WB Co-operative Bank to build ATM network

West Bengal State Co-operative Bank (WBSCB) is looking at the possibility of tying with State Bank of India for an ATM sharing agreement in a bid to compete with new and commercial banks.

It has firmed up plans of inducting new technology currently being used by other commercial banks.

"WBSCB would be computerising all its branches in the next three to four months. This would be followed by adoption of anywhere banking," explained S K Ghosh, chairman of WBSCB, while addressing a meeting on 'Flow of credit to the SSI sector' organised by Bengal National Chamber of Commerce & Industry in Kolkata today.

Ghosh said that the bank would adopt real-time gross settlement system (RTGS) after its technological upgradation project was completed.

It was planning to increase its branch network along with district central cooperative banks to reach areas where the bank was not represented.

WBSCB was looking at the possibility of aligning its interest rates both for deposits and advances in line with commercial banks.

It would aim to enhance its deposit rates to compete with Kolkata-based banks and would at the same time bring down interest rates on advances to ward off competition.

"Although this will put some pressure on margins the rise in volumes coupled with reduction in transaction cost and new technology will help us maintain our bottomline at the same level despite a fall in spread," explained Ghosh.

He asked chambers of commerce like BNCCI to forward projects to WBSCB so that it could reach a comfort level while lending to the small scale and other sectors.

WBSCB has in the recent past also tied up with Life Insurance Corporation of India as its corporate agent and has entered into a similar arrangement with National Insurance Company.