs) worth Rs 4,000-5,000 crore during the upcoming Vibrant Gujarat Global Investors’ Summit (VGGIS) 2011.

“While we did a total business of Rs 4,915.31 crore in Gujarat circle, we are well poised to reach a business of Rs 6,040 crore by March 2011. The circle has been growing at a rate of 42.50 per cent since past two years and we are aiming at Rs 10,000 crore worth business in the circle by financial year 2011-12. To augment this, we are planning to sign MoUs worth Rs 4,000-5,000 crore during the upcoming Vibrant Gujarat Global Investors’ Summit that will take place in January 2011,” said TM Bhasin, chairman and managing director of Indian Bank, on the sidelines of a press conference here.

The nationalised bank is eyeing sectors like infrastructure and micro, small and medium enterprises (MSMEs) through the MoUs. In the MSME sector, Indian Bank expects a business growth of 25 per cent, up from Rs 300 crore currently to Rs 400 crore by year end in Gujarat.

With 100 per cent CBS based operations, Indian Bank is planning to open five more branches in Gujarat at Patan, Amreli, Palanpur, Sanand and Surat. “From 49 branches in Gujarat currently we will move to 56 branches by March 2011. Also, during the current financial year we plan to open 13 ATMs over and above the present 31 ATMs in Gujarat,” said Bhasin. For the financial year 2011-12, Indian Bank plans to open 15 more branches in the circle.

In Gujarat, the bank has disbursed Rs 1.60 crore of educational loans during the financial year upto August 2010, while it intends to disburse a sum of Rs 2 crore by fiscal end. Under home loans, the bank has disbursed about Rs 10.65 crore and is aiming at Rs 27.85 crore worth disbursements by end of the financial year 2010-11.