BANK OF Baroda’s (BoB) Chairman & Managing Director Dr Anil K Khandelwal announced the launching of a new product ‘Baroda Super Sixer’ here on Friday.
Stating the product to be a unique one, the CMD in a press conference said first of all the term deposit scheme would attract rate of interest of 9 per cent on deposits for a period of three years.
Secondly, in the first year itself the interest of 8.3 per cent would be offered, followed by 8.75 per cent in the second year. “We’re offering the best rate of interest in the industry and the minimum deposit amount is Rs 25,000 unlike Rs 50,000 in other banks,” he said.
BoB is on a major expansion spree in Madhya Pradesh and Chhattisgarh, under which it will open new branches and ATMs in both the states. “Traditionally, we have less branches here, but now we are aggressively into expansion to double the number of branches in Madhya Pradesh and Chhattisgarh. By the end of current fiscal, BoB has planned to open 1,000 ATMs in the country,” he said.
Later, talking to the Hindustan Times on other plans, Dr Khandelwal said BoB would foray in insurance and asset management sectors. “By March end, we’re likely to come up with asset management company and entering into insurance sector is on cards – both as foreign joint-ventures,” he said.
Having its presence in 21 countries, the Bank has received licence from the Reserve Bank of India to open its offices in 10 more countries – Canada, Australia, New Zealand, Qatar, Bahrain, Ghana, China, UK and South Africa.
Stating his one-day visit to the State capital as informative as well as important one, he said the visit gave him an opportunity to know the business potentials in Madhya Pradesh, especially in SME sector, cotton belt and trading.
On its e-brokering initiative with India Infoline, the CMD said the same has already been started in Mumbai and the next destination is Gujarat, which offers e-brokering services to companies. The Bank of Baroda Housing unit has been merged with the bank itself. Khandelwal added that the bank is ready for the Basel-II norm, which would implemental in 2008. “By this fiscal, we would put our 1000 branches in core banking solution (CBS) system,” the CMD signed-off.