Indian Bank expands, eyeing retailing sector for growth

Public Sector Indian Bank today opened a branch in Kovaipudur in the city, taking the number to 88 in Coimbatore zone, comprising four districts.

Public Sector Indian Bank today opened a branch in Kovaipudur in the city, taking the number to 88 in Coimbatore zone, comprising four districts.

A cashier counts Indian banknotes as customers wait in queues inside a bank(Reuters)

The bank is cashing in on its brand name to further retail business in the area despite the presence of large number of banks, Bank Zonal Manager A Ganesaraman told reporters.

The Zone has Rs.3,000 crore worth retail portfolio in the districts of Coimbatore, Erode, Tirupur and Nilgiris, with major contribution from textile industry, he said.

The branch, the 2655th in the country, was inaugurated by Chairperson and Managing Trustee of Sri Krishna Institutions, S Malarvizhi.

On agriculture, Ganesaraman said since agricultural activities were limited in and around Erode and Tirupur, business was about Rs.700 crore.

Asked about opening more branches, he said that will be taken up in the next fiscal.