BoB to roll out retail delivery model

Bank of Baroda is planning to roll out a retail delivery model for large corporates, mid-corporates and SME segments in Gujarat.

The retail delivery model would ensure a speedy sanction of credit facilities to its customers.

The retail delivery model would involve the processing of documents in the branch office in Gujarat and direct sanction of credit from the Mumbai office.

The model also promises to sanction the loans within six days of submitting the necessary documents to the local office in Gujarat.

"The retail delivery model is apt for current times when customers expect credit facilities of any amounts to be availed to them in a short span of time," said G G Joshi, GM,Gujarat operations-Bank of Baroda.

The Bank has 659 branches in the state and has revamped its Zonal set up in Gujarat by integrating three of its offices in Ahmedabad, Vadodara and Surat into one office of Gujarat operations at Ahmedabad. Further, it also plans to bring 80 per cent of its business in internet banking by March 2007 in the country.

The bank is also eying the ship building industry and working towards formulating new schemes with the industry in mind.

"The ship building industry is heavily capital intensive and by introducing special initiatives for it, we hope to consolidate our market in Gujarat, " said Joshi who added that they were looking into the formation of new SEZs closely and would announced special schemes in that regard for its customers.

Although no estimates of losses in the Surat floods were given by the bank, a team of officials had already been dispatched to the city, added Joshi.