NEWS & ADVICE : FIXED DEPOSITS
Total biz growth of Rs 20,000 cr expected by BoM this FY
By Neelima Shankar
Nov 10, 2010
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Public sector lender, Bank of Maharashtra aims to achieve a rise in total business worth Rs 20,000 crore this fiscal. The total business of the bank would thus figure out to Rs 1,20,000 crore in the upcoming six months left for fiscal end.

The bank also aims to increase its customer base by 10 lakh in the next year.

Also plans have been laid for increasing the branch network of the bank by 32 thereby raising its penetration level in the segment.

"With a focus on farm, small and medium enterprises and mid corporate sectors, we are trying to increase our business... We are aiming an additional business generation to the tune of Rs 20,000 crore by March 31, 2011," BoM Chairman and Managing Director A S Bhattacharya.

The bank has recently declared a 'no change' in base rate.

"After the addition of Rs 20,000 crore, our total business volume will reach Rs 1,20,000 crore by fiscal end," he said.

The current staff base of the bank is 13,000.

In order to reduce its cost of deposits, the bank is aiming to raise its share of CASA deposits too.

"Currently CASA has 40 per cent share in our total deposits and we intend to raise this ratio to 45 per cent by September 2011," he said.


 


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