Date:23/07/2008 URL: http://www.thehindubusinessline.com/2008/07/23/stories/2008072351482100.htm

Back Oriental Bank to focus on low-cost demand deposits mobilisation

Our Bureau

Kolkata, July 22 The Kolkata region of Oriental Bank of Commerce plans to focus on mobilising low-cost demand deposits in order to shore up its profits in 2008-09, according to a press release from the bank.

The bank’s Kolkata region achieved a total business of Rs 6,000 crore for the first quarter ended June 30, 2008. The region has recorded an average growth of 35 per cent during the last five years, with deposits growing at 24 per cent, advances by 34 per cent and net profit by 70 per cent, said the release.

The bank would lay enhanced focus on recovery of non-performing assets. It plans to take serious action, including a legal one, against defaulting borrowers.

The bank has set up a ‘retail credit hub’, designated five branches as small and mid-corporate branches in order to boost its advances. Mr H. Rathnakara Hegde, Executive Director of the bank, visited the city to sensitise the field functionaries and also hold a customer meet to augment business development.