SBI’s turnover in State may touch Rs 50,000 crore: CGM - The New Indian Express

SBI’s turnover in State may touch
Rs 50,000 crore: CGM

Published: 03rd July 2012 12:26 PM

Last Updated: 03rd July 2012 12:26 PM

Deputy Managing Director and Chief General Manager of State Bank of India, Kerala circle, V Murali has said that the aggregate business turnover of the bank in the state will touch a record Rs 50,000-crore during the 2012-2013 financial year.

Murali, who was in Konni in connection with the opening of the bank’s 387th branch in the state and 13th branch in the district, told Express  that the growth in the total business of the bank by the end of the current year would be 25 per cent higher than the figure of `40, 000 crore recorded in 2011-2012 financial year.

The new branch would be the first in the country after SBI celebrated its 58th anniversary on July 1. The SBI would open 20 more branches across the state during the current fiscal.  The bank achieved a credit-deposit ratio of 80 per cent during the last fiscal and the bank would be poised to achieve around two per cent higher CD ratio during the next financial year. The SBI launched a campaign to avail of the bank’s housing loan at attractive rates. For achieving the objective, the bank fixed the housing loan processing charge at Rs 1,000 per loan, irrespective of the loan amount, he said.

In the case of the small industrial units, the bank sanctions loans up to Rs 1 crore without collateral security under guarantee scheme.  For car loans, the bank launched a campaign with attractive offers, including a minimum EMI of Rs 1,725 per lakh. In the priority sector lending, the bank offers liberalised agricultural credit through Kisan Credit Cards to farmers.

For NRIs, the interest rate of 8.75 per cent for long-term deposits with a maturity of 10 years would be the most attractive in the banking sector, Murali said.

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