SBI-Vizag targets Rs 938cr deposits

State Bank of India, Visakhapatnam, is targeting to attract deposits worth Rs 938 crore this financial year, as compared with Rs 304 crore last year. The SBI Vizag module has 46 branches including the three branches that were added in current fiscal.

“In August itself, we collected Rs 151 crore deposits, which is over 15 per cent of our total deposits mobilisation target in the Vizag zone during this fiscal," Y Vijay Kumar, deputy general manager, SBI, said, adding they were confident of meeting the target on the back of new branches and attractive interest rates.

Besides, slow down in the real estate sector and the bearish trend in stock markets would help in achieving the target, he said. The bank is now focusing on low-cost and no-cost deposits.

“Currently, our low-cost and no-cost deposits account for about 47 per cent of our total deposits. We plan to increase this to 50 per cent by the end of this fiscal,” he added.

The bank has also decided to sanction Rs 807 crore in the Vizag region during this fiscal. Most of the loans would go to the SME sector and retail segments like housing, education and car purchase, he said.