State Bank of India is planning to touch 1,000 branches in its Bengal circle, which includes West Bengal, Sikkim and Anadaman & Nicobar Islands, by 2009. The bank is also targeting to more than double the number of ATMs from 476 at present.
Jayanta K Sinha, chief general manager of the Bengal circle of SBI, said: “We are looking at Rs 4,800 crore fresh advances in the circle by 2008-09.”
Market share in advances of the bank has increased by 53 basis points over March 2008 to touch 18.87% in November. It has disbursed Rs 1,500 crore of advances till November 2008 against Rs 1,300 crore during the corresponding period last fiscal, registering a growth of 30%.
“Major drivers of our growth in advances are sectors like engineering industries, leather units, rice mills, edible oil, transport and tourism,” said Sinha.
The Bengal circle, which has a 13.81% market share in deposits till November 2008, is eyeing a deposit of Rs 14,000 crore by the end of this fiscal. It has achieved a deposit of Rs 7,000 crore till November against Rs 5,000 crore for the corresponding period last fiscal, clocking a growth of 13.8%.
“We are looking at opening 142 more branches this year of which 102 will be located in semi-urban and rural areas,” said Sinha.
SBI will open seven more branches in and around Kolkata next month to add to its network of 859 branches in the circle.
“We are targeting a network of 1100 ATMs in the circle by March 2010,” Sinha said.
The bank will add 40 ATMs to its network of 476 in the circle this fiscal.
Sinha was present at a press conference to hand over cheques to five non-governmental organisations. The bank has assisted seven such organisations this fiscal, aggregating Rs 40.5 lakh.