Personal loan lender, Karur Vysya Bank(KVB) has fixed a goal of reaching total business amounting to Rs 50,000 crore by the next fiscal, according to an official of the bank. The bank also plans to open 100 new branches and will shortly be applying for it, the official said further.
P T Kuppuswamy, MD and CEO of KVB said, “We will be applying to the RBI for 70-100 new branch licences in 2011-12”.
By this year-end the south based bank intends to have 375 branches functioning in the country. Also, the bank will be venturing into the north and western regions of the country, said Kuppuswamy.
The bank plans to reach business amounting to Rs 1,25,000 crore by 2016 which is also its centenary year. He added, “We plan to reach there gradually. In FY’11, we will touch Rs 42,000 crore and Rs 50,000 crore by 2011-12”.
The bank plans to increase its current and savings account deposits (CASA) by 2% to 26% in this fiscal, he added.
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