Public Sector Bank, Allahabad Bank has plans of adding 250 branches in the current fiscal, more than double of 100 branches it had opened the last year.
Adding more branches to its current 2,500 branches would reduce the risk for the bank, said Mr. T.R. Chawla, Executive Director. The bank has increased the recruitments to meet its target of new offices. Bank hired 1,600 probationary officers and 350 specialist officers, and is looking forward to take on board 1,200 clerical staff.
For the current fiscal, banks focus would be on lending to SME, retail, and agricultural sector.
"We have no appetite for power and steel, and we are selective on lending to the textile sector," added Mr Chawla.
Quality of assets has been issue for the entire banking sector, and the bank plans to improve it. Major focus would be on recovery of assets, and has set a target of Rs. 500 crore during the first quarter.