PSU bank, Indian Bank is planning to expand its reach both nationally and internationally. The bank intends to do so by raising its branch network, ATM numbers and recruiting over 1000 employees, according to a senior bank official.
T.M. Bhasin, chairman and MD of the bank said, “We will be opening 195 new branches this year and set up 1,250 ATMs this year. We will also be hiring 1,000 employees this year. The bank also plans to increase its overseas presence by opening new branches in Jaffna and Kandy in Sri Lanka and Jakarta in Indonesia”.
Discussing its plans in Sri Lanka, he said that the Government has decided to loan Rs 1000 crore for repatriation of the internally displaced Tamils there so, “in order to channel the assistance through our bank we are opening a branch in Jaffna”.
He stated further, ‘There is also good business potential in Kandy”.
Present bank network comprises of 1,764 branches, 41 extension counters, 20 satellite counters and 1,010 ATMs.
As of June 30, 2010 the bank’s total income was Rs.2,477.25 crore and net profit was Rs.368.14 crore.
The net interest income went up by 25.6% on y-o-y basis to reach Rs.926.65 crore in the 1st quarter, claimed Bhasin.