According to a recent press report Mr. Nagesh Pydah, Chairman and Managing Director Oriental Bank of Commerce (OBC) said that the bank will focus on mid-corporates and small and medium enterprises (SMEs). Mr. Pydah said that the syndication vertical was progressing well and the bank has about half-a-dozen assignments on hand involving over Rs 3,000 crore credits in this vertical.
He also said that the bank would be able to maintain a credit growth of 18-20 per cent in line with the projection of the RBI. He said demand for credit was picking up in some sectors, including manufacturing, logistics and infrastructure.
On the likely trend in interest rates, he said that the upward cycle in rates could come to an end. He said that the bank has no immediate plans to increase lending rates. This has made the bank’s borrowers of home loan and other loans happier.
The bank is in the process of recruiting over 2750 officers and clerks. It has plans to add 173 new branches during 2011-12 and has 1644 branches. The total business of bank stood at Rs 2, 42,770 crore as on June 30, 2011.