PNB expects to cross Rs 4000 cr business in Orissa

Punjab National Bank (PNB), the second largest public sector bank in the country, expects to cross a business of Rs 4000 crore in Orissa by the end of 2009-10, a 23.45 per cent growth over Rs 3240 crore business achieved in the previous fiscal. The bank expects to exceed its total business target of Rs 3975 crore for 2009-10 which includes Rs 2710 crore deposits and advances worth Rs 1265 crore.

In 2008-09, the bank did a business of Rs 3240 crore in its Orissa circle which included Rs 2267 crore deposits and Rs 973 crore advances.

“We are very much optimistic of exceeding our business target by the end of this financial year”, B P Ray, head of PNB's Orissa circle told Business Standard on Friday.

By the end of December 2009, PNB had posted a business of Rs 3625 crore consisting of Rs 2502 crore deposits and Rs 1123 crore advances. In the April-December period of 2008-09, PNB's total business in Orissa stood at Rs 3124 crore including Rs 2285 crore deposits and Rs 839 crore advances.

In the third quarter (October-December) of the current fiscal, the bank's CD (credit-deposit) ratio in the state stood at 44.88 per cent as against 36.72 per cent in the corresponding period of the previous fiscal. In order to enable more rural people to have access to its financial services,

PNB has planned to appoint Banking Correspondents (BC) and Banking Facilitators (BF) at some of its branches in the state.

“The BCs and BFs will be appointed at the remote areas where banking facilities are not available. The objective is to bring more and more people under the banking fold and deepen the precess of financial inclusion”, said Ray.

Apart from mobilizing the savings of the people, the BCs and BFs will also offer loans to the people to attract them towards the banking system, he added.