Tuesday, February 10, 2009

SBI Vizag aim to achieve target in low-cost deposits

State Bank of India, Visakhapatnam branch will be focusing on low-cost deposits during this fiscal to achieve its target of collecting over Rs 1,000 crore from new deposits in the region. The bank is having 47 branches in Vizag.

DSRK Saibaba, assistant general manager, SBI, informed media persons, “Though we have mobilized Rs 874 crore up to December, we are way behind our targets in issuing advances. Without giving more advances, collecting more deposits by paying higher interest rates is meaningless; hence we are putting more emphasis on low-cost and no-cost deposits.”

However last fiscal low-cost deposits amounted to 40 per cent of the total deposits. This year the bank is looking at 45 per cent.

1 comment:

Muhammed said...

shame! shame!! shame!!! shame!!!! or tooo much shame!!!!!!!!! for this bank because it creates very bad impressions on indian People as not each and every person belongs to rich family some peoples living in middle claa family and having lot of problems like medicine, education, poor gilrs Marriage,Medicial Tratment and many more difficulties.. then what they will do by this Complications.Govt Financial Sectors and Ministry of Finance must think twice or thrice on this matter and avoid curse of poor people.