40 new SBI branches to open in Orissa
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40 new SBI branches to open in Orissa

The new SBI branches would keep pace with the growing economic development of the state, says SBI's chief general manager.

business Updated: Jun 23, 2007 17:56 IST

State Bank of India on Saturday said it plans to open 40 new branches in Orissa for which permission had already been sought from the Reserve Bank of India.

SBI's Chief General Manager MN Rao told reporters in Bhubaneswar that the new branches would keep pace with the growing economic development of the state.

Also, the Core Banking Solution would be extended to all its 502 branches in the current financial year, he said.

Rao said that the bank had installed 249 ATMs across the state including rural and remote areas to facilitate its nine lakh customers. "Another 100 ATMs would be added soon." Claiming that agriculture continued to be the major thrust area for SBI, Rao said during 2006-07, agriculture advances had increased by 48.62 per cent from Rs 761 crore to Rs 1,131 crore. The bank had issued 1,59,282 Kissan Credit Cards and Kissan Gold Cards during 2006-07. This has ensured hassle-free credit to the agricultural sector to the tune of Rs 354.9 crore, he said.

SBI has also taken up financing upcoming segments like lemon grass and jatropha cultivation in the state, he said. The bank also planned to extend credit in excess of Rs 500 crore to the agriculture sector.

Rao pointed out that SBI's net profit in the state had increased to Rs 288 crore in 2007 from Rs 229 crore in 2006, representing a 25.76 per cent increase over the figure in the previous year.

Similarly, the bank's performance in aggregate deposit, aggregate advances, interest income and other income had shown positive trends. None of the 502 branches has incurred loss, Rao points out.

First Published: Jun 23, 2007 17:52 IST