The Hindu Business Line : SBI hopes to post 25% growth in biz in Sikkim

The State Bank of India (SBI), the lead bank in Sikkim, hopes to post 25 per cent business growth in the State in the current fiscal, and targets around 30 per cent growth in 2008-09.

Giving this information here recently, Mr Jayanta K. Sinha, Chief General Manager, SBI (Bengal Circle, also covering Sikkim), told newspersons that the bank, in partnerships with other banks, had achieved 100 per cent financial inclusion in East Sikkim district and was trying to complete the same exercise for the South Sikkim district by June 30, 2008.

Mr Sinha, who was here to attend the State-level Bankers’ Committee meeting, said the State Government had urged SBI to launch banking operations in the 10 blocks not covered by any bank branch yet. “We’re examining how we should go about it,” Mr Sinha observed. SBI has 27 branches in the State, Mr Sinha opened the 27th branch at Rangpo on March 19. The bank’s total business in the State would amount to Rs 1,400 crore, comprising about Rs 1,000 crore of deposits and Rs 400 crore advances. “In 2007-08, we hope to achieve 25 per cent growth each in deposits and advances,” he said.

In Sikkim alone, the bank’s market share in deposits is about 41 per cent and in advances 46 per cent.

An estimated 67 per cent of the loans, amounting to Rs 292 crore, have been advanced to the priority sector.

“We’re happy in Sikkim,” said Mr Sinha. However, as he pointed out, the bank’s performance could have been even better but for some logistics problems — inaccessibility to certain areas in high altitudes and hostile climate off and on. Also, the bank being a facilitator, its growth of business would depend largely on the levels of investments and infrastructure development that take place in the State, he added.

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SBI hopes to post 25% growth in biz in Sikkim