A recent press report said that Corporation Bank has planned to grow its total business to Rs. 5 lakh crore by 2014-15, against Rs 2 lakh crore, according to Chairman and Managing Director Mr. Ramnath Pradeep.
Reports said that the bank has planned to open 200 branches every year, with each branch growing its business (deposits plus advances) to at least Rs 10 crore within the first couple of years of beginning operations.
Reports also said that the bank had 1,362 branches by June-end and has planned to have around 2,200 branches per the business plan.
Mr. Pradeep told the press that the bank has 475 branches in Karnataka and is considered a predominantly South-based bank. He said that the bank has streamlined its operations by opening 12 new zonal offices, including the Thane Zonal Offices.
Mr. Pradeep said there has been a slowdown in credit growth in the financial year and it is expected to pick up from October onwards. He added saying that the bank has set a lower credit growth target of around 22 per cent, against 25 per cent last year.
Corporation Bank is receiving a steady flow of proposals from infrastructure project developers. The bank’s various retail loans are given as ‘Corp Schemes’ highlighting the traditional Corporation Bank commitment on giving the best in terms of service, speedy disposal and of course at very competitive interest rates. Its retail loan portfolio includes Housing Loans, Education Loans, Consumer Loans to purchase two-wheelers and four-wheelers, loans against shares, etc.