Corp Bank to open 20000 A/Cs in 2 months

KOLKATA: Corporation Bank is launching an aggressive campaign in the Eastern Zone to open at least 20,000 savings bank accounts in two months starting tomorrow and six new branches by the end of the current financial year.
The bank was also confident of "easily surpassing" the total business target of Rs 1250 crore set for the current financial year.
"We are doing fairly good business in the zone for the last one year with plans to increase our penetration level to serve more customers," a senior bank official said.
"We have set up a large number of ATMs and branches during the past one year taking advantage of our strategic tie-up with Life Insurance Corporation. We are now launching the account opening campaign to increase utilisation level in the region," the official said.
B N Satish, the official who looks after the operation in the Eastern Zone, said the bank would contribute Rs five per account to ''Helpage'' for each new account and provide free ATM or Debit Card with each account.
About plans for branch expansion, he said one would be opened in Siliguri in North Bengal on August 25 offering the full bouquet of services while one each would be opened at Howrah, Shyambazar, Bhowanipore and Behala in Kolkata.
"We are planning to open a branch in Dhanbad in Jharkhand and an additional branch at Jamshedpur," he said.
The bank currently has 28 branches, 35 ATMs and four extension counters in the zone.
Commenting on business performance in the zone, Satish said between April and August 15, advances grew by over 18 per cent to Rs 425 crore from Rs 360 crore as on March 31, 2003.
Deposits in the region grew by more than 17 per cent to Rs 725 crore from Rs 619 crore. "Going by the trend, we are confident of easily surpassing this fiscal''s target of Rs 750 crore in deposit and Rs 500 crore in advances," he said.
On synergy with LIC, Satish said "we are utilising their premises for expansion. So far we have opened two branches, two extension counters and two ATMs at LIC premises in the zone and planning to open the new Jamshedpur branch at their premises."
In addition, he said, the bank has received a great deal of ''good accounts of companies and agents'' because of LIC.
"We are also the corporate agent of LIC and sold policies worth Rs six crore last fiscal. For the current fiscal, we are projecting to sell LIC policies with sum assured of Rs 27 crore," Satish said.