BoI gets RBI nod to open more branches abroad

MUMBAI, JULY 28: Bank of India (BOI) has received RBI approval for opening one more branch at Nairobi and representative offices in Shang...

MUMBAI, JULY 28: Bank of India (BOI) has received RBI approval for opening one more branch at Nairobi and representative offices in Shanghai and Qatar and a wholly opened subsidiary in Trinidad and Tobago.

Addressing the shareholders at its third annual general meeting held here today, the BOI’s chairman and managing director S Rajagopal said that the bank has redefined its business growth strategies. Emphasis on moblisation of low cost deposits, market related pricing of products, qualitative growth of credit, improvement in yield on investment, reduction in NPAs through tighter credit appraisal and follow-up, strict control on operating expenses and focus on fee based income are core areas of bank’s action plan.

The chairman further said that the bank is also closely examining entering into other profitable areas such as insurance, housing finance and innovation through R&D for new product launches in credit and other areas. In the field of social responsiveness, the bank has focussed on priority sectorcommitments which have crossed the minimum stipulated level prescribed by Government and RBI.

The bank has undertaken an aggressive stance towards recovery of bad debts and during the first quarter of the current fiscal, the bank has recovered around Rs 75 crore. The bank is setting up an asset reconstruction company for dealing with defaulting borrowers while the settlement advisory committees (SACs) would look after the small and medium enterprises accounts.