Till date, Indian Bank has recovered over ₹6,700 crore and was hopeful surpassing its set target of ₹8,000 crore, said S.L. Jain.
| Photo Credit: Special Arrangement
Indian Bank is hoping to end the current fiscal with a credit growth of 10-12%, said a top official.
“In the last nine months, our deposits have grown by 10% against our target of 8-10%. Similarly, advances grew at 13% against our target of 10-12%,” Managing Director and CEO S.L. Jain told the media.
“We have done well in all guidelines. The bank is in a better position and is well capitalized. We would like to close the fiscal with 10-12% growth,” he said.
Asserting that the recovery during FY24 was more than the slippages, he said that they had set an initial target to recover ₹8,000 crore.
“Every quarter, we recovered about ₹2,000 crore. Till date, Indian Bank had recovered over ₹6,700 crore and was hopeful surpassing its set target of ₹8,000 crore,” he said.
Mr. Jain also said that their aim was to keep the Gross and Net Non-Performing Assets below 5% and 1% respectively and the public sector lender had already achieved it.
Going forward, the bank will focus on three areas namely digitalisation, human resources and business growth.
On digitalisation, he said that the value of digital transactions was on the raise from ₹23,000 crore in Q2 to ₹52,000 crore in Q3 and the bank was planning to hit ₹70,000 crore mark by Q4. Besides, it will be incurring ₹220 crore over a period of three years to upgrade its cybersecurity infrastructure.
On Thursday, Mr. Jain said that the bank had received approval from the Reserve Bank to start a company to focus on back office processing, ATM reconciliation, collection, recovery, sales, marketing and call centre work.
“It will be a wholly owned subsidiary with a capital infusion of ₹10 crore. It will start operating from next fiscal. Currently, we are in the process of recruiting top level officials such as CEO, COO and CTO,” he said.
