India's largest lender, State Bank of India (SBI) plans to expand its presence and therefore has decided to open around 100 new branches in the state of Orissa by the end of June 2009.
While inaugurating the 558th branch of SBI in Orissa, Chief General Manager of SBI, Orissa circle, MN Rao said, "We have opened 22 branches in Orissa in 2008-09 so far and 20 more branches would be opened in different parts of the state by the end of this fiscal."
Besides, the bank is also planning to scale up the ATM network and set up around 130 ATMs in the state by the end of the ongoing fiscal.
Presently the bank has around 419 ATMs and 550 branches in Orissa.
Mr Rao said that the global economic meltdown has had no severe impact the bank's growth in the state. SBI has recorded 38% and 20% year-on-year growth in deposits and advances respectively in Orissa. "We expect to achieve our business target despite the market meltdown. We have expanded our branch network and the people have faith on us," said Rao.
He also informed out of the 22,000 people recruited in the clerical posts, 1,000 were selected in Orissa.
"SBI has already disbursed agricultural loans of Rs 2,000 crore. The bank is giving top priority to agriculture loans and about 50 per cent of its total advances are deployed in the agricultural sector. Besides agricultural loans, the bank is offering credit to sectors like education, housing and Small and Medium Enterprises (SMEs)", Rao said.
The bank has also extended nearly Rs 500 crore credits to three lakh Self-Help Groups (SHGs) in Orissa and nearly 95% of the dues on SHG loans have been recovered by the bank.