The public sector bank, Bank of Baroda, has targeted a business growth of 22 percent for its eastern zone branches in the current fiscal. The eastern zone of the bank includes states like West Bengal, Sikkim, Arunachal Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland and Tripura.
While attending a retail loan camp in Kolkata, Mr. M.L. Jain, the bank's General Manager, Eastern Zone said, "We will focus on increasing our retail business by giving thrust on home, auto and education loans." He further added that the bank has achieved a total business of Rs. 24,000 crore for the eastern zone so far in the current fiscal.
The aim of organizing a loan camp was to accelerate growth in the retail advances segment for the said region. So far, the bank has disbursed loans worth Rs. 23 crore to 173 clients at the camp. Mr. Jain further added, "We plan to organise many such camps to boost the retail loan growth."
At the camp, the bank is trying to lure customers in a number of ways, like by providing free property insurance and personal accidental death insurance on its home loan schemes; with no processing and documentation charges on loans disbursed at the camp and by giving subsidies on interest rates to customers on home loans and car loans.