Public sector Indian Bank has undertaken initiatives to increase business at its overseas branches in Sri Lanka and Singapore, a top official has said.
“Our operations (in overseas) are actually profitable. We have started ramping up activities in both the centres,” the bank’s Managing Director and CEO, Kishor Kharat told PTI.
He said the bank had taken steps to increase business levels as there was “slight stagnancy earlier” (in the bank operations).
“Having understood the policies, we are in a position to grow in the Singapore market. In the nine-month period (ending December 31, 2017) alone, our business there improved by (Rs 13 billion) Rs 1,300 crore”, he said.
By end of the current fiscal, the business levels in Singapore “will be increased by Rs 15 billion to Rs 16 billion,” he said.
On the Sri Lankan operations, Kharat said the business in the two branches grew by Rs 1.5 billion as of December 2017.
“Sri Lankan operations are slightly smaller than Singapore operations. Before March (2018), we will be in a position to show a growth of close to Rs 5 billion there.”
On whether the bank was looking at expanding overseas presence, he said two branches were planned, one each in Dubai and other a “overseas banking operation” branch in Ahmedabad.
“We have applied for two licenses. One, we are planning to open in AFC Dubai and the other at GIFT (Gujarat International Finance Tec-City), Ahmedabad. It will be overseas banking operation branch,” he said.
On diluting the government stake in the Bank as per SEBI regulations, Kharat said there was enough time for that and the bank would raise funds at the “opportune time.””Government of India has not given us any capital. We have adequate capital. Today Government of India has 81.87 per cent holding in bank. (Courtesy Business Standard)