Recent reports said that Indian bank has planned to grow in its total business by 24 per cent that is Rs. 2, 25,000 crore in the current fiscal. The growth is expected to include Rs. 1, 00,000 crore of advances in 2011-12 and the total business which stood at Rs.1, 82, 000 crore.
The bank already has three overseas branches in Jaffna, Colombo and Singapore and has planned to increase its branch network from 1, 863 to 2,000 in the current fiscal. Being a public sector lender it has shown consistent performance in offering personal loan and other loan.
The bank has fixed a target of Rs. 15, 000 crore of business from its overseas branches and Mr. TM Bhasin, CMD of Indian Bank said that the bank has planned to open five new branches including three at Sri Lanka. He said that the bank has planned to open branches at Sri Lanka in order to continue its focus on the Tamil Population. He added saying that the bank was going to open three branches overseas in places namely Hong Kong and an office in Jakarta. He also mentioned the banks business is Rs 10,000 crore from overseas branches in the last fiscal.