BoR to expedite ‘Anywhere Banking’

Our Banking Bureau

Mumbai, Aug 21: BANK of Rajasthan (BoR) plans to go full steam ahead with ‘Anywhere Banking’ project, which is expected to be the widest in existing network of banks spreading all over India. Till date, twenty one branches in eleven cities in five states are connected online.

BoR is expected to complete the project of fifty branches in thirty two cities in fourteen states and a union territory by December 2001. BOR has 309 branches and 39 extension counters across the country. "The bank has made substantial growth over the past few years and aims to strengthen its image rather than quick profits," said BoR chairman PK Tayal.

The bank has been registering a steady growth and paying dividend except for the two years, between 1997-1999, while under the management of Bangurs. "Bangurs still owe the bank around Rs 200 crore,’’ Mr Tayal said.

"The main aim of the bank was to increase its paid-up capital and capital adequacy, which we have achieved and expect it to grow in the coming years," he added. To strengthen the capital adequacy, BoR successfully completed a convertible warrant issue in March, 2001 which increased the owned funds by more than Rs 100 crore.
Hence, the bank achieved a capital adequacy of 10.57 per cent as on March 31, 2001. The stipulated minimum level of capital adequacy set by the Reserve Bank of India is nine per cent. Under the new management from 1999, BoR recorded a profit of Rs 32.22 crore for the financial year ended March, 2001. For the quarter ended June 30, 2001, the bank recorded a profit of Rs 12.60 crore.