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IDBI looks to expand in east

K.P. Nair in Calcutta on Thursday. Picture by Kishor Roy Chowdhury

Calcutta, Nov. 29: State-owned IDBI Bank is looking to grow its business in the eastern region by over Rs 4,000 crore this fiscal through network expansion.

“We aim to grow our business by over Rs 4,000 crore by the end of this year,” chief general manager K.P. Nair said on the sidelines of a meeting at the bank’s city office today. He said the bank’s total business stood at around Rs 33,000 crore last year through its 165 branches in Bengal, Bihar, Jharkhand, Chhattisgarh, Odisha and the Northeast.

He said the strengthening of network would drive growth by helping the bank bolster its current and savings account deposits. “In Bengal, we have 55 branches and we would like to add four more by the end of this year. Deposits would automatically grow as number of accounts grow,” Nair said.

At present, savings and current account deposits constitute 50 per cent and 20 per cent of total deposits, respectively.

He said instruments such as term deposits were popular in the region. In April, IDBI Bank had cut lending and deposit rates by 25 basis points.

 
 
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