OBC seeks Rs 1,000 crore support from govt: CMD

Claiming that the Oriental Bank of Commerce (OBC) was in its expansion mode and would open at least 200 new branches every year in the next three fiscals, Chairman-cum-Managing Director of the Bank T Y Prabhu said the bank had sought capital support of Rs 1,000 crore from the government to implement its expansion plan.

“At present the OBC is having 1,429 branches in the country apart from 59 extension counters with 891 ATMs and it has planned to open at least 200 branches every year in the next three years,” Prabhu, who was here to open a new branch of the bank, told reporters.

“We have requisited capital support of Rs 1,000 crore from the Government of India and the sanction is expected for the same,” Prabhu said revealing that very soon the OBC would launch mobile banking system also in which the customers could operate their accounts through their mobiles phones.

Unveiling the expansion plan, the CMD said up to September 30, OBC had attained business growth at the rate of more than 24 per cent and it had been targeted to achieve the business of Rs 200,000 crore by March 2010 by opening more than 100 new branches.