Tuesday, March 17, 2009

Allahabad Bank to make its marks in southern states

Allahabad Bank a public sector lender is ready to expand its marks in the south with the opening of 24 branches in four southern States in the current fiscal year as reported by CMD K.R. Kamath.

At the inauguration of the zonal office, the 44th in the country and its maiden one in the south, in his speech said that there are plans to open nine more branches in Tamil Nadu, six in Andhra Pradesh, three in Kerala and six in Karnataka.

Speaking about the bank's initiatives in reformation of its business, he informed that the level high cost deposit had been brought down from Rs 20,000 to Rs 15,000 during the current fiscal, comprising 17 per cent of its business as against the earlier figure of 28 per cent.

He informed the bank will be starting trading in gold from Akshaya Trithiya day this year.

The CMD pointed out that its credit off take is moving towards its target and the bank expects it to be in the range of 20 per cent year-on-year during this fiscal year.

Regarding bank's hiring plans; he told it has a plan to take in 2,000 people this year which includes 1,000 in the clerical grade and 1,000 officers.

At present bank is having 2,295 branches.

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