Vijaya Bank launches 1000th branch

Written by Agencies | Bangalore, December 29: | Updated: Dec 29 2007, 22:26pm hrs
Vijaya Bank, the city-based Public Sector bank, launched its 1000th branch and announced its target of reaching a 1050 branch strong network before the end of the current financial year.

The 1000th branch was inaugurated by the Union Finance Minister P Chidambaram at Mulki Sunder Ram Shetty Nagar.

Vijaya Bank, which celebrated its plantinum jubilee two years ago, has posted 39 opercent business growth last fiscal and has set a business target of Rs 76000 crore for this financial year, Prakash Mallya, Chairman and Managing Director of Vijaya Bank, said.

The bank hoped to cross the Rupees hundred thousand crore business mark during 2009-20010, he said.

The bank also unveiled a new product 'V-Gen Uth' for the young generation on the occasion.

The savings bank account designed for children from age day one and above could be opened with minimum initial deposit of Rs 10 And can continue with zero balance, he said.

Tracing the growth of the bank from a single branch in 1931 in coastal town of Mangalore in Karnataka to the 1000th branch, he said in 1932 the bank had just Rs 8670 paid up capital, Rs 26,284 deposits and Rs 26193 as way of advances. It had incurred a loss of Rs 531 that year.

The bank now has business of over Rs 70,000 crore and close to 11,500 employees, he said.