Private sector Karur Vysya Bank has revised its total business target of reaching Rs 1.25 lakh crore to Rs one lakh crore in 2016-17 due to uncertain market conditions, a top bank official said here today.
“We had announced some years back that our total business volume will reach Rs 1.25 lakh crore. But at that time I think in 2009-2010, we were growing at around 20 per cent. You cannot drive a vehicle at 100 kmph when roads are not good. We have to slow down”, Karur Vysya Bank Managing Director and CEO Venkataraman told reporters here.
The company clocked total business of Rs 90,000 crore in the last financial year and has set a target of reaching Rs one lakh crore in the current year.
“We revised our target due to uncertain market conditions. This year we are expecting to grow at 15-17 percent. Last (financial) year, our total business was Rs 90,000 crore. We are expecting Rs one lakh crore this year”, he said.
Venkataraman said President Pranab Mukherjee would participate in the centenary celebrations of the bank scheduled to be held in Chennai later this week.
“President Pranab Mukherjee will be the Chief Guest at the Centenary function. Acting Governor of Tamil Nadu Vidyasagar Rao will be guest of honour. The function will be held in Chennai on September 10,” he said.