Public sector lender, Bank of Maharashtra has set a target of achieving a 22% growth in its business in this fiscal as compared to 10% growth achieved in the last fiscal, said a top official of the bank.
This financial year, the bank would be lending focus on retail, SME, agriculture and mid-sized corporates and also work towards increasing its share of current and savings account (CASA) deposits, said Mr M. G. Sanghvi, Executive Director of the bank.
The growth plans would get added fuel from the capital infusion worth Rs 352 crore which the bank received from the government last month, said Sanghvi.
"In FY2011, we took a deliberate decision to downsize high cost bulk deposits and focus on CASA deposits to protect our margins. On the advances side, we focused more on retail, SME and mid-sized corporates," said Mr Sanghvi.
"We will reach the stipulated provision coverage ratio of 70 per cent before September. To achieve this target, we are going in for aggressive recoveries and settlement," said Mr Sanghvi.