BoB plans branches in M'rashtra, Goa

Bank of Baroda (BoB) is planning to open four new branches in Maharashtra and Goa zone by November 2007 and is eyeing a business turnover of Rs 15,000 crore in the Maharashtra and Goa zone.

Meanwhile, the BoB on Tuesday last announced the launch of gold coins with 99.999 per cent purity, for sale at the bank's select branches across India. Initially, the sale began at three centres in Maharashtra - Nashik, Mumbai and Pune. The company expects to sell 5,000 gold coins in a year in Maharashtra.

"With an aim to expand its banking network in Maharashtra & Goa zone, the BoB is opening four new branches in the zone by November-end this year (2007). Two branches will be opened in Maharashtra in Nashik and Pune, while the rest of the two branches will be opened in Goa," the senior Bank official told Business Standard.

"The BoB has 210 branches and 80 ATM Centres in Maharashtra & Goa zone. Presently, the bank's turn over in Maharashtra & Goa zone is Rs 10,000 crore. We have set the business turn over target of Rs. 15,000 crore during the current fiscal year (2007-08)," he said.

BoB has launched the sale of Gold Coins at select centers across India. In Maharashtra, the sale has begun in Nashik, Mumbai and Pune centers, in the first phase. The bank expects the sale of 5,000 Gold Coins within a year in Maharashtra alone.

The Gold Coins are available in denomination of 4-gm, 5-gm and 8-gm at the select branches of the Bank across India in tamper proof certicards bearing individual serial number with Assay Certificate as a mark of highest purity of International standards.

The bank has sourced Gold from Nova Scotia Bank and through the internationally reputed Gold Refiners "" Volcambi Refinery of Switzerland.

Bank has also announced 2 per cent discount for its existing customers.

Non-customers can avail of this discount on bulk buying (min 10 per cent) during the launch period. In recent times, Bank of Baroda has been very aggressive in the market place with best-offered interest rates.

Recently, the bank reduced interest rates twice on the housing loans rates starting at 9.75 per cent to 10.50 per cent across the various tenures.