Bank of Rajasthan to open more branches in MP

Bank of Rajasthan plans to set up more branches in Madhya Pradesh and Chhattisgarh. New branches will be opened in Raipur, Mandsaur, Sendhwa, Dewas, Jabalpur and Burhanpur. "The bank will increase the number of branches from 15 to 30 in the region," said KM Bhattacharya, managing director.

The bank also plans to set up more automated teller machines (ATMs) in Madhya Pradesh and Chhattisgarh.

According to Bhattacharya, the bank has increased its deposit base in Madhya Pradesh and Chhattisgarh. The over all deposit in the bank has increased 35 per cent.

Bhattacharya said the bank was second after Bank of Punjab among the private sector banks in terms of business.

The bank registered a profit of Rs 68 crore in 2002 against the loss of Rs 197 crore in 1999. It has registered a profit of Rs 60 crore in the first half of 2003-04.

Of the 375 branches, 132 have been networked and the bank has entered into an ATM pact with the Unit Trust of India. It will allow the bank's customer to access over 1,700 ATMs.

On the non-performing assets (NPAs) of the bank, Bhattacharya said it had been reduced to 12 per cent this year from 22 per cent in 1999.

The bank had recovered over Rs 300 crore NPAs in the past three years, he added. The capital adequacy ratio of the bank was at 15.4 per cent against the Reserve Bank of India guidelines of 9 per cent, Bhattacharya said.