|
|
|
Wednesday, November 24, 2010 - 05.06 GMT |
|
Indian Bank to open more branches |
|
|
|
Public sector lender, Indian Bank plans to open two more branches in Sri Lanka by the end of 2011.
The Chennai-headquartered Bank has recently commenced its Jaffna operations. It also has a branch in Colombo.
Besides the new branch in Jaffna, the Bank also plans "to expand its footprint in the East Coast with two more branches being planned in Batticaloa and Triconamalee by the end of next year," quoting Indian Bank's Chairman and Managing Director T M Bhasin, PTI reported.
Indian Bank, which already has a branch in Colombo, has also set a target of doubling its revenue of Sri Lankan Rs five billion in the next two years.
The Jaffna branch would adopt a new model by forming and lending to Self-Help Groups (SHG) in sectors like Agriculture, Fisheries and Dairy, Bhasin said in a statement.
Indian Bank has already formed more than 4.5 lakh SHGs and has been financing them through its 29 branches in India. It would replicate the same model in Jaffna, he said.
Besides, the Bank would also deploy deposits garnered in Jaffna itself to improve economic development.
The Bank would also play a major role in the rebuilding and rehabilitation process in Jaffna and financing houses that were planned for internally displaced people, the PTI said.
The Bank would actively lend for infrastructure development activities through the new branches in Sri Lanka, it added.
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Contact Information:: Send
mail to