'Being tech savvy has helped us'
Is being a mid-sized bank with a regional outlook a challenge?
We were early users of technology but that became a problem for us because when the other new private sector banks started growing we lost some of our our senior staff. The challenge was to fill the gap and also compete for volumes. Our cost of deposits was slightly higher than of the nationalised banks but at the same we were not in a position to drastically increase our lending rates. What we did was to balance this and reduce the cost of deposits. Luckily, so far we have been able to maintain spreads and post profits year after year.
What is the bank’s immediate-term strategy for growth?
Our immediate plan is to cross the Rs 50,000 crore mark next year and we should be able to do a business of Rs 52,000 crore by the end of 2012.
By 2016, we will be 100 years old and as part of our centenary celebrations, we have set ourselves an ambitious target of Rs 1. 25 lakh crore. We will open many more branches. The bank
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