 "IOB to open regional office at Sambalpur")
Chennai based PSU bank Indian Overseas Bank (IOB) plans to open a new regional office in western Odisha's Sambalpur district by the end of next fiscal.
"We are planning to open one more regional office in Sambalpur district in addition to our two existing regional offices at Bhubaneswar and Berhampur," said M Narendra, chairman and managing Director (CMD), IOB.
The bank currently operates 114 branches in Odisha. It will add three more branches to its network in the Bhubaneswar region by the end of this month.
The PSU bank aims to take up its branch network to 3000 by June 2013.
On non-performing assets (NPAs), he said, "The bank's gross NPA has climbed to 4.13 per cent in the first nine months of the current fiscal at Rs 6,516 crore and we are aiming to bring it down to three per cent," he said. IOB's gross NPA as on March 2012 stood at 2.74 per cent. In Odisha, the public sector lender has advances of Rs 1,927.25 crore and deposits worth Rs 3,779.61 crore with a total business of Rs 5,706.86 crore. IOB is the principal sponsoring bank of Odisha Gramya Bank (OGB), the new regional rural bank-RRB formed after amalgamation of three RRBs.
"We are planning to open one more regional office in Sambalpur district in addition to our two existing regional offices at Bhubaneswar and Berhampur," said M Narendra, chairman and managing Director (CMD), IOB.
The bank currently operates 114 branches in Odisha. It will add three more branches to its network in the Bhubaneswar region by the end of this month.
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The CMD said, the total number of regional offices across the country will be increased to 60 from 43 presently and 89 more branches will be opened by March end.
The PSU bank aims to take up its branch network to 3000 by June 2013.
On non-performing assets (NPAs), he said, "The bank's gross NPA has climbed to 4.13 per cent in the first nine months of the current fiscal at Rs 6,516 crore and we are aiming to bring it down to three per cent," he said. IOB's gross NPA as on March 2012 stood at 2.74 per cent. In Odisha, the public sector lender has advances of Rs 1,927.25 crore and deposits worth Rs 3,779.61 crore with a total business of Rs 5,706.86 crore. IOB is the principal sponsoring bank of Odisha Gramya Bank (OGB), the new regional rural bank-RRB formed after amalgamation of three RRBs.
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