Allahabad Bank plans to open 100 retail boutiques

Kolkata, June 11: Allahabad Bank on Monday said it has plans to open at least 100 retail boutiques countrywide during the current financial year.

“We already have 100 such boutiques which generated business of Rs 700 crore last fiscal. By adding another 100 boutiques, we hope to increase our business from the segment to Rs 1,000 crore,” Allahabad Bank chairman and managing director B Samal said.

Allahabad bank has gained a very ‘positive’ experience from retail boutiques and 12 such outlets generated a profit of Rs one crore each during the last fiscal. “If all our 200 retail boutiques can earn a profit of Rs one crore each, our position would significantly improve.” The bank offers five services, including car finance, housing loan, consumer loan and household loan through retail boutiques.

Mr Samal, who was speaking to reporters after inaugurating the city’s second internet banking services at its park street branch, said the bank will accord top priority to connectivity of important branches through on-line mode during the current financial year.

“At present we have 30 ATMs throughout the country, of which four are in Kolkata. During 2001-2002, we will install 15 more ATMs, taking the total to 45,” he said. Mr Samal said “we have already computerised 540 of our branches and 210 more will be computerised within this fiscal taking the total to 750.”

Mr Samal said along with computerisation, the bank also plans to bring 10 of its important branches on on-line connectivity.

-- PTI