The Hindu Business Line : Bharat Overseas Bank's Kakinada branch opened

THE Bharat Overseas Bank Ltd is planning to expand its branch network in Andhra Pradesh and three more branches will be opened during the current year, according to Mr G. Krishna Murthy, Chairman.

He was speaking to the press here on Wednesday after the inauguration of the Kakinada branch, the seventh in the State and 19th in the country. The branch was opened by Mr M. Gopalakrishna, local MLA.

Mr Krishna Murthy said the bank had branches in Khairatabad (Hyderabad), Kukatpally (Hyderabad), Visakhapat- nam, Vijayawada, Guntur, Nellore and Kakinada with a business turnover of Rs 111 crore.

The new branches would be set up at Bhimavaram, Rajahmundry and Thotlavalluru to explore the potential in the Krishna-Godavari belt, he said.

He said emphasis would be on lending to small and medium enterprises and agricultural lending. He said the bank had implemented core-banking solutions and launched anywhere banking for its customers. Internet banking would be introduced soon, he added.

He said the bank had tied up with ING Vysya Life Insurance for selling insurance products and it would soon enter the mutual fund market. It would be developed as a financial supermarket, he added.

He said that deposits amounted to Rs 2,472 crores and the advances Rs 1,428 crore as on March 31, 2004. The net NPA was 2.26 per cent, he added.

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