Bangalore headquartered Canara Bank has set a business target of Rs 11,000 crore in the state to be achieved by the end of this fiscal, an increase of about 24.42 per cent over the previous year.
It had achieved a business of Rs 8,841 crore in the last financial year. The business target in 2015-16 will be mix of Rs 6,900 crore deposits and Rs 4,100 crore advances.
“As on June 2015, our total deposits in the state stood at Rs 6,468 crore while the advances are Rs 2,924 crore. We aim to achieve Rs 11,000 crore business by March, 2016,” Premananda Dash, deputy general manager, Canara Bank told media persons on the occasion of the ninth anniversary of Odisha circle of the bank.
In the current fiscal, the PSU bank will open 10 new branches in addition to 161 branches it currently has covering all the 30 districts of the state. Out the total branches, 125 branches are located in rural and semi urban areas.
On the bank’s CD (credit deposit) ratio of 53 per cent, which is lower than the Reserve Bank of India norms of maintaining at 60 per cent, Dash said, “We are giving thrust on loans to sectors like agriculture, education, MSME, retail, housing to reach the RBI mandated CD ratio level.”
In the current financial year, the bank intends to open 35 new ATMs in the state. It has 215 ATMS as on June 2015.
The bank’s non-performing assets (NPA) stand at 2.7 per cent. Out of Rs 2,924 crore advances in the state, Rs 79 crore worth of loans have turned NPA as on June, with major slippages reported in education and MSME sectors.
The recovery mechanism is being streamlined to monitor the rising NPAs, he added.
Under the Pradhan Mantri Jan Dhan Yojana, the bank has opened 87,000 accounts.
Under other social security schemes, such as Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyothi Beema Yojana (PMJJBY), 29,408 and 57,066 beneficiaries have been enrolled with the bank. Similarly, 1,145 persons have subscribed for pension with the bank under the Atal Pension Yojana (APY) scheme.
