IndusInd Bank is aiming to achieve a 25 per cent growth in its business volumes in Kerala during the current financial year.
Mr Paul Abraham, Chief Operating Officer, said at a press meet in Kochi on Monday that the bank has registered a total business of Rs 1,250 crore in the first half of the current fiscal and that the business is growing at the rate of 18 per cent during the period. Vehicle loans also increased by Rs 150 crore to touch Rs 650 crore, he said.
Considering the bank’s business plans for the State, Mr. Abraham said the bank is focusing more on the NRI market as part of expanding its ability to facilitate non-resident remittances. It is currently receiving $120 million a month through 1.1 lakh remittances of which 80 per cent comes to Kerala.
As part of their expansion strategy, the bank had signed up 33 alliances with various exchanges and two banks in West Asia to provide various NRI remittance services.
The bank expects NRI remittances to double in a year as the bank has also made arrangements with more institutions in Singapore, Hong Kong, Kuwait, Bahrain, Saudi Arabia and the US, he said.
Mr Abraham said that with the development of an electronic trading settlement system for commodity exchanges, the bank is in the process of introducing it to the Kochi tea auction. The bank is also keen to expand its presence in warehouse financing on commodities such as pepper, cashew, and tea, which are largely grown in Kerala.
IndusInd Bank has a strong presence in Kerala and offers a large variety of loans such as home loans, car loans, personal loans etc.