Bank of Baroda (BoB) is eying 22% business growth with Rs 61,000 crore business in Gujarat during the current financial year. In the previous fiscal, the bank recorded Rs 50,005 crore business in the state, comprising of Rs 33,500 crore deposits and Rs 15,500 crore advances.
On completion of 101 years of the bank’s operations on Monday, S K Das, regional general manager, BoB said the bank has NRI deposits worth Rs 5,653 crore. The bak has granted Rs 3,635 crore agriculture advances in Gujarat.
Das said that the bank is focusing to enhance its retail, agriculture and SME loan portfolio in the state. For SME segment, the bank has opened six SME Loan Factories at Ahmedabad, Vadodara, Surat, Rajkot, Jamnagar and Valsad to extend finance. In this segment, the bank is targeting to sanction Rs 3,095 crore by end of current fiscal, of which Rs 497 crore has already been sanctioned. The bank also plans to open 25 new branches in the state by end of March 31, 2010, taking its total network to 698 in the state. BoB intends to cover all branches under the core-banking solution (CBS). At present, around 492 branches are under CBS.
A cultural program celebrating the completion of 101 years was held at Ahmedabad’s Town hall. All the bank branches were decorated with electric lighting and the mood was festive throughout the day.