Optimistic of recovery:Mr M Narendra (right), CMD, Indian Overseas Bank, and Mr Ranganath, GM, Bangalore Region, addressing a press conference in Bangalore on Friday.
Source :Business line Bureau:Bangalore, Dec 3.2010
Indian Overseas Bank has brought down its NPAs in Karnataka by about Rs 200 crore during the first half of this fiscal and it currently stands at around Rs 500 crore.
“We expect substantial recovery before March this year,” said Mr M Narendra, Chairman, Indian Overseas Bank.
Tourism projects
Addressing a press conference here, he saidthe bank's exposure to the real estate sector was around Rs 400 crore. “Recovery in this sector has been slow because of the recession and we are confident that we would be able step up the recovery soon,” he said.
Advances to real estate and housing sector in the state areabout Rs 240 crore as of September 30, 2010.
Participation in the State tourism projects, SEZs and infrastructure projects will be the focus for the Chennai-based bank during the year.
Mr Narendra said the bank was ‘interested' in participating in infrastructure projects such as steel, cement and power in the State. “We also want to tap the sugar belt in the state by opening branches in Belgaum and Bagalkot and industrial areas like Jigani and Bidadi,” he said.
Deposits, advances
The banks' total deposits in the State stand at Rs 5830 crore and advances at Rs 3153 crore. Priority sector advance is around Rs 624 crore and agricultural advances about Rs 249 crore. IOB has 83 branches and 41 ATMs in Karnataka.
The bank which has an employee pool of around 26,000 people plans to recruit about 1600 people (1100 clerks and 500 specialist officers) during the current year and about 100 new hires would be in the state, Mr Narendra said.
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