Thane Janata Bank eyes 25 per cent biz growth in FY 2008-09

Speaking to Business Standard, Vidyadhar Vaishampayan, Chairman, TJSB, said, "We have just acquired Pune-based two co-op banks with total 17 branches. Currently, we have no proposals of mergers or acquisitions of other co-op banks. But, we have just got RBI's permission to open three new branches in Thane, Panvel & Bhivandi and they will be opened in the next four months."

TJSB has registered 48.98 per cent rise in business turn over to Rs. 3324.63 crore during FY 2007-08, against Rs. 2231.45 crore during FY 2006-07. The bank has set 25 per cent business growth target for the current FY 2008-09.

"We are planning to start operations outside Maharashtra. We have already fulfilled the norms set by the RBI to become a multi-state bank. Besides, we are in the process offorming strategic alliance with five banks for the usage of their 6,500 ATMs spread across the country for TJSB customers and it is expected within the next two months," Vaishampayan said, but avoided to disclose the name of those five banks, which have total 4,500 branches across the country.

During the FY 2007-08, TJSB earned gross profit of Rs.24.30 crores with deposits of Rs.2039.17 Crore and advances of Rs.1285.46 crore. Gross NPA of the Bank is 6.67% and Net NPA 0%. TJSB is having arrangement with Max New York Life Insurance for life insurance products and with the Oriental Insurance Co. Ltd for general insurance.

With the successful implementation of core banking solution, TJSB has initiated some Business Process Re-engineering (BPR) by establishing Specialised Credit Cell, Specialised Retail Banking Cell, Centralised Monitoring Cell, Centralised Back office Processing Cell and E-lobby.