At the 81st annual general meeting of the bank at Thrissur on Tuesday, it was also resolved to have a new attractive VRS package for staff attaining 55 years of age.
In the wake of the falling interest scenario, the bank would concentrate on enhancing fee-based income, cost-cutting and building up business volumes, the chairman said.
As part of the bank’s expansion plans for the current fiscal, 15 branches would be opened, some of them to have the bank’s presence in the North, permission for which had been sought. In the first stage some of the extension counters would be upgraded to branches.
The bank also proposed to install its own ATM network soon at select branches. To start with, 60 ATMs would be installed. The bank is also planning a foray into insurance through marketing of insurance products on a fee basis. Talks are on with some of the insurance majors.
The AGM passed a resolution amending the objects clause of the memorandum of association to enable entry into the insurance sector.
With regard to computerisation, the statement said the bank was all-out to modernise its operations.
It had set up a separate information technology department at Kochi and all branches and extension counters had been computerised.
Additional computers were being provided to branches at an expenditure of Rs four crore. The bank had launched a technology-based project called ‘Business Intelligence System to connect all outlets through a virtual private network. This system would become fully operational in a couple of months.