By Express News Service - CHENNAI
17th August 2013 08:32 AM
Expanding its international footprint, the city based Indian Bank is opening four new branches in Sri Lanka and Singapore.
With the proposed launches, the presence of Indian Bank in the international territories would rise to six (branches).
“I am going to meet the Indian High Commissioner in Sri Lanka on August 27 in this connection. Three new branches would be established in Batticaloa, Hambantota and Trincomalee at Sri Lanka by June 2014,” T M Bhasin Chairman & Managing Director of Indian Bank told the media.
He was speaking on the sidelines of the launch of centenary year celebrations of Indian Bank’s Triplicane branch here on Wednesday. Indian Bank is already running two branches in the island nation at Colombo and Jaffna since 2011, he added.
Asked about recovery of Non Performing Assets (NPA), he said that Indian Bank has the lowest NPA rate of 2.3 per cent in the industry. With aggressive recovery drive including Lok Adalats, he said, the net NPA would be brought down to less than two per cent before March 2014.
Earlier, while addressing the gathering on the occasion, Bhasin stated that Indian Bank was growing at a rate of anywhere between 18 and 20 per cent.
“Though the growth in the industry is from 12 to 13 per cent, we are growing at the rate of 18 and 20 per cent. The business has reached about rupees two lakh and sixty thousand crore,” he noted.
The Triplicane branch is one among the first few branches to be opened by the bank.
Commencing its business in 1914, the (Triplicane) branch has stepped into 100th year of banking service.
A road show, marking the centenary year celebrations of the branch, was also flagged off on the occasion.
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