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Finmart helps Dena Bank grow retail portfolio

Our Bureau

Mumbai , Jan. 25

DENA Bank said its retail portfolio has grown nearly three-fold ever since it launched Finmart, a one-stop shop for all retail loan products.

The bank's retail portfolio has increased to Rs 2,000 crore from Rs 700 crore during October 2004 to December 2005.

The bank inaugurated its first Central Processing Centre (CPC) for speedy processing of retail loans in Mumbai and the 50th Dena Finmart in Kolkata.

Through the CPCs, the bank hopes to reduce the turnaround time for retail products to 48 hours and provide door-to-door delivery of retail loans. "The CPC is the next stage in our initiatives for the retail segment, after Finmarts," said Mr M.V. Nair, Chairman and Managing Director, Dena Bank.

Retail comprised 15 per cent of the bank's total credit and the aim would be to increase it to 20 per cent, Mr Nair said.

The first CPC inaugurated in Mumbai will cover 90 branches and 14 Finmarts. It will handle the large volume of retail business and sanction and process the loans sourced through branches and direct selling agents. The bank also plans to set up 10 more CPCs in other centres such as Delhi, Hyderabad, Bangalore, Pune and Chennai.

For rural areas, Dena Bank has started 500 farmers clubs where farmers are given information about financial services, and other products such as fertilisers, seeds and so on. The bank is also in talks with corporates to provide information about their products through these clubs.

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