Oriental Bank of Commerce witnesses growth of 15.94 percent

Oriental Bank of Commerce witnesses growth of 15.94 percent

Mangalore Today News Network

Mangalore, Nov 15: Mr. T. Y. Prabhu, the chairman and managing director of Oriental Bank of Commerce, informed reporters at a press meet organized at Hotel Deepa Comfort that the business mix of the bank has increased to Rs. 2,13,818 crore as on Sept 30, 2010 from Rs. 1,84,425 crore as on September 30, 2009, registering a total growth of 15.94 percent (YOY).

Further speaking about the bank’s achievements, Mr. Prabhu said that the bank has already leveraged its IT capability to 100 percent, providing a computerized core banking solution platform comprising a wide range of IT products along with other products and services such as kits containing Proton debit cards at the time of opening accounts with facilities such as Internet banking, mobile banking, SMS alerts, electronic remittance facilities through RTGS/NEFT, and sale of 24 carat gold coins with 9.999 fineness in 5gm, 8gm, and 10gm in an attractive tamper-proof packing with certification according to international standards.

 

 

The bank is also offering other services such as online tax payments, online education loans, demat services, online ticket booking/shopping, cash mate cards for students, and others, he added. Besides, the bank has obtained ISO – 27001 certifications for its data centres at Delhi and Mumbai for adopting global standards.

Regarding plans for the current fiscal year, he said that the bank is focusing on agriculture, SME, mid corporate, priority sector, and retail credit to augment its advances portfolio. The bank expects deposits to grown by 18 percent and advances by 20 percent in the current fiscal year while CASA deposits are expected to grow by 30 percent. The bank also proposes to open 175 branches during the current financial year and to recruit 1600 personnel including 373 specialist officers during the current fiscal year.