Oriental Bank opens 1514th branch in Udupi

DHNS

Udupi, 11 May 2010: Oriental Bank of Commerce which has one representative office in Dubai is planning to open three foreign branches in the next three years, informed Chairman and Managing Director T Y Prabhu.

Speaking to mediapersons after inaugurating 1514th branch of the bank here on Monday, he said that the bank has already sought permission from Reserve Bank of India (RBI) for opening its first foreign branch in UAE during the current fiscal year.

He said that the bank is planning to cross a business level of Rs 2.5 lakh crore by March 2011. The bank which has opened 93 branches and added 135 ATMs during last year, is proposed to open 175 new branches and 250 ATMs during the current fiscal year. The bank during the last 3 years has opened 10 lakh no frill accounts under financial inclusion programme. Bank has a proposal to adopt 2,000 villages and appoint 1,000 business correspondents during the current year to add five lakh more no frill accounts. The bank is proposed to recruit 1,600 more personnel including 373 special officers during the year, he informed. Prabhu said that the bank is planning to double its branch network in Karnataka  in the next three years. It is planing to open branches in district headquarters and major cities in the state. The Bangalore Region of the bank has a total of 49 branches including 14 in Kerala state with a total business of Rs 5,300 crore, he added.

Executive Director H Ratnakar Hedge, DGM V N Satyanarayanan and others were present.