Corporation Bank aims at 70 p.c. business share in Mangalore

Mangalore Today News Network

Mangalore, Sept 14, 2010: The bank should get a minimum of 60 to 70 per cent business share as it is the only one bank headquartered in Mangalore among the four nationalized banks originated here said Ramnath Pradeep, CMD, Corporation Bank, at a press meet in Mangalore on Tuesday .

 

At present, the bank is having a business share of less than 20 per cent. Corporation Bank will be launching an aggressive campaign to increase its business share in the State, particularly in Mangalore region”, he added 

Mr. Ramnath Pradeep took charge as CMD of the bank recently, met presspersons here on Tuesday and talked about his plans for the bank in the coming years. Mangalore has been growing rapidly, particularly in retail and the housing sector. The Government is spending huge amount on infrastructure projects. Hence business opportunities are growing leaps and bounds. We should take advantage of the burgeoning growth.

Appreciating the business acumen of Mangaloreans, the CMD said that there is huge opportunity for people to invest in the region. “There is ample opportunity in infrastructure and housing projects in addition to various industries,” he opined.

Priorities

Asked about the priorities before him, the CMD said that he would give priority in increasing CASA (current account savings account) deposits. The bank would focus on opening more current accounts and savings accounts (CASA) in educational institutions and corporate sectors.The aim is to increase to 30-31 per cent from the present 24 per cent in one year. The bank plans to bring small entrepreneurs and roadside vendors under the CASA net. The bank plans to increase its CASA share from the present 24 per cent to around 31 per cent in the next one year.

Expansion plans

Corporation Bank has an ambitious plan to open 1,000 branches in the next five years said Mr. Ramnath Pradeep. “We will have wide reach through out the country” he added. “Today, most of the branches are concentrated in the southern States. We want to expand to other regions,” he said, adding that the bank will look at northern and western parts of the country for growth.
The bank is targeting tier-II and tier-III centres for expansion, as most of them has high potential and they need banking support. The rural sector is yet another area where the opportunity is abundant. The branches of the bank have been instructed to form clusters in a particular area and advance agriculture loans directly to farmers.

Mr. Ramnath Pradeep said that the bank is targeting a total business of Rs 2 lakh crore in 2010-11. The total business of the bank stood at Rs 1.55 lakh crore at the end of June, 2010.

E-banking

Mr. Ramnath Pradeep said the bank plans to start ‘mobile-kanike’ on the lines of ‘e-kanike’ which was launched recently at Shree Kshethra Dharmasthala through Corporation Bank’s e-payment gateway. With the launching of such facility, the devotees can send offerings whenever they wish to, he added.

Executive Director Narendra Singh and General Manager Ms.Swathi SM were present.