Post News Network
Bhubaneswar, August 7: Public sector lender Canara Bank hopes to achieve a total business of Rs 11,000 crore in the state during this fiscal, a top official of the bank said. “We are hopeful of achieving Rs 11,000 crore of total business in the state by the end of this fiscal. While we eye Rs 4,100 crore of advances, around Rs 6,900 crore deposits is likely in this fiscal,” Deputy General Manager of Canara bank, Premananda Dash told reporters on completion of ninth year of operation in the state.
Elaborating on business of the bank during last fiscal, Dash said the bank has achieved a business of Rs 8, 841 crore, which comprised Rs 5,779 crore of deposits and Rs 3,062 of advances. “The CASA ratio of the bank stands at 24.5 per cent, whereas the CD ratio of the bank is at 53 per cent as of now. Deposits of the bank in the first quarter has grown to Rs 6,468 crore. However, advances have reduced to Rs 2,924 (till June 15) against Rs 3,062 reported till March, 2015,” Dash said adding downturn in advances is due to repayment by some of the big account holders in the recent past.
On expansion plan of the bank, Dash said it aims to add 10 branches to its present strength of 161 in the state. The bank has already opened one branch during the first quarter. It also targets to increase total number of ATMs to 250 against 215 by this fiscal. “The bank has opened 80 branches in last two fiscals and will be opening 9 branches during the rest of this fiscal. In the current quarter, the bank is going to open one branch in an unbanked gram panchayat of Koraput,” Dash added.
