IOB Targets 23% Growth In Orissa Business

Indian Overseas Bank is looking at achieving 23 per cent growth in its Orissa business. The bank has reported Rs.2900 crore business in the state last fiscal which is targeted to grow to Rs. 3600 crore by the end of 2007-08. While deposits are expected to grow by 25 percent the credit growth is expected to be about 21 percent.

Of the total 81 branches in the state, 18 branches are located in the KBK districts. While the credit-deposit ratio of the bank was 53.55 percent last fiscal, it is expected to go up to 60 percent during the current fiscal. Along with branch expansion, IOB also plans to expand its ATM network. The bank is having 7 ATMs in the state, which is proposed to go up to 13. While 3 more ATMs will be opened in Bhubaneswar 3 are proposed for Berhampur. The bank has been active in the financing of self help group (SHGs) and has assisted 3 lakh women under mission shakti involving 30,000 SHGs in Orissa. That apart, the bank has also assisted 1.5 lakh women through 14,716 SHGs sponsored by the Regional Rural Banks (RRBs). The recovery rate in SHG loans has been more than 95 per cent.